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2. Lessons from Reforms in Central and Eastern Europe in the Wake of the Global Financial Crisis
- Author:
- Anders Åslund
- Publication Date:
- 04-2012
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- 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.
- Topic:
- Debt, Economics, International Trade and Finance, Markets, Political Economy, and Financial Crisis
- Political Geography:
- Europe
3. The European Crisis Deepens
- Author:
- Simon Johnson and Peter Boone
- Publication Date:
- 01-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Successive plans to restore confidence in the euro area have failed. Proposals currently on the table also seem likely to fail. The market cost of borrowing is at unsustainable levels for many banks and a significant number of governments that share the euro.
- Topic:
- Political Economy, Regional Cooperation, and Monetary Policy
- Political Geography:
- Europe
4. The Coming Resolution of the European Crisis
- Author:
- C. Fred Bergsten and Jacob Funk Kirkegaard
- Publication Date:
- 01-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Doom and gloom about the euro abounds. An increasing number of commentators and economists, including here at the Peterson Institute, have begun to question whether the common currency can survive.
- Topic:
- Economics, International Trade and Finance, Political Economy, Regional Cooperation, and Financial Crisis
- Political Geography:
- Europe
5. Did Reagan Rule In Vain? A Closer Look at True Expenditure Levels in the United States and Europe
- Author:
- Jacob Funk Kirkegaard
- Publication Date:
- 01-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- It is generally believed that the United States is a country of low taxes and small government, at least when compared with countries in Europe (and until the financial crisis so greatly expanded the role of the federal government in the United States in late 2008). Fully accounting for the role, size, and effect of the government in an economy is a complex endeavor, however, and it is hardly accomplished by repeatedly restating differences in top marginal tax rates, overall tax burdens, or gross sizes of governments in GDP terms.
- Topic:
- Economics, Government, Political Economy, and Privatization
- Political Geography:
- United States and Europe
6. Policy Liberalization and FDI Growth, 1982 to 2006
- Author:
- Matthew Adler and Gary Clyde Hufbauer
- Publication Date:
- 08-2008
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Over the last three decades the global economy has expanded in a remarkable fashion. While nominal world GDP has increased four times, world bilateral trade flows have grown more than six-fold, and the stock of foreign direct investment (FDI) has grown by roughly 20 times since 1980. The sources of global trade and investment growth are well known—general economic expansion, policy liberalization, and better communications and technology—but the impact of each source is unclear. In this paper we attempt to uncover the contribution of policy liberalization to the rising ratios of US inward and outward FDI stocks to GDP over the last three decades.
- Topic:
- Economics, Globalization, International Political Economy, International Trade and Finance, Markets, and Political Economy
- Political Geography:
- United States
7. The Eurasian Growth Paradox
- Author:
- Nazgul Jenish and Anders Åslund
- Publication Date:
- 06-2006
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In the first decade of postcommunist transition, multiple growth regressions showed that the more radical and comprehensive market economic reform was, the earlier a country returned to economic growth and the more vigorous its growth, and that Central Europe took the lead. Since 2000, however, the Commonweath of Independent States (CIS) countries have had more than 4 percentage points higher annual growth than the Central European countries. A regression analysis for 20 postcommunist countries shows, with strong significance, that reducing public expenditures has most effectively stimulated economic growth. As expected, oil exports are also positive and significant. The distance from the European Union is also positive and significant: that is, the further from the European Union, the higher the economic growth. The effect of corruption is negative for growth but only marginally significant. Neither the laggard effect nor investment reveals any significant effect. The conclusion is that at least among postcommunist countries more emphasis should be given to reducing public expenditures to boost economic growth.
- Topic:
- Economics, International Organization, and Political Economy
- Political Geography:
- Europe and Central Europe
8. The External Policy of the Euro Area: Organizing for Foreign Exchange Intervention
- Author:
- C. Randall Henning
- Publication Date:
- 06-2006
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Scholarship on European integration has extensively debated the external character of the monetary union. The institutions of exchange rate policymaking bear substantially on the euro area's role in international monetary conflict and cooperation. This working paper examines the institutional arrangements for foreign exchange intervention within the euro area and the policymaking surrounding the market operations of autumn 2000—the only case to date of euro area intervention in currency markets. Drawing on interviews of officials in finance ministries, central banks, European institutions, and international organizations, as well as public sources, the paper specifies the division of labor among the European Central Bank (ECB), Euro group, and other European actors and compares that arrangement with corresponding arrangements in the G-7 partners. It concludes, among other things, that (1) the interinstitutional understanding within the euro area gives substantial latitude to the ECB, greater latitude than held by central banks in its G-7 partners, (2) but the understanding is susceptible to renegotiation over time, and (3) economic divergence within the euro area potentially threatens the ability of the monetary union to act coherently externally.
- Topic:
- Economics, International Organization, and Political Economy
- Political Geography:
- Europe
9. Offshoring in Europe-Evidence of a Two-Way Street from Denmark
- Author:
- Nicolai Laugesen, Jacob Kirkegaard, and Peter Jensen
- Publication Date:
- 06-2006
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Based on a large Danish survey of companies in tradable goods and services sectors, this working paper presents the results of offshoring and its impact on jobs, adding new perspectives to the globalization debate. Globalization entails a cross-border flow of jobs, but contrary to the mainstream media portrayal of globalization, it is not a one-way but a two-way street. In 2002–05 more jobs were created as a result of offshoring of activities into eastern Denmark from companies outside Denmark (i.e., inshored to Denmark) than were eliminated due to off shoring from companies in the Danish region. Overall, the employment effects of both off shoring and in shoring were found to be limited to less than 1 percent of all jobs either lost to offshoring or gained via inshoring. For Denmark, the worries in purely numerical terms regarding the employment effects of globalization seem overly alarmist. However, the trends revealed in the study do pose challenges for low-skilled workers—the group most negatively affected—and for highly skilled specialists, who face pressure to constantly upgrade their skills. Policy implications can be drawn in view of our results to ensure that labor markets are able to meet the demands of globalizing firms.
- Topic:
- Economics, International Organization, and Political Economy
- Political Geography:
- Europe
10. Can Doha Still Deliver on the Development Agenda?
- Author:
- Kimberly Elliott
- Publication Date:
- 06-2006
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The Doha Round of multilateral trade negotiations, so named because it was launched in the Qatari capital, is in deep trouble. Negotiators have yet to meet any of the interim deadlines for completing the talks, and they missed another at the end of April 2006. While it is still possible to finish the round by early 2007, the odds are diminishing by the day, and this deadline matters more than most. Trade promotion authority (TPA) in the United States will expire in June 2007, and if the round does not make significant progress before then, TPA might not be renewed, and the round would likely drag on for several more years.
- Topic:
- Economics, International Organization, International Trade and Finance, and Political Economy
- Political Geography:
- United States
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