Economics at your fingertips  

Understanding the Crisis in Emerging Europe

Erik Berglof (), Yevgeniya Korniyenko, Alexander Plekhanov and Jeromin Zettelmeyer ()
Additional contact information
Yevgeniya Korniyenko: European Bank for Reconstruction and Development

Public Policy Review, 2010, vol. 6, issue 6, 985-1008

Abstract: Emerging Europe experienced larger output declines during the 2008-09 crisis than any other region in the world. However, some countries suffered much smaller declines than others; major balance-of-payments crises and banking collapses were avoided; and economic policy reactions stayed well clear of populist and confiscatory measures experienced in previous crises. The paper argues that this can be attributed to European economic and political integration. It shows that foreign bank ownership was a mitigating factor in the output decline, and that more than half of the cross-country variation in output decline can be explained by a small group of macroeconomic vulnerabilities.

Keywords: Growth; Financial integration; Capital flows; Emerging Europe (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations: View citations in EconPapers (53) Track citations by RSS feed

Downloads: (external link) ... w/ppr012/ppr012d.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this article

More articles in Public Policy Review from Policy Research Institute, Ministry of Finance Japan Contact information at EDIRC.
Bibliographic data for series maintained by Policy Research Institute ().

Page updated 2021-06-11
Handle: RePEc:mof:journl:ppr012d