Beyond the Crisis: Prospects for Emerging Europe

Zsolt Darvas

No 1005, Working Papers from Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest

Abstract: This paper assesses the impact of the 2008-09 global financial and economic crisis on the medium-term growth prospects of the countries of central and eastern Europe, the Caucasus and Central Asia, which began an economic transition about two decades ago. We use cross-country growth regressions, putting special emphasis on a proper consideration of the crisis and robustness. We find that the crisis has had a major impact on the within-sample fit of the models used and that the positive impact of EU enlargement on growth is smaller than previous research has shown. The crisis has also altered the future growth prospects of the countries studied, even in the optimistic but unrealistic case of a return to pre-crisis capital inflows and credit booms.

Keywords: crisis; economic growth; growth regressions; transition countries (search for similar items in EconPapers)
JEL-codes: C31 C33 O47 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2010-12-22, Revised 2011-03-09
New Economics Papers: this item is included in nep-fdg and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://web.uni-corvinus.hu/matkg/working_papers/wp_2010_5_darvas.pdf (application/pdf)

Related works:
Journal Article: Beyond the Crisis: Prospects for Emerging Europe (2011)
Working Paper: Beyond the crisis- prospects for emerging Europe (2011)
Working Paper: Beyond the Crisis: Prospects for Emerging Europe (2011)
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: https://EconPapers.repec.org/RePEc:mkg:wpaper:1005

Access Statistics for this paper

More papers in Working Papers from Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest Contact information at EDIRC.
Bibliographic data for series maintained by Balazs Varga ( this e-mail address is bad, please contact ).