Turmoil at Twenty : Recession, Recovery, and Reform in Central and Eastern Europe and the Former Soviet Union

This book, written on the eve of the 20th anniversary of the fall of the Berlin wall in 1989, addresses three questions that relate to recession, recovery, and reform, respectively, in Europe and Central Asia (ECA) transition countries. Did the transition from a command to a market economy and the period when it took place, plant the seeds of vulnerability that made transition countries (the region excluding Turkey) more prone to crisis than developing countries generally? Did choices made on the road from plan to market shape the ability of affected countries to recover from the crisis? What structural reforms do transition countries need to undertake to address the most binding constraints to growth in a world where financial markets have become more discriminating and where capital flows to transition and developing countries are likely to be considerably lower than before the crisis? This report is structured as follows: chapter one of the book analyses how countries fell into recession and crisis, why not all of them were equally affected, and whether different policies could have positioned them better to face the crisis. Chapter two discusses rescue and stabilization and the role of international collective action. The next two chapters focus on policies for recovery, chapter three on restructuring bank, corporate and household debt and chapter four on scaling up social safety nets. Chapters five and six focus on reform, examining the binding constraints to growth and the policy agenda in the most important sectors identified by that analysis.

Bibliographic Details

Main Authors:	Mitra, Pradeep, Selowsky, Marcelo, Zalduendo, Juan
Language:	English
Published:	World Bank 2010
Subjects:	ARBITRAGE, ASSET RATIO, BALANCE SHEET, BALANCE SHEETS, BANK EXPOSURE, BANK FOR INTERNATIONAL SETTLEMENTS, BANK REGULATION, BANK RESTRUCTURING, BANK SUPERVISION, BANKING CRISES, BANKING SECTOR, BANKING SECTOR ASSETS, BANKING SECTORS, BANKING SYSTEM, BANKING SYSTEMS, BANKRUPTCY, BENEFICIARIES, BENEFICIARY, BOND SPREADS, BUDGET CONSTRAINTS, BUSINESS CYCLE, CAPACITY CONSTRAINTS, CAPITAL ACCOUNT, CAPITAL ADEQUACY, CAPITAL ADEQUACY RATIOS, CAPITAL FLOWS, CAPITAL INFLOWS, CAPITAL MOVEMENTS, CAPITAL REQUIREMENTS, CENTRAL BANK, CENTRAL BANKS, COLLECTIVE ACTION, CREDIBILITY, CREDIT GROWTH, CREDIT LOSSES, CREDIT MARKET, CREDITORS, CURRENCY COMPOSITION, CURRENCY CRISES, CURRENT ACCOUNT DEFICIT, CURRENT ACCOUNT DEFICITS, CURRENT ACCOUNT SURPLUSES, DEBT, DEBT FINANCING, DEBT RATIOS, DEBT RESTRUCTURING, DEBT SERVICE, DEBTORS, DEMAND FOR CREDIT, DEPOSIT, DEPOSIT INSURANCE, DEPOSIT INSURANCE SCHEMES, DEPOSITORS, DEPOSITS, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DOMESTIC BANKS, DOMESTIC INTEREST RATES, DOMESTIC MARKET, DURABLE, DURABLE GOODS, ECONOMIC DEVELOPMENTS, EMERGING ECONOMIES, EMERGING ECONOMY, EMERGING MARKET, EMERGING MARKET ECONOMIES, EMERGING MARKETS, EMPLOYMENT, ENTERPRISE PERFORMANCE, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURES, EXPORTERS, EXTERNAL BORROWING, EXTERNAL DEBT, EXTERNAL FUNDING, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL DEEPENING, FINANCIAL INTEGRATION, FINANCIAL MARKETS, FINANCIAL OPENNESS, FINANCIAL STABILITY, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FINANCING SOURCES, FISCAL DEFICITS, FISCAL POLICY, FLEXIBLE EXCHANGE RATE, FLOATERS, FOREIGN ASSETS, FOREIGN BANK, FOREIGN BANKS, FOREIGN CAPITAL, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN CURRENCY LOANS, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, FOREIGN FINANCIAL INSTITUTIONS, FOREIGN INVESTORS, FOREIGN LENDERS, GLOBAL ECONOMY, GLOBAL FINANCE, GLOBAL MARKETS, GLOBAL TRADE, GLOBALIZATION, HOLDINGS, HOST COUNTRIES, HOST COUNTRY, HOUSING, INCOME LEVELS, INDEBTEDNESS, INFLATION, INFORMAL FINANCE, INSTRUMENT, INTEREST COVERAGE RATIO, INTEREST RATE, INTEREST RATES, INTERNAL FINANCE, INTERNATIONAL BANK, INTERNATIONAL BANKING, INTERNATIONAL FINANCIAL INSTITUTIONS, INTERNATIONAL LENDING, INTERNATIONAL SETTLEMENTS, INVESTMENT BANK, INVESTMENT CLIMATE, JUDICIAL SYSTEM, JUDICIAL SYSTEMS, LABOR MARKETS, LEGAL ENVIRONMENT, LEGAL FRAMEWORK, LEGAL SYSTEM, LEGAL SYSTEMS, LEGISLATION, LENDERS, LIQUID ASSETS, LIQUIDATION, LIQUIDITY, LIQUIDITY PROBLEMS, LIVING STANDARDS, LOAN, LOAN LOSS PROVISIONS, LOAN PORTFOLIO, LOCAL CURRENCY, MACROECONOMIC CRISES, MACROECONOMIC POLICIES, MACROECONOMIC STABILITY, MACROECONOMIC STABILIZATION, MARKET ECONOMIES, MARKET ECONOMY, MARKET RISKS, MARKET STRUCTURE, MATURITIES, MATURITY, MONETARY FUND, MONETARY POLICIES, MONETARY POLICY, MORTGAGE, MORTGAGE INTEREST, MORTGAGE LOANS, MORTGAGES, NATIONAL CREDIT, NATURAL RESOURCES, NONPERFORMING LOANS, OIL PRICES, OPEN ECONOMIES, POLICY RESPONSE, PRIVATE CAPITAL, PRIVATE CREDIT, PRIVATE INVESTMENT, PRIVATE SECTOR CREDIT, PRIVATIZATION, PRODUCTIVITY, PROFITABILITY, PROPERTY RIGHTS, PRUDENTIAL SUPERVISION, PUBLIC DEBT, PUBLIC EXPENDITURES, PUBLIC FINANCES, PURCHASING POWER, REAL EXCHANGE RATE, RECAPITALIZATION, REGULATORY FORBEARANCE, REGULATORY FRAMEWORKS, REMITTANCE, REMITTANCES, REORGANIZATION, RESERVE, RESERVE REQUIREMENTS, RETURN, RETURN ON ASSETS, RETURN ON EQUITY, RISK FACTORS, RULE OF LAW, SAFETY NET, SAFETY NETS, SAVINGS, SHORT-TERM DEBT, SOCIAL SAFETY NETS, SOVEREIGN BOND, STATE ENTERPRISES, SUBSIDIARIES, SUBSIDIARY, SUPERVISORY AGENCY, SUPPLIES OF CREDIT, SUPPLY OF CREDIT, SYSTEMIC BANKING CRISES, TAX, TAX ADMINISTRATION, TOTAL DEBT, TRADING, TRANSITION COUNTRIES, TRANSITION COUNTRY, TRANSITION ECONOMIES, TRANSPORT, TREATY, WITHDRAWAL, WORLD FINANCIAL MARKETS,
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20091112015927 https://hdl.handle.net/10986/2682
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