Political Geography: Europe / Topic: Macroeconomics

Author:: Leonor Coutinho
Publication Date:: 01-2011
Content Type:: Working Paper
Institution:: Center for Social and Economic Research - CASE
Abstract:: "The financial crisis engulfed the entire world economy, but the impact was uneven across many regions and countries. Due to a lower degree of financial integration, many developing countries seem to have been far less affected. This apparent resilience has been observed among several of the EU's Mediterranean (MED) neighborhood countries. However, the region's underdeveloped financial markets may yet prove to be a long-term economic curse."
Topic:: Development, Globalization, Financial Crisis, European Union, Macroeconomics, and Trade
Political Geography:: Europe and Mediterranean

Author:: Daniel Daianu
Publication Date:: 01-2011
Content Type:: Working Paper
Institution:: Center for Social and Economic Research - CASE
Abstract:: "The global financial crisis has triggered exceptional responses in the Euro zone and the U.S. A similar policy thrust should apply to the use of EU funds in the New Member States (NMS) of Central and Eastern Europe. The stakes are too high for vacillating. The bottom line is this: more capital has to flow into NMSs in order to fund the production of capital goods during a time when national budgets are extremely strained. This period may last for years, but inaction may lead to future political and economic instability in the region."
Topic:: Financial Crisis, Reform, European Union, and Macroeconomics
Political Geography:: Europe

Author:: Peter Mihalyi
Publication Date:: 02-2011
Content Type:: Working Paper
Institution:: Center for Social and Economic Research - CASE
Abstract:: "Since 1968, subsequent Hungarian governments have been less resilient to moderate inflation than others in the region. After the 1989-1990 market transition, inflation targeting became an even more important short-term policy tool. Since hyper-inflation was not allowed to gain momentum, there was no need to resort to fully-fledged currency reform. Instead, Hungarian governments have been ready to accept extra-inflation as an unavoidable price for reducing the fiscal deficit, choosing against Maastricht inflation targeting and economic coordination with Brussels."
Topic:: Reform, Macroeconomics, and Currency
Political Geography:: Europe and Hungary

Author:: Charles Wyplosz
Publication Date:: 03-2011
Content Type:: Working Paper
Institution:: Center for Social and Economic Research - CASE
Abstract:: "The current European debt crisis is just bringing to the fore well-defined cracks in the Eurozone’s construction. Fiscal discipline was left in the careless hands of national governments, banking regulation and supervision was delegated to national authorities more interested in promoting national champions than in completing the Single Market. Moreover, crisis management was masterminded not by the Commission but by national governments. This leaves panicked policymakers with the firm view that economics is largely useless and that any policy can be pursued if it makes good political sense."
Topic:: Debt, Globalization, Markets, Macroeconomics, and Economic Integration
Political Geography:: Europe

Author:: Alexander Chubrik
Publication Date:: 06-2011
Content Type:: Working Paper
Institution:: Center for Social and Economic Research - CASE
Abstract:: On May 31, 2011 the Government and National Bank of Belarus (NBB) announced that they would ask for a new stand-by loan from the IMF. The requests for external assistance followed several unsuccessful government attempts to overcome the serious macroeconomic crisis that has been developing in the country since the beginning of 2010. A key question arises, can external loans help Belarus to overcome its current crisis?
Topic:: Reform, Finance, Institutions, Macroeconomics, and IMF
Political Geography:: Europe, Caucasus, Eastern Europe, and Belarus

Author:: Marek Dabrowski
Publication Date:: 11-2010
Content Type:: Working Paper
Institution:: Center for Social and Economic Research - CASE
Abstract:: The new European Union (EU) economic governance package released by the European Commission on September 29, 2010 includes two major components, i.e., changes and amendments to the Stability and Growth Pact (SGP) and new regulation on the prevention and correction of macroeconomic imbalances within the EU and European Monetary Union (EMU). While the first piece offers a certain improvement in the EU fiscal surveillance rules the second one looks deeply flawed and operationally unenforceable.
Topic:: Debt, Financial Crisis, Governance, European Union, Macroeconomics, and European Monetary Union
Political Geography:: Europe

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