07142oam 22014654 450 991096180860332120250426110438.097866128426589781462379996146237999097814527985091452798508978145187191314518719109781282842656128284265X(CKB)3170000000055209(EBL)1608192(SSID)ssj0000939934(PQKBManifestationID)11523026(PQKBTitleCode)TC0000939934(PQKBWorkID)10956164(PQKB)11567073(OCoLC)650327844(IMF)WPIEE2009043(MiAaPQ)EBC1608192(IMF)WPIEA2009043WPIEA2009043(EXLCZ)99317000000005520920020129d2009 uf 0engurcnu||||||||txtccrThe Second Transition : Eastern Europe in Perspective /Daniel Leigh, Stefania Fabrizio, Ashoka Mody1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (35 p.)IMF Working PapersDescription based upon print version of record.9781451916263 1451916264 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, EasternAggregate Factor Income DistributionimfBalance of paymentsimfCorporate Finance and GovernanceimfCurrencyimfCurrent Account AdjustmentimfCurrent account deficitsimfEconomic Development: Financial MarketsimfEconomic Growth of Open EconomiesimfEconomywide Country Studies: GeneralimfExports and ImportsimfExportsimfFinanceimfFinance: GeneralimfFinancial integrationimfFinancial marketsimfForeign ExchangeimfForeign exchangeimfGeneral Financial Markets: General (includes Measurement and Data)imfIncomeimfInstitutions and GrowthimfInternational economicsimfInternational financeimfInternational InvestmentimfInternational tradeimfLong-term Capital MovementsimfMacroeconomicsimfNational accountsimfReal exchange ratesimfSaving and Capital InvestmentimfShort-term Capital MovementsimfTrade: GeneralimfHong Kong Special Administrative Region, People's Republic of ChinaimfEconomic developmentEconomicsAggregate Factor Income DistributionBalance of paymentsCorporate Finance and GovernanceCurrencyCurrent Account AdjustmentCurrent account deficitsEconomic Development: Financial MarketsEconomic Growth of Open EconomiesEconomywide Country Studies: GeneralExports and ImportsExportsFinanceFinance: GeneralFinancial integrationFinancial marketsForeign ExchangeForeign exchangeGeneral Financial Markets: General (includes Measurement and Data)IncomeInstitutions and GrowthInternational economicsInternational financeInternational InvestmentInternational tradeLong-term Capital MovementsMacroeconomicsNational accountsReal exchange ratesSaving and Capital InvestmentShort-term Capital MovementsTrade: General338.39420Leigh Daniel1815832Fabrizio Stefania1103907Mody Ashoka888386DcWaIMFBOOK9910961808603321The Second Transition4372858UNINA