Macroeconomic Policy and Institutions During the Transition to European Union Membership PDF Download
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Author: William H. Branson
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 40
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Book Description
A framework is developed for macroeconomic policy analysis in four countries of Central Europe (CE) in transition to EU membership (Czech Republic, Hungary, Poland, and Slovakia). A Multi-Annual Fiscal Adjustment Strategy (MAFAS) and a Pre-Pegging Exchange Rate Regime (PPERR) appropriate for maintaining internal and external balance are described and evidence on budgetary procedures is presented, in comparison with those prevailing in EU member states. The comparison suggests that the four CE countries are better fit for fiscal stabilization than Greece, Spain and Portugal were in the 1970s. Nevertheless, there is still much room for institutional improvement. A stronger commitment mechanism to fiscal targets at the preparatory stage would improve fiscal performance in all four countries. The adoption of a kind of convergence program would also be made easier if some group procedures can be adopted among them. The four countries also appear to have moved closer to sustainability in their external and internal balance in the last few years so that a MAFAS and a PPERR become credible. The fact that they established CEFTA (which Slovenia since joined) also helps set them apart from other EU associates in the region.
Author: William H. Branson
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 40
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Book Description
A framework is developed for macroeconomic policy analysis in four countries of Central Europe (CE) in transition to EU membership (Czech Republic, Hungary, Poland, and Slovakia). A Multi-Annual Fiscal Adjustment Strategy (MAFAS) and a Pre-Pegging Exchange Rate Regime (PPERR) appropriate for maintaining internal and external balance are described and evidence on budgetary procedures is presented, in comparison with those prevailing in EU member states. The comparison suggests that the four CE countries are better fit for fiscal stabilization than Greece, Spain and Portugal were in the 1970s. Nevertheless, there is still much room for institutional improvement. A stronger commitment mechanism to fiscal targets at the preparatory stage would improve fiscal performance in all four countries. The adoption of a kind of convergence program would also be made easier if some group procedures can be adopted among them. The four countries also appear to have moved closer to sustainability in their external and internal balance in the last few years so that a MAFAS and a PPERR become credible. The fact that they established CEFTA (which Slovenia since joined) also helps set them apart from other EU associates in the region.
Author: William H. Branson
Publisher:
ISBN:
Category :
Languages : en
Pages : 25
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Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 25
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Book Description
Author: Mr.Martin Cihak
Publisher: International Monetary Fund
ISBN: 1451872151
Category : Business & Economics
Languages : en
Pages : 69
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Book Description
The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.
Author: Mr.Robert Alan Feldman
Publisher: International Monetary Fund
ISBN: 1451850417
Category : Business & Economics
Languages : en
Pages : 64
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Book Description
Economic and Monetary Union (EMU) has a number of institutional implications for the transition countries of Central and Eastern Europe and selected Mediterranean countries that aspire to join the European Union (EU). After describing the current institutional framework for their relations with the EU, the paper examines two basic categories of institutional effects: those stemming from the need to satisfy the Maastricht convergence criteria before joining the euro area, and those stemming from the need to adopt the EU’s institutional and legal provisions in the area of EMU.
Author: Gerrit Faber
Publisher: BRILL
ISBN: 9004482547
Category : Business & Economics
Languages : en
Pages : 418
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Book Description
The External Economic Dimensions of the European Union focuses on the broad range of recent initiatives taken by the EU to reinforce its common external economic policy in a rapidly changing environment. The prospects of the EU are increasingly interrelated with the dynamics of the world economy. In the multipolar post-Cold War economy, the EU faces many uncertainties and new challenges. The transatlantic link still dominates the EU's external relations but the cohesion of the Euro-American relatioship has been tested severely. Moreover, the transition of Central and Eastern Europe and the rise of new growth poles in Asia and Latin America have not only creates new opportunities for trade and investment but intensified international competition at the same time. The volume is organised in two parts. Part I focuses on the competitiveness of the EU and its position in the world economy as well as on specific aspects of its external economic policies including the restructuring of the Common Agricultural Policy and the enlargement of the EU membership. Part II is exclusively devoted to the regional dimension of the external policy of the EU and focuses on the rapidly evolving relationship with the other Triad powers, the USA and Japan, the neighbouring countries and the emerging markets. The book brings together a range of distinguished authors who analyse the wide range of initiatives from the perspective of economics, political science and law. It is a timely and essential work that will reward the attention of policymakers and interested academics throughout the world.
Author: Bruno Sergi
Publisher: Routledge
ISBN: 100015677X
Category : Business & Economics
Languages : en
Pages : 262
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Book Description
Learn more about the transitional economies of Central and Eastern Europe! This book examines the economic dynamics of Central and Eastern European post-Communist countries. It illuminates the paths these countries are taking toward restructuring their markets, increasing international trade, and bettering their connections with the European Union and other countries. Beginning with a comparative analysis of the three “P-governments”—Pigouvian, Partizan, and Paternalistic—and continuing with a discussion of the interrelated political and economic difficulties of transition, author Bruno Sergi proposes a surprising solution. Inspired by the Bruxelles consensus, he proposes that the European Commission should become a fourth “P-government,” replacing the role formerly played by the Washington consensus in the restructuring of post-Communist economies. Economic Dynamics in Transitional Economies also explores: regional comparative macroeconomics the aftereffects of the Washington Consensus integration of Eastern and Western European economies interrelations between national and regional monetary activity political and economic policy reform involvement of European Union member countries We are living in historic times, and Economic Dynamics in Transitional Economies will be a welcome guide to the rough roads ahead. This thorough assessment of current political and economic realities will stimulate debate about new European paradigms, the role of the European Union, and the difficulties of post-Communist transition. These issues promise to be vital to the region’s success in the new century.
Author: Dóra Győrffy
Publisher: Central European University Press
ISBN: 6155225346
Category : Political Science
Languages : en
Pages : 238
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Book Description
The book seeks to link theoretical debates on the relevance of trust in economic outcomes with the current arguments about the origins and lessons of the subprime crisis. By what mechanisms does trust influence economic outcomes? Under what conditions do these mechanisms prevail? How do debates about trust help our understanding of the subprime crisis in the European Union? By integrating insights from Post-Keynesian, Austrian and new institutional economics, the central proposition of the analysis is that the presence or absence of institutional trust creates virtuous and vicious cycles in law-abiding, which critically influence the possibility for economic agents to have realistic long-term plans.
Author: László Andor
Publisher: Bloomsbury Publishing USA
ISBN: 0313094985
Category : Education
Languages : en
Pages : 214
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Book Description
In November 1997 Hungarians voted in favor of membership in NATO, primarily as a step toward membership in the European Union and integration into Western society. Andor examines the changes in Hungarian social, political, and economic life after the collapse of communism in Central Europe. He analyzes the difficulties, both internal and external, to making that transition. In the early 1990s, public discourse was dominated by the enthusiastic slogans proclaiming Hungary's return to Europe. Things can only get better was the prevailing feeling surrounding the dismantling of the state socialist system and the construction of the new parliamentary democracy. From the very early years of transition, however, Hungarians faced large-scale and unexpected hardships in their changing lives which made them the most disappointed nation in Eastern Europe by 1993. In the second half of the 1990s, the policies of the Socialist-Liberal coalition, and particularly the positive developments in the enlargement process of NATO and the EU, restored the belief in a rapid and successful accession to the major Western economic and security organizations. But, as Andor indicates, the beginnings of negotiations about entry into NATO and EU will be merely the starting point of difficulties arising in both economics and politics. A thoughtful and cautious look at a changing Hungary that will be of interest to scholars, researchers, and policymakers involved with Central Europe and contemporary European politics and economics.
Author: Francesco Farina
Publisher: Routledge
ISBN: 1134109385
Category : Business & Economics
Languages : en
Pages : 238
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Book Description
Providing readers with a multi-faceted assessment of the implementation of fiscal policies in the euro zone and their macroeconomic effects five years after the inception of the euro, this book, international in perspective and scope, is the first reliable reference source for discussions in this area for both academics and policy makers. Comprising contributions from distinguished researchers from different European countries and institutions the issues addressed include the: monetary and fiscal policy-mix evolution and control of fiscal aggregates over the business cycle and their implications for the SGP rules accountability of debt evolution financial spill-over of national fiscal policies measurement and assessment of automatic stabilizers. Based on empirical evidence as well as being firmly rooted in theoretical analyses and giving particular emphasis to the constraint of the Stability and Growth Pact on the one hand and the presence of a single monetary policy on the other, this book is an invaluable tool students and researchers engaged with macroeconomic stabilization and monetary and fiscal policy interactions, as well as professionals in the public sector and the financial institutions of the EU.
