06867oam 22013454 450 991078834050332120230721045644.01-4623-7999-01-4527-9850-897866128426581-4518-7191-01-282-84265-X(CKB)3170000000055209(EBL)1608192(SSID)ssj0000939934(PQKBManifestationID)11523026(PQKBTitleCode)TC0000939934(PQKBWorkID)10956164(PQKB)11567073(OCoLC)650327844(MiAaPQ)EBC1608192(IMF)WPIEE2009043(EXLCZ)99317000000005520920020129d2009 uf 0engtxtccrThe Second Transition : Eastern Europe in Perspective /Daniel Leigh, Stefania Fabrizio, Ashoka ModyWashington, D.C. :International Monetary Fund,2009.1 online resource (35 p.)IMF Working PapersDescription based upon print version of record.1-4519-1626-4 Includes bibliographical references.Contents; I. Introduction; Figures; 1(a). CEE GDP per capita as a percent of EU-15 GDP per capital, 1995-2007; 1(b). GDP per capita as a share of US GDP, major emerging market regions, 1995-2007; II. Openness and Institutions; 2(a). CEE Trade Openness Trends, 1995-2007; 2(b). CEE World Market Shares and Real Exchange Rate Trends, 1995-2007; 3. CEE Structural Transformation of Exports, 1994-2004; 4. CEE Trends in Financial Integration, 1995-2007; 5. CEE Trends in Institutional Strength, 1995-2007; 6. Average Value of Fiscal Institutions Index, 1991-2004III. Emerging Market Regions in Perspective 7. Regional Trends in Trade and Financial Openness; 8. Regional Trends in Export Shares and Real Effective Exchange Rates, 1995-2007; IV. Growth Outcomes; A. Accelerations; 9. Current Account Trends, 1995-2007; 10. Regional Trends in Institutional Strengthening, 1995-2007; Box; 1. Growth Accelerations: Methodology and Data; Tables; 1. Growth Acceleration Episodes, by Region; 2. Frequency of Growth Accelerations, by Region; 3. Correlates of Growth Accelerations; B. Traditional Growth Analysis; V. Financial Turbulence: A Test of the Economic Model?11. Financial Stress VI. Conclusions; ReferencesThe countries of Eastern Europe achieved two remarkable transitions in the short period of the last two decades: from plan to market and, then, in the run-up to and entry into the European Union, they rode a wave of global trade and financial market integration. Focusing on the second transition, this paper reaches three conclusions. First, by several metrics, East European and East Asian growth performances were about on par from the mid-1990s; both regions far surpassed Latin American growth. Second, the mechanisms of growth in East Europe and East Asia were, however, very different. East Europe relied on a distinctive-often discredited-model, embracing financial integration with structural change to compensate for appreciating real exchange rates. In contrast, East Asia contained further financial integration and maintained steady or depreciating real exchange rates. Third, the ongoing financial turbulence has, thus far, not had an obviously differential impact on emerging market regions: rather, the hot spots in each region reflect individual country vulnerabilities. If the East European growth model is distinctive, is it sustainable and replicable? The paper speculates on the possibilities.IMF Working Papers; Working Paper ;No. 2009/043Economic developmentEurope, EasternEconomicsEurope, EasternExports and ImportsimfFinance: GeneralimfForeign ExchangeimfMacroeconomicsimfInternational InvestmentimfLong-term Capital MovementsimfEconomic Growth of Open EconomiesimfEconomic Development: Financial MarketsimfSaving and Capital InvestmentimfCorporate Finance and GovernanceimfInstitutions and GrowthimfEconomywide Country Studies: GeneralimfGeneral Financial Markets: General (includes Measurement and Data)imfTrade: GeneralimfCurrent Account AdjustmentimfShort-term Capital MovementsimfAggregate Factor Income DistributionimfInternational economicsimfCurrencyimfForeign exchangeimfFinanceimfReal exchange ratesimfFinancial integrationimfExportsimfCurrent account deficitsimfIncomeimfFinancial marketsimfInternational tradeimfBalance of paymentsimfNational accountsimfInternational financeimfHong Kong Special Administrative Region, People's Republic of ChinaimfEconomic developmentEconomicsExports and ImportsFinance: GeneralForeign ExchangeMacroeconomicsInternational InvestmentLong-term Capital MovementsEconomic Growth of Open EconomiesEconomic Development: Financial MarketsSaving and Capital InvestmentCorporate Finance and GovernanceInstitutions and GrowthEconomywide Country Studies: GeneralGeneral Financial Markets: General (includes Measurement and Data)Trade: GeneralCurrent Account AdjustmentShort-term Capital MovementsAggregate Factor Income DistributionInternational economicsCurrencyForeign exchangeFinanceReal exchange ratesFinancial integrationExportsCurrent account deficitsIncomeFinancial marketsInternational tradeBalance of paymentsNational accountsInternational financeLeigh Daniel1462093Fabrizio Stefania1103907Mody Ashoka888386DcWaIMFBOOK9910788340503321The Second Transition3716456UNINA