Suchergebnisse

Presenting the first integrated view of transition based on a unified analytical framework, this book evaluates the experience of several transition economies. Fabrizio Coricelli's view of transition emphasizes the connection between peculiar initial conditions and the effects of market reforms. Taking the starting point of underdeveloped markets and market institutions, he evaluates macroeconomic policies in relation to their impact on the development of markets. Coricelli stresses particularly financial markets – the 'missing' market under the system of central planning – and he highlights fundamental trade-offs for economic policy which can play a crucial role in determining the success of reforms

While in Central-Eastern Europe and in the Baltics democracy and market reform have been consolidated, culminating in entry to the European Union, in the states of the former Soviet Union democracy and economic reforms are still lagging, and in some cases we observe reversals in both political and economic reforms. The article identifies the risk of a "trap" of partial reforms, both political and economic. Incentives for further reforms are weak for policy makers, and at the same time opposition to reforms by citizens increases. Lack of competition and concentration of economic power lead to opposition by wealthy people, while the lack of social safety nets leads to opposition by those adversely affected by reforms. An external anchor (e.g., entry or candidacy to entry in the European Union) seems to be crucial; lacking such an anchor, the process is much harder.

While in Central-Eastern Europe & in the Baltics democracy & market reform have been consolidated, culminating in entry to the European Union, in the states of the former Soviet Union democracy & economic reforms are still lagging, & in some cases we observe reversals in both political & economic reforms. The article identifies the risk of a "trap" of partial reforms, both political & economic. Incentives for further reforms are weak for policy makers, & at the same time opposition to reforms by citizens increases. Lack of competition & concentration of economic power lead to opposition by wealthy people, while the lack of social safety nets leads to opposition by those adversely affected by reforms. An external anchor (eg., entry or candidacy to entry in the European Union) seems to be crucial; lacking such an anchor, the process is much harder. Figures. [Reprinted by permission of Sage Publications Inc., copyright 2007 by the American Council of Learned Societies.]

Countries of central eastern Europe which are candidates for accession to the European Union face fundamental challenges in the conduct of macroeconomic policies. These countries are characterized by growth rates faster than those of EU countries, along with large current account deficits and an equilibrium appreciation of the real exchange rate. In such a context, an early adoption of the euro may be beneficial to central eastern European countries, while the ERM‐II system and the Maastricht criterion on inflation may give rise to serious drawbacks for candidate countries.JEL classification: F15, F41

This book brings together contributions from leading scholars around the world on the most relevant and pressing economic themes surrounding the UK-EU relationship. With contributions spanning from the UK's accession to the bloc to the aftermath of its decision to leave, the book explores key themes in UK economic growth and EU membership, international trade, foreign direct investment, financial markets and migration. Chapters interrogate the history of the relationship, the depth of foreign direct investment, and responses to the financial crisis. Considering both the history and future of UK and EU relations, the book is a relevant and timely volume that gives welcome context to a fast-changing relationship.