The Global Financial Crisis and its Impact on Emerging Market Economies in Europe and the CIS: Evidence from Mid-2010 (original) (raw)
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The variable impact of the global economic crisis in South East Europe
Economic Annals, 2011
This paper studies the variable impact of the global economic crisis on the countries of South East Europe. The central question is whether the institutional reforms introduced during the transition period have enabled countries to cope with external shocks such as those associated with the recent global economic crisis. The transmission mechanisms of the crisis to the region are identified as contractions of credit, foreign direct investment, remittances, and exports, and their variable impact across countries is assessed. Several types of institutions are examined including the degree to which countries have adopted the acquis communautaire, determined by the extent of their EU integration, progress with transition, and the broad institutional environment measured through the quality of governance. The paper asks whether countries with a more flexible economy due to faster progress with transition reforms were better able to adjust to the impact of external shocks. It concludes that the variable impact of the global crisis in the region can be explained mainly by their degree of integration into the global economy and that the institutional reforms that were introduced during the boom times have made countries more integrated into the global economy and therefore more vulnerable to the impact of the global economic crisis.
The Impact of the Global Financial Crisis on the Economic Development in the Eurasian Region
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This study presents an empirical analysis of the impact of the global financial crisis on the economic development of the Eurasian region. The region covers fifteen states of the former Soviet Union: Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyz Republic, Latvia, Lithuania, Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine, Uzbekistan. Emerging economies of estimated countries are highly attractive for foreign investors, who stimulate economic growth in the region. This paper particularly investigates the relationship between economic growth and international capital flows in the Eurasian region before and after the global financial crisis. Panel estimations using annual data for the period 1990-2014 are made applying the Generalized Method of Moments estimation technique for the dynamic panel data, developed by Hansen (1982). Empirical results reveal that the main determinant of the regions’ economic development is FDI inflow. This study finds evid...
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SSRN Electronic Journal, 1999
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Russian economic report No. 17 (November 2008), The World Bank
After a decade of high growth, the Russian economy is experiencing a slowdown in the wake of the global financial crisis. While Russia's strong short-term macroeconomic fundamentals make it better prepared than many emerging economies to deal with the crisis, its underlying structural weaknesses and high dependence on the price of a single commodity make its impact more pronounced than otherwise. Prudent fiscal management and substantial financial reserves have protected Russia from deeper consequences of this external shock. The government's policy response so far-swift, comprehensive, and coordinated-has helped limit the impact. Short-term macroeconomic stabilization has to be the immediate priority as the authorities continue to adjust their short-term policy responses to changing economic circumstances. But the crisis also presents an opportunity to address the medium-to longer term challenges of competitiveness, economic diversification, and financial sector modernization which are necessary to boost growth and living standards. This would ensure that Russia emerges from this global crisis with a stronger basis for dynamic, productivity-led growth and is better placed to take advantage of global integration.
2011
The 2008 crisis shows that the dominant economies were not as dominant as they thought" says Dominique Strauss-Kahn, the French former head of the IMF (The Economist, vol. 401, no 8759, 2011). By extension, we can say that Central and Eastern Europe countries were not as weak as we could think. Such a conclusion has been reached by the authors of the volume "Financial Crisis in Central and Eastern Europe: From Similarity to Diversity", co-edited by Grzegorz Gorzelak, Chor-Ching Goh. The book is the result of an international seminar organized in September 2009 by the Centre for European Regional and Local Studies, University of Warsaw (EUROREG) and the World Bank and gathers different contributions of outstanding experts from new and old Europe, providing a distinctive perspective on the current economic and financial crisis. The book includes three sections covering 19 chapters. In the first section, four authors, W.Orlawski, M.Lennert, I.Gill and B.Quillin, provide a general view on the crisis, its main causes and evolutions. Orlawski (p.10-15) identifies 10 factors which led to the current crisis, from robust changes in the distribution of the global economic and financial power, globalization process, demographic changes, development of derivatives market, development of the whole financial market, inability to correctly assess the risk connected with investment in various financial instruments, the wave of "irrational exuberance", recklessness of financial institutions, serious financial institutions management errors and fatal errors of the economic policy, all of them located first in the USA. He concluded that "the combination of the 10 factors proved to be deadly for the global finance" and that "only a serious, coordinated effort on a global scale may secure that the crisis of 2008-2009 does not recur in the years to come". At the moment of writing this book review (November 2011), the euro zone found itself in a very difficult and complicated situation, revealing that coordinated efforts are still waiting to be carried out. Lennert (p.17-25) tried to find some patterns in the crisis' evolution, a crisis which he considers to be a structural one. According to