05674oam 22011894 450 991022053640332120250426110039.0978661387166497814623920701462392075978145276618814527661859781283559218128355921897814519902561451990251(CKB)3360000000444946(EBL)1586849(SSID)ssj0001324748(PQKBManifestationID)11861578(PQKBTitleCode)TC0001324748(PQKBWorkID)11529216(PQKB)10036943(MiAaPQ)EBC1586849(Au-PeEL)EBL1586849(CaONFJC)MIL387166(OCoLC)867926874(IMF)WPIEE2010092(IMF)WPIEA2010092WPIEA2010092(EXLCZ)99336000000044494620020129d2010 uf 0engur|n|---|||||txtccrBeyond the Crisis : Revisiting Emerging Europe’s Growth Model /Ruben AtoyanFirst edition.Washington, D.C. :International Monetary Fund,2010.1 online resource (48 p.)IMF Working PapersDescription based upon print version of record.9781451982565 1451982569 Includes bibliographical references.Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Stylized Facts of Different Growth Models in Central and Eastern Europe; A. Clusters of External Vulnerability; 1. External Vulnerability Clusters; B. Stylized Facts; 2. Economic Growth Record; 3. Transition Indicators and Institutional Quality; 4. Capital Flows, Credit, and Domestic Demand; 5. External Sector Indicators; 6. Policy Indicators; III. Joint Determination of Economic Growth and External Vulnerability; A. Growth-Vulnerability Nexus; 7. Growth-Vulnerability Track RecordB. Potential Factors Determining the Growth ModelC. Econometric Methodology; D. Estimation Results; 1. Estimation Results for the Multinomial Logit Model; 2. Relative Risk Ratios from the Estimated Model; IV. Beyond the Crisis: Two Case Studies; 3. Slovakia and Croatia: Pre-Crisis Characteristics; 8. Slovakia: Predicted Probability of Growth-Vulnerability Clusters; 9. Croatia: Predicted Probability of Growth-Vulnerability Clusters; V. Policy Implications; Appendix I. Multivariate Hierarchical Cluster Analysis; References; FootnotesFocusing on the nexus between economic growth and buildup of external vulnerabilities, this paper provides a systematic account of different growth strategies followed in Central and Eastern Europe in 2000-08 and then uses this growth diagnostics to derive implications for the post-crisis recovery. The main findings point to three policy lessons for improving growth sustainability. First, greater reliance on tradable sectors should be the cornerstone of the future growth model. Second, enhancing domestic sources of bank credit funding would contribute to mitigation of external vulnerabilities and make domestic financial system more resilient to global financial shocks. Third, prudential and macroeconomic policies will have to be more proactive in managing capital inflows, including funneling these inflows into investment in the export-oriented industries.IMF Working Papers; Working Paper ;No. 2010/092Financial crisesEconomic developmentAggregate Factor Income DistributionimfBalance of paymentsimfCapital inflowsimfCapital movementsimfCreditimfCurrent Account AdjustmentimfCurrent account deficitsimfDebts, ExternalimfExports and ImportsimfExternal debtimfIncomeimfInternational economicsimfInternational InvestmentimfInternational Lending and Debt ProblemsimfLong-term Capital MovementsimfMacroeconomicsimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfShort-term Capital MovementsimfSlovak RepublicimfFinancial crises.Economic development.Aggregate Factor Income DistributionBalance of paymentsCapital inflowsCapital movementsCreditCurrent Account AdjustmentCurrent account deficitsDebts, ExternalExports and ImportsExternal debtIncomeInternational economicsInternational InvestmentInternational Lending and Debt ProblemsLong-term Capital MovementsMacroeconomicsMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyShort-term Capital Movements338.542Atoyan Ruben855108DcWaIMFBOOK9910220536403321Beyond the Crisis2189856UNINA