Exchange Rate Policy and Economic Growth after the Financial Crisis in Central and Eastern Europe

Darvas, Zsolt (2011) Exchange Rate Policy and Economic Growth after the Financial Crisis in Central and Eastern Europe. Working Paper. Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest, Budapest.

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This paper was published in: Eurasian Geography and Economics, Volume 52, Number 3 / May-June 2011, p. 390-408.


In a paper on the effects of the global financial crisis in Central and Eastern Europe (CEE), the author reacts to a paper of Åslund (2011) published in the same issue of Eurasian Geography and Economics on the influence of exchange rate policies on the region’s recovery. The author argues that post-crisis corrections in current account deficits in CEE countries do not in themselves signal a return to steady economic growth. Disagreeing with Åslund over the role of loose monetary policy in fostering the region’s economic problems, he outlines a number of competitiveness problems that remain to be addressed in the 10 new EU member states of CEE, along with improvements in framework conditions supporting future macroeconomic growth.

Item Type:Monograph (Working Paper)
Series Name:Working Papers, 2011/3
Uncontrolled Keywords:Central and Eastern Europe, Baltic states, exchange rate policy, global financial crisis, floating exchange rate, fixed exchange rate, inflation, internal devaluation, credit boom, overheating economy, current account balance, negative output gap, euro area, unit labour costs, price competitiveness, JEL codes: F300, F400, F500, P260
Subjects:Economic policy
Regional economy
Funders:German Marshall Fund of the United States
ID Code:535
Deposited By: Ádám Hoffmann
Deposited On:28 Feb 2012 14:16
Last Modified:18 Oct 2021 08:52

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