By C. Papazoglou
This ebook presents a accomplished research of the most elements that affected the process the international locations of South-Eastern Europe in the course of transition, contributing, hence, to their disappointing fiscal functionality. hence, the function of preliminary stipulations and matters about the effectiveness of macroeconomic stabilization and structural reforms are on the centre of the research. additionally, this quantity makes a speciality of advancements and matters pertaining to overseas exchange styles, international direct funding and the impression of the Euro at the trade expense regulations of the international locations within the area.
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This booklet presents a entire research of the most components that affected the process the international locations of South-Eastern Europe in the course of transition, contributing, consequently, to their disappointing fiscal functionality. therefore, the function of preliminary stipulations and concerns about the effectiveness of macroeconomic stabilization and structural reforms are on the centre of the research.
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Additional info for The Economies of South Eastern Europe: Performance and Challenges
Our aim is to reveal the macroeconomic policies adopted by the countries of SEE and to examine the extent to which inconsistencies and lack of discipline in the stabilization 30 C. 3 a Unweighted average. Source: EBRD (1999, 2004b). 5 a Weighted average: the regions’ growth was calculated by using current nominal GDP, expressed in terms of US dollars, as weights. Source: EBRD (1999, 2004b). effort contributed to their poor economic performance during the period under consideration. In particular, assessing the consistency between fiscal and monetary policies constitutes a vital task which is particularly important in explaining the limited success of some of these economies to disinflate and thus generate conditions that would favour sustainable economic growth.
More specifically, while in both regions output initially fell faster than employment (implying an initial decline in labour productivity), in the case of CE this was reversed as output recovery started in 1993, suggesting a rise in productivity as well. By contrast, output decline in SEE persisted, largely reflecting the much slower recovery in the level of labour productivity. The low productivity for the South East European economies, coupled with the disappointing output performance, 18 The Transition Experience of SE Europe constituted a strong indication that the shedding of labour and the implied imposition of hard budget constraints lagged considerably in those countries relative to the Central European economies.
This indicator measures the extent of rationing of foreign exchange which operated, at the same time, as a subsidy to imports and tax on exports. Bulgaria and Romania (and, to a lesser extent, Albania) presented especially high exchange rate premia, primarily reflecting the strictness of communist rule, while countries that had begun some reforms, such as the former Yugoslav republics of Croatia and FYROM, had much lower ones. The extent of foreign indebtedness prior to transition constitutes the third indicator, column 5.
The Economies of South Eastern Europe: Performance and Challenges by C. Papazoglou