How Emerging Europe Came Through the 2008/09 Crisis: An Account by the Staff of the IMF's European Department
International Monetary Fund, Aug 25, 2012 - Business & Economics - 348 pages
Emerging Europe was particularly hard hit by the global financial crisis, but a concerted effort by local policymakers and the international community staved off impending financial meltdown and laid the foundations for renewed convergence with western Europe. This book, written by staff of the IMF's European Department that worked on the region at the time, provides a unique account of events: the origins of the crisis and the precrisis policy setting; the crisis trigger and the scramble to avoid the worst; the stabilization and recovery; the remaining challenges; and the lessons for the future. Five regional chapters provide the analytics to put events into perspective. Dedicated chapters for all 19 countries of the region dig deeper into the idiosyncrasies of each economy and provide extensive economic data. A final chapter distills the lessons from the overall regional experience and the wide intraregional diversity. Taken together, they make this book an indispensible reference for economic scholars of the region and beyond.
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adjustment Albania assets balance percent Baltic banking system basis points Belarus billion Bosnia and Herzegovina budget Bulgaria capital inflows central bank countries credit default swap credit growth Croatia current account deficits Czech Republic debt percent decline deﬁcit deposits domestic demand EMBIG emerging Europe Emerging Markets end of period Estonia euro area European Department exchange rate regimes exports Financial Sector ﬁnancing ﬁrst ﬁscal fiscal policy foreign banks foreign currency foreign direct investment GDP growth GDP nominal GLOBAL FINANCIAL CRISIS Government primary expenditure Gross international reserves growth in percent Hungary imbalances IMF staff calculations increased inflation interest rates International Monetary Fund Latvia liquidity Lithuania Macedonia macroeconomic Moldova Montenegro nonperforming loans NPLs parent banks percent of GDP Poland precrisis Private sector credit public debt Public Finances real growth REER region revenue risk Romania Russia sector credit end Serbia spread sovereign stability Turkey Ukraine unemployment vulnerabilities wage World Economic Outlook