Costs of Macroeconomic Instability in Accession Countries

Jan Frait (), Luboš Komárek and Martin Melecký

Chapter 5 in Reforming the Financial Sector in Central European Countries, 2004, pp 136-168 from Palgrave Macmillan

Abstract: Abstract The aim of this chapter is to show the impact of macroeconomic and financial instabilities on the CEC in the last ten years whereby financial crises and swings in macroeconomic conditions were among the most important driving forces of changes in reform strategies. This chapter proceeds as follows. The first section will show some of the main revisions of the transition process. The next section will provide some generalizations and facts concerning the activities of the fundamental indicators among selected countries that are crucial for financial instability. Section 5.3 will analyse the effect of currency crises on investment and economic performance for CEC, as well as other selected ACC. And finally, the chapter will conclude with a summary of our findings as well as some issues to consider for future research.

Keywords: Exchange Rate; Current Account; Real Exchange Rate; Currency Crisis; Current Account Deficit (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-1-4039-3780-3_5

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DOI: 10.1057/9781403937803_5

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