The Impact of the Global Crisison South-Eastern Europe

Author/Editor:

Francesco Spadafora ; Emidio Cocozza ; Andrea Colabella

Publication Date:

December 1, 2011

Electronic Access:

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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:

This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible country-specific constraints. While sharing a common pre-crisis pattern of strong capital inflows and robust growth, a key difference in the conduct of macroeconomicpolicies is that some countries adopted expansionary (and procyclical) fiscal policies. These moves exacerbated external vulnerabilities and compromised the ability to discretionarily use the fiscal instrument in acountercyclical fashion.

Series:

Working Paper No. 11/300

Subject:

English

Publication Date:

December 1, 2011

ISBN/ISSN:

9781463927868/1018-5941

Stock No:

WPIEA2011300

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

70

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