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Author: Júlia Király
Publisher: Springer Nature
ISBN: 3030495442
Category : Business & Economics
Languages : en
Pages : 159
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Book Description
This book analyzes the banking crisis and the events surrounding it in Hungary and other emerging EU member countries in 2007-2013. Written by Júlia Király, a former policymaker, and the Deputy Governor of the Hungarian Central Bank at the time of the crisis, it also offers a firsthand account of the processes in and responses to the financial crisis. While there is extensive literature on the crisis, most of it focuses on the US or the Eurozone, sometimes mentioning the “emerging world” in passing. However, Central and Eastern Europe experienced the crisis very differently than other emerging countries. In the pre-crisis years, the region in accession to the EU attracted abundant fresh capital, but the seemingly unconstrained global liquidity fuelled credit bubbles. After the Lehman crisis, capital rapidly fled these countries. In this part of the world, the recession proved to be much worse than elsewhere, with double-digit growth soon turning into a double-digit decline in GDP. Several countries had to turn to the IMF and the EU for stand-by credit. Based on her own inside experience as a top central banker, the author offers a personal yet professional analysis of the causes and consequences of the financial hurricane.
Author: Júlia Király
Publisher: Springer Nature
ISBN: 3030495442
Category : Business & Economics
Languages : en
Pages : 159
Get Book Here
Book Description
This book analyzes the banking crisis and the events surrounding it in Hungary and other emerging EU member countries in 2007-2013. Written by Júlia Király, a former policymaker, and the Deputy Governor of the Hungarian Central Bank at the time of the crisis, it also offers a firsthand account of the processes in and responses to the financial crisis. While there is extensive literature on the crisis, most of it focuses on the US or the Eurozone, sometimes mentioning the “emerging world” in passing. However, Central and Eastern Europe experienced the crisis very differently than other emerging countries. In the pre-crisis years, the region in accession to the EU attracted abundant fresh capital, but the seemingly unconstrained global liquidity fuelled credit bubbles. After the Lehman crisis, capital rapidly fled these countries. In this part of the world, the recession proved to be much worse than elsewhere, with double-digit growth soon turning into a double-digit decline in GDP. Several countries had to turn to the IMF and the EU for stand-by credit. Based on her own inside experience as a top central banker, the author offers a personal yet professional analysis of the causes and consequences of the financial hurricane.
Author: Christian Schweiger
Publisher: Routledge
ISBN: 1317530721
Category : Political Science
Languages : en
Pages : 160
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Book Description
The book analyses the emerging centre-periphery divisions within the European Union which result from the unprecedented conditions created by the 2008-09 global financial crisis and the subsequent Eurozone sovereign debt crisis. The multiple layers of policy coordination which emerged in response to the crisis have initiated a process by which the EU is increasingly divided in terms of the level of vertical integration between the Eurozone core group and differentiated peripheries amongst the outsiders. At the same time the sovereign debt crisis has created a periphery of predominantly Southern European countries within the Eurozone that became dependent on external financial support from the other member states. The contributions in this book critically examine various aspects of the emerging internal post-crisis constellation of the EU. The main focus lies on national and supranational governance issues, national dynamics and dynamics in the Eurozone core as well as in the periphery. This book was originally published as a special issue of Perspectives on European Politics and Society.
Author: Paul van den Noord
Publisher:
ISBN: 9789279153631
Category : European Union countries
Languages : en
Pages : 0
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Book Description
The European economy is emerging from its deepest recession since the 1930s. This volume, which brings together economic analysis from the European Commission services, explains how swift policy response avoided a financial meltdown. Europe also needs an improved co-ordinated crisis-management framework to help it respond to any similar situations that may arise in the future. Economic Crisis in Europe is a much-anticipated volume which shows that the beginnings of such a crisis-management framework are emerging, building on existing institutions and legislation and complemented by new initiatives.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1484372387
Category : Business & Economics
Languages : en
Pages : 62
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Book Description
This 2018 Article IV Consultation highlights that the headline inflation in Hungary has started to pick up, mainly owing to higher energy prices, while core inflation has been running sideways over the past six months, despite emerging capacity constraints. Unemployment remains on a decreasing trend, and labor shortages are intensifying despite the improvement in participation rates. The 2017 general government fiscal deficit narrowed to 2 percent of GDP, compared with the budgeted 2.4 percent. This outcome was mostly driven by strong GDP growth and reduced interest payments. The IMF staff projects the 2018 overall fiscal deficit at about 2.4 percent of GDP, in line with the budget’s target.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1589068068
Category : Business & Economics
Languages : en
Pages : 252
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Book Description
This edition of the World Economic Outlook explores how a dramatic escalation of the financial crisis in September 2008 provoked an unprecedented contraction of activity and trade, despite active policy responses. It presents economic projections for 2009 and 2010, and also looks beyond the current crisis, considering factors that will shape the landscape of the global economy over the medium term, as businesses and households seek to repair the damage. The analysis also outlines the difficult policy challenges presented by the overwhelming imperative to take all steps necessary to restore financial stability and revive the global economy, and the longer-run need for national actions to be mutually supporting. The first of two analytical chapters, "What Kind of Economic Recovery?" explores the shape of the eventual recovery. The second, "The Transmission of Financial Stress from Advanced to Emerging and Developing Economies," focuses on the role of external financial linkages and financial stress in transmitting economic shocks.
Author: László Mátyás
Publisher: Springer Nature
ISBN: 3030939634
Category : Business & Economics
Languages : en
Pages : 610
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Book Description
This edited volume examines the development path of eight Central and Eastern European countries with an overlapping historical background that joined the European Union between 2004 and 2013, and identifies the main similarities and differences between the countries concerned. Based on wide comparative data analysis of Bulgaria, Croatia, The Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia, each chapter in the volume provides detailed information about the state of the economy in a specific area preceding the pandemic shock. The book offers a detailed snapshot of the state of the different areas of the economy, starting from the time when the countries concerned came out of the 2008 financial crisis, up to the date when COVID-19 hit. Further, each chapter analyzes the effects of this unprecedented shock on a particular field, which is followed by highlighting the main problems the countries are facing at present and in the near future, together with identifying the available policy options. Finally, before concluding and making general and country-specific policy recommendations, some thoughts will be given to longer-term prospects. More specifically, the question of how the subject area could contribute to avoiding the "middle-income-trap" that this region may be facing will be addressed. The comprehensive approach makes this volume a must-read for scholars and students of economics, as well as policy decision-makers in Europe, interested in a better understanding of the region's economic development.
Author: Dick K. Nanto
Publisher: DIANE Publishing
ISBN: 1437919847
Category : Business & Economics
Languages : en
Pages : 127
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Book Description
Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.
Author: Mr.Gian Milesi-Ferretti
Publisher: International Monetary Fund
ISBN: 1455201820
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits, and openness to trade are helpful in understanding the intensity of the crisis. International risk sharing did little to shield domestic demand from the country-specific component of output declines, while those countries with large pre-crisis current account deficits saw domestic demand fall by much more than domestic output during the crisis.
Author: Ugo Fratesi
Publisher: Springer Science & Business Media
ISBN: 354070924X
Category : Business & Economics
Languages : en
Pages : 365
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Book Description
Time Time b a Space Space Time Time c d Space Space Fig. 1 Different possible scales for growth and innovation analyses spatial dimension, the sectoral dimension and the time dimension are represented. In Fig. 1a, regional developmentanalyses are revealed, where the economyis sliced vertically into regions and their dynamics are investigated. The study of the evolution of industries, typical of evolutionary industrial e- nomics, is represented in Fig. 1b, where the economy is divided horizontally into sectoral slices. This approach has progressed considerably in recent years (see Malerba 2006, for a recent survey). Modi?cations of industries have important spatial implications, which however are not normally at the core of these ana- ses even though spatial patterns of innovation differ greatly from sector to sector (Breschi 2000). Our approach operates in the manner of Fig. 1a and we will focus on regions, extending the analysis to industries only where this is regionally and structurally relevant. Hence, the approach in the book belongs to the tradition of regional development theories, but, in contrast to the more traditional analyses, we will not consider the region as an economic unit per se. Rather, interactions between and within regions are very relevant to the performance of individual regions in an integrated world and will be at the core of the analyses of the following chapters.
Author: Dorothee Bohle
Publisher: Cornell University Press
ISBN: 0801465222
Category : Political Science
Languages : en
Pages : 305
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Book Description
With the collapse of the Council for Mutual Economic Assistance in 1991, the Eastern European nations of the former socialist bloc had to figure out their newly capitalist future. Capitalism, they found, was not a single set of political-economic relations. Rather, they each had to decide what sort of capitalist nation to become. In Capitalist Diversity on Europe's Periphery, Dorothee Bohle and Béla Geskovits trace the form that capitalism took in each country, the assets and liabilities left behind by socialism, the transformational strategies embraced by political and technocratic elites, and the influence of transnational actors and institutions. They also evaluate the impact of three regional shocks: the recession of the early 1990s, the rolling global financial crisis that started in July 1997, and the political shocks that attended EU enlargement in 2004.Bohle and Greskovits show that the postsocialist states have established three basic variants of capitalist political economy: neoliberal, embedded neoliberal, and neocorporatist. The Baltic states followed a neoliberal prescription: low controls on capital, open markets, reduced provisions for social welfare. The larger states of central and eastern Europe (Poland, Hungary, and the Czech and Slovak republics) have used foreign investment to stimulate export industries but retained social welfare regimes and substantial government power to enforce industrial policy. Slovenia has proved to be an outlier, successfully mixing competitive industries and neocorporatist social inclusion. Bohle and Greskovits also describe the political contention over such arrangements in Romania, Bulgaria, and Croatia. A highly original and theoretically sophisticated typology of capitalism in postsocialist Europe, this book is unique in the breadth and depth of its conceptually coherent and empirically rich comparative analysis.
