The Impact of the Global Economic and Financial Crisis on Central, Eastern and South-Eastern Europe: A Stock-Taking Exercise
The Impact of the Global Economic and Financial Crisis on Central, Eastern and South-Eastern Europe: A Stock-Taking Exercise
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DOI：
10.2139/ssrn.1626117
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发表时间：
2010-06
期刊：
影响因子：
--
通讯作者：
S. Gardó;Reiner Martin
中科院分区：
文献类型：
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作者：
S. Gardó;Reiner Martin
本文首先回顾了 2000 年以来中欧、东欧和东南欧 (CESEE) 增长和实际趋同进程的主要驱动力，并评估了全球经济和金融危机之初该地区的主要宏观金融优势和脆弱性。本文的主要部分回顾了自危机开始影响 CESEE 地区以来这些国家的金融和实体经济发展。该文件发现，该地区的发展情况相当参差不齐。经济失衡最严重的 CESEE 国家往往受到的影响最大。国家和国际支持措施似乎有助于稳定金融市场，CESEE 的外国银行子公司的母行致力于维持其在该地区的业务。 CESEE各国政府能够在多大程度上利用政策工具来应对危机的实际影响是参差不齐的，这主要取决于现行的汇率制度和初始财政状况。 JEL 分类：E52、E58、E44
The paper first reviews the main drivers of the growth and real convergence process in central, eastern and south-eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The main part of the paper reviews financial and real economic developments in these countries since the crisis started to impact the CESEE region. The paper finds that developments have been rather heterogeneous in the region. CESEE countries with the largest economic imbalances tended to be most affected. National and international support measures appear to have helped to stabilise financial markets, and parent banks of foreign bank subsidiaries in CESEE were committed to sustaining their exposure to the region. The degree to which CESEE governments were able to use policy instruments to counter the real effects of the crisis is rather heterogeneous, depending inter alia on the exchange rate regime in place and the initial fiscal positions. JEL Classification: E52, E58, E44