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The crisis has hit each economy of the region but the depth and characteristics of the crisis vary from country to country depending on factors such as the openness of the economy to international trade, the extent of public and private debt, the manoeuvring room for the fiscal policy, the exchange rate regime, the share of foreign ownership in the banking system, and last but not least political economy issues.
Though policy responses in the countries concerned may partly be similar to those in highly developed countries, the generally lower level of development, the relatively young and shallow financial sector and finally the outstanding role of foreign ownership both in the banking system and in manufacturing call for innovative solutions which extensively take into consideration the specific circumstances of these countries.
Innovative solutions necessitate, among others, a critical assessment of previous experiences with crises in the countries concerned and in other countries of the world economy but also flexibility and readiness to find new solutions.
External support is indispensable here and it necessitates a reconsideration of philosophy and practice of international financial institutions like the ECB and the IMF as well as that of the European Commission.
Discussing the ways of efficient crisis management both by the countries concerned and the international institutions are the focus of this seminar series.
wiiw Seminar Series, 'Crisis Management in Central, East and Southeast Europe: What is to be done?'
wiiw Seminar Series, 'Crisis Management in Central, East and Southeast Europe: What is to be done?'
The wiiw seminar series 'Crisis management in Central, East and Southeast Europe: What is to be done?' addresses the impact of the global financial and economic crisis on the CEE, SEE and CIS countries and discusses possible policy responses.
The crisis has hit each economy of the region but the depth and characteristics of the crisis vary from country to country depending on factors such as the openness of the economy to international trade, the extent of public and private debt, the manoeuvring room for the fiscal policy, the exchange rate regime, the share of foreign ownership in the banking system, and last but not least political economy issues.
Though policy responses in the countries concerned may partly be similar to those in highly developed countries, the generally lower level of development, the relatively young and shallow financial sector and finally the outstanding role of foreign ownership both in the banking system and in manufacturing call for innovative solutions which extensively take into consideration the specific circumstances of these countries.
Innovative solutions necessitate, among others, a critical assessment of previous experiences with crises in the countries concerned and in other countries of the world economy but also flexibility and readiness to find new solutions.
External support is indispensable here and it necessitates a reconsideration of philosophy and practice of international financial institutions like the ECB and the IMF as well as that of the European Commission.
Discussing the ways of efficient crisis management both by the countries concerned and the international institutions are the focus of this seminar series.
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