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Lessons from Reforms in Central and Eastern Europe in the Wake of the Global Financial Crisis

25 Pages Posted: 26 Apr 2012 Last revised: 29 May 2012

Anders Aslund

Peterson Institute for International Economics

Date Written: April 25, 2012

Abstract

The response of the ten new eastern members of the European Union to the global financial crisis has valuable lessons of crisis resolution for the euro area. These countries were severely hit by the crisis in the fall of 2008 and responded with extensive reforms. Crisis made the unthinkable possible. This paper outlines the main reform measures that the ten Central and East European (CEE) countries carried out. It then quantifies to what extent the CEE countries resolved the macroeconomic crisis and explores the effects of the reforms on future growth prospects. The fourth and major section discusses how the political economy of the crisis resolution actually worked. Finally, the author examines what lessons euro area countries can learn from the crisis resolution of the newest members of the European Union.

Keywords: Financial Crises, Central and Eastern Europe, Policy

JEL Classification: P16, G01, E61, E62, F30, H0

Suggested Citation

Aslund, Anders, Lessons from Reforms in Central and Eastern Europe in the Wake of the Global Financial Crisis (April 25, 2012). Peterson Institute for International Economics Working Paper No. 12-7. Available at SSRN: https://ssrn.com/abstract=2046180 or http://dx.doi.org/10.2139/ssrn.2046180

Anders Aslund (Contact Author)

Peterson Institute for International Economics ( email )

1750 Massachusetts Avenue, NW
Washington, DC 20036
United States

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