The Impact of the Global Crisison South-Eastern Europe
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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. 2011/300
Subject:
Balance of payments Banking Budget planning and preparation Current account deficits Fiscal policy Government debt management Public debt Public financial management (PFM)
English
Publication Date:
December 1, 2011
ISBN/ISSN:
9781463927868/1018-5941
Stock No:
WPIEA2011300
Pages:
70
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