Suchergebnisse

The book examines in depth the progress of reform in the banking sector in Eastern Europe - which is a key element in its transition to the market. Particular emphasis is placed on the problem of bad debts owed by companies to banks, and on criteria and options for overcoming this serious problem. The book also analyses the recent development of capital markets in Eastern Europe, their role in attracting foreign capital flows and the limitations to the development of those markets and suggests how to overcome them. Based on analysis by senior policy-makers and academics from the region , the book focuses on four countries: the former Czechoslovakia (now the Czech and Slovak Republics), Hungary and Poland.

Since the fall of the Berlin wall in 1989 the former Communist countries of Central and Eastern Europe have been pushing for a quick 'return to Europe'. The project of 'expanding European unity' is in full progress, however, so far none of the former Soviet bloc countries have been able to join the European Union. Technical problems, related to financial management and administrative matters, still have to be overcome, but more fundamental issues are also at stake: what are the borders of Central and Eastern Europe? And will the eastward expansion of the European Union be conducted on the basis of western images and stereotypes of `the East'? This volume examines the state of affairs after ten years of attempts to further enlarge the Union. Written by authors from 'the East' as well as 'the West' some of the articles focus on the general issue of how to distinguish between Western, Central and Eastern Europe, while others discuss the specific situation of the countries that are closest to joining the European Union: Poland, the Czech Republic and Hungary

ABSTRACT What is attempted in the East is catching up with the West from a recent position of worse-than-Latin-American economic backwardness. Until now, populations that were sentenced to political patience by the logic of poor democracies have reluctantly backed this enormous effort. Central and Eastern Europe's post-socialist path is characterized by an increasingly discredited ideology of a return to Europe and a non- European combination of substitute institutions of development: radical opening towards the world economy, damaged institutions of labor representation, eroded state capacity, and often strong private and foreign dominance in the financial and other strategic sectors. There is a chance for a few countries to succeed. Yet various development traps may be more likely in the end than a "Great Spurt" in the Gerschenkronian sense.

Although old, the debate on whether government's intervention in economic activities can stimulate economic growth once again rose within the countries of Central and Eastern Europe. They have passed a harsh transition process, pressed on by the intention to join the EU, which involved accelerating the degree of economic freedom and fostering growth, respectively. Despite meaningful progresses, these countries have still a lot left to do in order to strengthen a solid legal system that is able to guarantee a liberal economic system, protected from political influence.