Aspects of structural adjustments in CEE countries during the economic crisis

Ionuț Bușega and Anca Dachin
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Ionuț Bușega: Bucharest University of Economic Studies, Romania
Anca Dachin: Bucharest University of Economic Studies, Romania

Theoretical and Applied Economics, 2015, vol. XXII, issue Special(I), 75-84

Abstract: The Central and East European countries (CEEs) experienced institutional and structural reforms during their transition to the market economy and also, during their EU integration process later on. The 2000s trend of economic growth relied on economic structures not fully aligned to the western standards. In Romania, as well as in other CEE countries, the recent economic crisis hampered the economic growth and emphasized major vulnerabilities and thus, the need for further adjustments. The crisis impact has been interpreted as a contagion effect, but also as a shock causing corrections to the unhealthy sources of economic growth. This paper studies different aspects of structural adjustments of the UE10 countries for the period 2004-2010 using a composite index for the measure of institutional and structural reform results. The aim of our study is to identify the downgrading countries as a response to the crisis with a focus on Romania’s deviation from the EU10 trends and its economic policy implications.

Keywords: economies in transition; reforms; structural adjustments; austerity. (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:xxii:y:2015:i:special(i):p:75-84

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