Marek Dabrowski | Central European University (original) (raw)

Marek Dabrowski

A Non-Resident Scholar at Bruegel, Brussels, Professor of the Higher School of Economics in Moscow, Co-founder and Fellow at CASE - Center for Social and Economic Research in Warsaw. He was a co-founder of CASE (1991), former Chairman of its Supervisory Council and President of Management Board (1991-2011), Chairman of the Supervisory Board of CASE Ukraine in Kyiv (1999-2009 and 2013-2015), and Member of the Board of Trustees and Scientific Council of the E.T. Gaidar Institute for Economic Policy in Moscow (1996-2016). He also held positions of the First Deputy Minister of Finance of Poland (1989-1990), Member of Parliament (1991-1993) and Member of the Monetary Policy Council of the National Bank of Poland (1998-2004). Since the end of 1980s he has been involved in policy advising and policy research in Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Egypt, Georgia, Iraq, Kazakhstan, Kyrgyzstan, Macedonia, Moldova, Mongolia, Montenegro, Poland, Romania, Russia, Saudi Arabia, Serbia, Somalia, Syria, Turkmenistan, Ukraine, Uzbekistan and Yemen, and in a number of international research projects related to monetary and fiscal policies, growth and poverty, currency crises, international financial architecture, perspectives of European integration, European Neighborhood Policy and political economy of transition. He has also worked as consultant in a number of EU, World Bank, IMF, UNDP, UNICEF, OECD, GIZ and USAID projects. Fellow under the 2014-2015 Fellowship Initiative of the European Commission – Directorate General for Economic and Financial Affairs. Member of the Academia Europaea. Author of several academic and policy papers, and editor of several book publications.

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Research paper thumbnail of Transition to a market economy: A retrospective comparison of China with countries of the former Soviet block

Acta Oeconomica, 2020

In the 1990s and early 2000s, comparison of transition strategies of China versus those in Centra... more In the 1990s and early 2000s, comparison of transition strategies of China versus those in Central and Eastern Europe raised controversies in the economic and political science literature. However, differences between China and the countries of the former Soviet bloc in their transition strategies resulted not necessarily from a deliberate political choice but from different initial conditions. Low-income and largely rural China, after its first radical step (de-collectivisation of agriculture in 1978), could move more gradually due to its under-industrialisation and retaining administrative control over the economy. The over-industrialised Central and Eastern Europe (CEE) and former Soviet Union (FSU) countries where the previous command system of economic management spontaneously collapsed at the end of 1980s, did not have such an option. They had to conduct market-oriented reforms as quickly as they could, with all the associated economic and social pain. Regardless of speed and ...

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Research paper thumbnail of Economic Reforms in Kyrgyzstan

Research Papers in Economics, 1994

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Research paper thumbnail of The Episodes of Currency Crises in the European Transition Economies

SSRN Electronic Journal, 2001

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Research paper thumbnail of EU Eastern Neighborhood

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Research paper thumbnail of CASE Network Reports No. 56: Russia: political and institutional determinants of economic reforms

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Research paper thumbnail of Towards a New Eastern Enlargement of the EU and Beyond

Intereconomics

It is not the first time in EU history that the enlargement perspective is confronted with the ne... more It is not the first time in EU history that the enlargement perspective is confronted with the need for integration deepening.

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Research paper thumbnail of The systemic roots of Russia’s recession

Policy Contributions, 2015

Highlights - The Russian economy grew rapidly between 2000 and 2007, but growth decelerated after... more Highlights - The Russian economy grew rapidly between 2000 and 2007, but growth decelerated after the 2008-09 global financial crisis, and since mid-2014 Russia has moved into recession. A number of short-term factors have caused recession - lower oil prices, the conflict with Ukraine, European Union and United States sanctions against Russia and Russian counter-sanctions. However Russia's negative output trends have deeper structural and institutional roots. They can be tracked back about a decade to when previous market-reform policies started to be reversed in favour of dirigisme, leading to further deterioration of the business and investment climate. Russia must address its short-term problems, but in the medium-to-long term it must deal with its fundamental structural and institutional disadvantages - oil and commodity dependence and an unfriendly business and investment climate underpinned by poor governance. Compared to many other commodity producers, Russia is better pl...

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Research paper thumbnail of Examining interrelation between global and national income inequalities

Russian Journal of Economics, 2018

The last decade brought increasing attention to income and wealth inequalities in advanced econom... more The last decade brought increasing attention to income and wealth inequalities in advanced economies because of their increase in several countries and negative social and political implications. However, this debate is often limited to the single-country perspective, disregarding decreasing global income inequalities, i.e. inequalities between individuals in the entire world. This paper focuses mainly on the global dimension of the inequality trends but also tries to update statistics on national inequality trends which, contrary to the dominant narrative, seem to go in various directions depending on a concrete country. Finally, an attempt is made to analyze the potential interrelation and trade-off between decreasing global inequalities and increasing national inequalities and the role of globalization, in its various forms, in such a trade-off.

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Research paper thumbnail of Currency crises in post-Soviet economies — a never ending story?

Russian Journal of Economics, 2016

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Research paper thumbnail of The harsh reality of Ukraine's fiscal arithmetic. Bruegel Policy Contribution ISSUE 2015/07, June 2015

Ukraine is struggling with both external aggression and the dramatically poor shape of its econom... more Ukraine is struggling with both external aggression and the dramatically poor shape of its economy. The pace of political and institutional change has so far been too slow to prevent the deepening of the fiscal and balance-of-payments crises, while business confidence continues to be undermined. • Unfortunately, the 2015 International Monetary Fund Extended Fund Facility programme repeats many weaknesses of the 2014 IMF Stand-by Arrangement: slow pace of fiscal adjustment especially in the two key areas of energy prices and pension entitlements, lack of a comprehensive structural and institutional reform vision, and insufficient external financing to close the expected balance-of-payments gap and allow Ukraine to return to debt sustainability in the long term. • The reform process in Ukraine must be accelerated and better managed. A frontloaded fiscal adjustment is necessary to stabilise public finances and the balance-of-payments, and to bring inflation down. The international comm...

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Research paper thumbnail of Beyond Transition

The post-communist Central European and Baltic economies are now approaching the end of their tra... more The post-communist Central European and Baltic economies are now approaching the end of their transitions to well-functioning market systems. In some respects, the approaching EU accession and conclusion of the transition marks the end of a fascinating period in economic history. Beyond Transition focuses on the economic problems and issues facing Central Europe and the Baltics, the Balkans, and countries belonging to the Commonwealth for Independent States (CIS) in the post-transition context. This focus reflects the need to better understand two processes that are increasingly apparent in the post-communist economic space.

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Research paper thumbnail of Handbuch Transformationsforschung

Handbuch Transformationsforschung, 2015

ABSTRACT Analysis of key challenges of macroeconomic stabilization process during post-communist ... more ABSTRACT Analysis of key challenges of macroeconomic stabilization process during post-communist transition.

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Research paper thumbnail of CASE Network Reports No. 39: Episodes of currency crisis in Latin American and Asian Economies

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Research paper thumbnail of Two Major Economic Crises in the Early Twenty-First Century and their Impact on Central Bank Independence

Accounting, Economics, and Law: A Convivium, May 11, 2021

Two major economic crises in the early twenty-first century have had a serious impact on monetar... more Two major economic crises in the early twenty-first century have had a
serious impact on monetary policy and CB independence. Disruption in financial
intermediation and associated deflationary pressures caused by the global
financial crisis of 2007–2009 and European financial crisis of 2010–2015 pushed
central banks (CBs) in major currency areas towards adoption of unconventional
monetary policy measures, including large-scale purchase of government bonds
(quantitative easing). The same approach has been taken by CBs in response to the
COVID-19 crisis in 2020 even if the characteristics of this crisis differ from the
previous one. As a result of both crises, CBs have become major holders of government
bonds and de facto – main creditors of governments. Against rapidly
deteriorating fiscal balances, CBs have become hostages of fiscal policies, which
compromises their independence. Risks to the CB independence also come from
their additional mandates (beyond price stability) and populist political pressures.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Factors Determining a 'Safe' Level of Public Debt

paper presented at the XV April International Academic Conference on Economic and Social Development, Apr 1, 2014

Since 2008, the world economy has been facing consequences of the global financial crisis such as... more Since 2008, the world economy has been facing consequences of the global financial crisis such as growth in public debt in most advanced economies, which resulted from an overoptimistic estimate of fiscal situation before the crisis, declining government revenue and increasing social expenditure during the crisis, costs of the banking system restructuring, countercyclical fiscal policies, etc. For this reason, many governments are trying to determine a ‘safe’ level of fiscal deficit and public debt. However, there is no single standard of fiscal safety for all economies. The irregular business cycle make it difficult to determine its exact phase, while this is essential to assess fiscal indicators. The default risk may materialize at different levels of public debt, sometimes seemingly very low. A ‘safe’ borrowing level is country-specific and depends on many factors and often unpredictable circumstances. However, given the tense situation in global markets, the ‘safe’ level of publ...

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Research paper thumbnail of The Inflationary Consequences of the Devaluation Crisis in Russia and Ukraine

Problems of Economic Transition, Oct 2000

In August 1998, Russia experienced a full-scale financial crisis involving a sharp devaluation of... more In August 1998, Russia experienced a full-scale financial crisis involving a sharp devaluation of the ruble, and systemic banking crisis. Shortly after, the Ukrainian currency hryvna also had to be devalued, because Ukraine suffered from the same fundamental weaknesses of transition process as Russia did. In both countries financial crisis stopped the disinflation trend and brought a new wave of inflation. However, the size of the initial price jump occurred to be smaller in Ukraine than in Russia. This can be explained by the differences in import structure, and crisis management, including more expansionary monetary and fiscal policies in Russia in the last few months of 1998. Additionally, political and banking crisis in Russia contributed significantly to market panic and higher devaluation and inflation rates in this country.

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Research paper thumbnail of Belarus at a crossroads

Policy Contributions, 2016

Since the collapse of the Soviet Union in 1991, Belarus has maintained a largely non-market econo... more Since the collapse of the Soviet Union in 1991, Belarus has maintained a largely non-market economic system. This did not prevent rapid growth of its economy over a sustained period up to 2011. However, the period of economic growth in Belarus seems to be over. The factors that underpinned Belarus’s growth, mainly the beneficial external environment, have gradually disappeared. As a result, the country is confronted by the need to...

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Research paper thumbnail of Belarus at a crossroads

Bruegel Policy Contribution, 2016

Highlights: • Since the collapse of the Soviet Union in 1991, Belarus has maintained a largely no... more Highlights: • Since the collapse of the Soviet Union in 1991, Belarus has maintained a largely non-market economic system. This did not prevent rapid growth of its economy over a sustained period up to 2011. However, the period of economic growth in Belarus seems to be over.The factors that underpinned Belarus’s growth, mainly the beneficial external environment, have gradually disappeared. As a result, the country is confronted by the need to start the far-reaching programme of market-oriented economic reforms and macroeconomic stabilisation which it tried to avoid for so long. Reform will not be easy, economically and politically. • The potential hardship facing Belarus could be at least partly cushioned by external assistance, in the first instance from the International Monetary Fund and the World Bank. However, the IMF has relatively fresh memories of the failure of its 2009-10 Stand-By Arrangement (SBA) with Belarus, which provided substantial balance-of payments support, but ...

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Research paper thumbnail of Chapter 11. Center for Social and Economic Research (CASE): Think Tanks in the Era of Globalization

How Think Tanks Shape Social Development Policies

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Research paper thumbnail of Moldova : Major Economic Problems and Challenges

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Transition to a market economy: A retrospective comparison of China with countries of the former Soviet block

Acta Oeconomica, 2020

In the 1990s and early 2000s, comparison of transition strategies of China versus those in Centra... more In the 1990s and early 2000s, comparison of transition strategies of China versus those in Central and Eastern Europe raised controversies in the economic and political science literature. However, differences between China and the countries of the former Soviet bloc in their transition strategies resulted not necessarily from a deliberate political choice but from different initial conditions. Low-income and largely rural China, after its first radical step (de-collectivisation of agriculture in 1978), could move more gradually due to its under-industrialisation and retaining administrative control over the economy. The over-industrialised Central and Eastern Europe (CEE) and former Soviet Union (FSU) countries where the previous command system of economic management spontaneously collapsed at the end of 1980s, did not have such an option. They had to conduct market-oriented reforms as quickly as they could, with all the associated economic and social pain. Regardless of speed and ...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Economic Reforms in Kyrgyzstan

Research Papers in Economics, 1994

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Episodes of Currency Crises in the European Transition Economies

SSRN Electronic Journal, 2001

Bookmarks Related papers MentionsView impact

Research paper thumbnail of EU Eastern Neighborhood

Bookmarks Related papers MentionsView impact

Research paper thumbnail of CASE Network Reports No. 56: Russia: political and institutional determinants of economic reforms

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Towards a New Eastern Enlargement of the EU and Beyond

Intereconomics

It is not the first time in EU history that the enlargement perspective is confronted with the ne... more It is not the first time in EU history that the enlargement perspective is confronted with the need for integration deepening.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The systemic roots of Russia’s recession

Policy Contributions, 2015

Highlights - The Russian economy grew rapidly between 2000 and 2007, but growth decelerated after... more Highlights - The Russian economy grew rapidly between 2000 and 2007, but growth decelerated after the 2008-09 global financial crisis, and since mid-2014 Russia has moved into recession. A number of short-term factors have caused recession - lower oil prices, the conflict with Ukraine, European Union and United States sanctions against Russia and Russian counter-sanctions. However Russia's negative output trends have deeper structural and institutional roots. They can be tracked back about a decade to when previous market-reform policies started to be reversed in favour of dirigisme, leading to further deterioration of the business and investment climate. Russia must address its short-term problems, but in the medium-to-long term it must deal with its fundamental structural and institutional disadvantages - oil and commodity dependence and an unfriendly business and investment climate underpinned by poor governance. Compared to many other commodity producers, Russia is better pl...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Examining interrelation between global and national income inequalities

Russian Journal of Economics, 2018

The last decade brought increasing attention to income and wealth inequalities in advanced econom... more The last decade brought increasing attention to income and wealth inequalities in advanced economies because of their increase in several countries and negative social and political implications. However, this debate is often limited to the single-country perspective, disregarding decreasing global income inequalities, i.e. inequalities between individuals in the entire world. This paper focuses mainly on the global dimension of the inequality trends but also tries to update statistics on national inequality trends which, contrary to the dominant narrative, seem to go in various directions depending on a concrete country. Finally, an attempt is made to analyze the potential interrelation and trade-off between decreasing global inequalities and increasing national inequalities and the role of globalization, in its various forms, in such a trade-off.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Currency crises in post-Soviet economies — a never ending story?

Russian Journal of Economics, 2016

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The harsh reality of Ukraine's fiscal arithmetic. Bruegel Policy Contribution ISSUE 2015/07, June 2015

Ukraine is struggling with both external aggression and the dramatically poor shape of its econom... more Ukraine is struggling with both external aggression and the dramatically poor shape of its economy. The pace of political and institutional change has so far been too slow to prevent the deepening of the fiscal and balance-of-payments crises, while business confidence continues to be undermined. • Unfortunately, the 2015 International Monetary Fund Extended Fund Facility programme repeats many weaknesses of the 2014 IMF Stand-by Arrangement: slow pace of fiscal adjustment especially in the two key areas of energy prices and pension entitlements, lack of a comprehensive structural and institutional reform vision, and insufficient external financing to close the expected balance-of-payments gap and allow Ukraine to return to debt sustainability in the long term. • The reform process in Ukraine must be accelerated and better managed. A frontloaded fiscal adjustment is necessary to stabilise public finances and the balance-of-payments, and to bring inflation down. The international comm...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Beyond Transition

The post-communist Central European and Baltic economies are now approaching the end of their tra... more The post-communist Central European and Baltic economies are now approaching the end of their transitions to well-functioning market systems. In some respects, the approaching EU accession and conclusion of the transition marks the end of a fascinating period in economic history. Beyond Transition focuses on the economic problems and issues facing Central Europe and the Baltics, the Balkans, and countries belonging to the Commonwealth for Independent States (CIS) in the post-transition context. This focus reflects the need to better understand two processes that are increasingly apparent in the post-communist economic space.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Handbuch Transformationsforschung

Handbuch Transformationsforschung, 2015

ABSTRACT Analysis of key challenges of macroeconomic stabilization process during post-communist ... more ABSTRACT Analysis of key challenges of macroeconomic stabilization process during post-communist transition.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of CASE Network Reports No. 39: Episodes of currency crisis in Latin American and Asian Economies

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Two Major Economic Crises in the Early Twenty-First Century and their Impact on Central Bank Independence

Accounting, Economics, and Law: A Convivium, May 11, 2021

Two major economic crises in the early twenty-first century have had a serious impact on monetar... more Two major economic crises in the early twenty-first century have had a
serious impact on monetary policy and CB independence. Disruption in financial
intermediation and associated deflationary pressures caused by the global
financial crisis of 2007–2009 and European financial crisis of 2010–2015 pushed
central banks (CBs) in major currency areas towards adoption of unconventional
monetary policy measures, including large-scale purchase of government bonds
(quantitative easing). The same approach has been taken by CBs in response to the
COVID-19 crisis in 2020 even if the characteristics of this crisis differ from the
previous one. As a result of both crises, CBs have become major holders of government
bonds and de facto – main creditors of governments. Against rapidly
deteriorating fiscal balances, CBs have become hostages of fiscal policies, which
compromises their independence. Risks to the CB independence also come from
their additional mandates (beyond price stability) and populist political pressures.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Factors Determining a 'Safe' Level of Public Debt

paper presented at the XV April International Academic Conference on Economic and Social Development, Apr 1, 2014

Since 2008, the world economy has been facing consequences of the global financial crisis such as... more Since 2008, the world economy has been facing consequences of the global financial crisis such as growth in public debt in most advanced economies, which resulted from an overoptimistic estimate of fiscal situation before the crisis, declining government revenue and increasing social expenditure during the crisis, costs of the banking system restructuring, countercyclical fiscal policies, etc. For this reason, many governments are trying to determine a ‘safe’ level of fiscal deficit and public debt. However, there is no single standard of fiscal safety for all economies. The irregular business cycle make it difficult to determine its exact phase, while this is essential to assess fiscal indicators. The default risk may materialize at different levels of public debt, sometimes seemingly very low. A ‘safe’ borrowing level is country-specific and depends on many factors and often unpredictable circumstances. However, given the tense situation in global markets, the ‘safe’ level of publ...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Inflationary Consequences of the Devaluation Crisis in Russia and Ukraine

Problems of Economic Transition, Oct 2000

In August 1998, Russia experienced a full-scale financial crisis involving a sharp devaluation of... more In August 1998, Russia experienced a full-scale financial crisis involving a sharp devaluation of the ruble, and systemic banking crisis. Shortly after, the Ukrainian currency hryvna also had to be devalued, because Ukraine suffered from the same fundamental weaknesses of transition process as Russia did. In both countries financial crisis stopped the disinflation trend and brought a new wave of inflation. However, the size of the initial price jump occurred to be smaller in Ukraine than in Russia. This can be explained by the differences in import structure, and crisis management, including more expansionary monetary and fiscal policies in Russia in the last few months of 1998. Additionally, political and banking crisis in Russia contributed significantly to market panic and higher devaluation and inflation rates in this country.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Belarus at a crossroads

Policy Contributions, 2016

Since the collapse of the Soviet Union in 1991, Belarus has maintained a largely non-market econo... more Since the collapse of the Soviet Union in 1991, Belarus has maintained a largely non-market economic system. This did not prevent rapid growth of its economy over a sustained period up to 2011. However, the period of economic growth in Belarus seems to be over. The factors that underpinned Belarus’s growth, mainly the beneficial external environment, have gradually disappeared. As a result, the country is confronted by the need to...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Belarus at a crossroads

Bruegel Policy Contribution, 2016

Highlights: • Since the collapse of the Soviet Union in 1991, Belarus has maintained a largely no... more Highlights: • Since the collapse of the Soviet Union in 1991, Belarus has maintained a largely non-market economic system. This did not prevent rapid growth of its economy over a sustained period up to 2011. However, the period of economic growth in Belarus seems to be over.The factors that underpinned Belarus’s growth, mainly the beneficial external environment, have gradually disappeared. As a result, the country is confronted by the need to start the far-reaching programme of market-oriented economic reforms and macroeconomic stabilisation which it tried to avoid for so long. Reform will not be easy, economically and politically. • The potential hardship facing Belarus could be at least partly cushioned by external assistance, in the first instance from the International Monetary Fund and the World Bank. However, the IMF has relatively fresh memories of the failure of its 2009-10 Stand-By Arrangement (SBA) with Belarus, which provided substantial balance-of payments support, but ...

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Chapter 11. Center for Social and Economic Research (CASE): Think Tanks in the Era of Globalization

How Think Tanks Shape Social Development Policies

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Moldova : Major Economic Problems and Challenges

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Постсоветская и мировая модернизация: итоги тридцати лет

30 лет реформ в постсоветских странах. Где и насколько удалось приблизится к стабильному здоровом... more 30 лет реформ в постсоветских странах. Где и насколько удалось приблизится к стабильному здоровому экономическому росту и к "благодетельному циклу" при котором "частные инвестиции при безопасности собственника и сохранности плодов его усилий повышают уровень жизни, создают стимул инвестировать в образование и лечение детей-наследников. Рост уровня образования и продолжительности жизни создает высокий спрос на научные исследования, приводит к дальнейшему прогрессу в экономике, соответственно в образовании и здравоохранении, и так далее"...

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