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Convergence in Emerging Europe: Sustainability and Vulnerabilities

Author/Editor: Vamvakidis, Athanasios
Authorized for Distribution: July 1, 2008
Electronic Access: Free Full Text (PDF file size is 723KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: The emerging European economies have been converging rapidly towards the more advanced European economies in recent years. However, large external imbalances in parts of the region have raised questions about sustainability and concerns about vulnerabilities. Empirical evidence in this paper suggest that the convergence trend of emerging Europe is based on strong fundamentals and is expected to continue, but at a slower pace. Moreover, the convergence path may be volatile as countries with large external imbalances adjust, with risks of a hard landing in some cases.
 
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Series: Working Paper No. 08/181
Subject(s): Europe | Emerging markets | Transition economies | Balance of payments | Economic growth | Current account balances | External debt
Author's keyword(s): European Economy | Economic Growth | Current Account Adjustment.
 
English  
    Published:   July 1, 2008        
            Format:   Paper
    Stock No:   WPIEA2008181   Pages:   300
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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