The last shall be the first : the East European financial crisis, 2008-10 / Anders Aslund.

Format:

Book

Author/Creator:

Åslund, Anders, 1952-

Language:

English

Subjects (All):

Financial crises--Europe, Eastern.

Financial crises.

Banks and banking--Europe, Eastern.

Banks and banking.

Europe, Eastern--Economic policy.

Europe, Eastern.

Physical Description:

1 online resource (137 p.)

Edition:

1st ed.

Place of Publication:

Washington, DC : Peterson Institute for International Economics, 2010.

Language Note:

English

Summary:

Many argue that Europe has performed anemically as it struggles to recover from the global crisis. But, Anders Aslund argues that the East European countries have masterfully handled the crisis. The Last Shall Be the First: East European Financial Crisis isolates the causes of the crisis in Eastern Europe, charts the crisis resolution actions of major international institutions, and advances solutions for the region s recovery phase. Specifically, Aslund examines the eruption and resolution of the crisis in the Baltics, Poland, the Czech Republic, Slovakia, Hungary, Slovenia, Romania and Bulgaria. In addition to his focus on the ten new eastern members of the European Union, he also considers the broader implications of the European crisis, and asks why the social and regulatory environment of central Europe enabled it to recover more easily. Overall, Aslund points to current account deficits as the main cause of the crisis, and provocatively labels the European Central Bank the main institutional culprit. He applauds the actions of other international organizations, such as the International Monetary Fund and the European Union, that helped resolve the crisis successfully. This significant analysis concludes that these countries have been fiscally responsible, but must implement reforms including changes in the exchange rate policy, a return to European economic convergence, and an expansion of the Eurozone."

Contents:

Causes and eruption of the financial crisis

Political economy of crisis resolution

The exchange rate dilemma

The banking crisis that never materialized

International cooperation in crisis

Why Eastern Europe acted so responsibly

Eastern Europe and the fiscal crisis in the Eurozone

Toward European convergence.

Notes:

Bibliographic Level Mode of Issuance: Monograph

ISBN:

1-282-88302-X

9786612883026

0-88132-599-6

OCLC:

671655755