LEADER 06867oam 22013454 450 001 9910788340503321 005 20230721045644.0 010 $a1-4623-7999-0 010 $a1-4527-9850-8 010 $a9786612842658 010 $a1-4518-7191-0 010 $a1-282-84265-X 035 $a(CKB)3170000000055209 035 $a(EBL)1608192 035 $a(SSID)ssj0000939934 035 $a(PQKBManifestationID)11523026 035 $a(PQKBTitleCode)TC0000939934 035 $a(PQKBWorkID)10956164 035 $a(PQKB)11567073 035 $a(OCoLC)650327844 035 $a(MiAaPQ)EBC1608192 035 $a(IMF)WPIEE2009043 035 $a(EXLCZ)993170000000055209 100 $a20020129d2009 uf 0 101 0 $aeng 181 $ctxt 182 $cc 183 $acr 200 14$aThe Second Transition : $eEastern Europe in Perspective /$fDaniel Leigh, Stefania Fabrizio, Ashoka Mody 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (35 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1626-4 320 $aIncludes bibliographical references. 327 $aContents; 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, 1991-2004 327 $aIII. 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? 327 $a11. Financial Stress VI. Conclusions; References 330 3 $aThe countries of Eastern Europe achieved two remarkable transitions in the short period of the last two decades: from plan to market and, then, in the run-up to and entry into the European Union, they rode a wave of global trade and financial market integration. Focusing on the second transition, this paper reaches three conclusions. First, by several metrics, East European and East Asian growth performances were about on par from the mid-1990s; both regions far surpassed Latin American growth. Second, the mechanisms of growth in East Europe and East Asia were, however, very different. East Europe relied on a distinctive-often discredited-model, embracing financial integration with structural change to compensate for appreciating real exchange rates. In contrast, East Asia contained further financial integration and maintained steady or depreciating real exchange rates. Third, the ongoing financial turbulence has, thus far, not had an obviously differential impact on emerging market regions: rather, the hot spots in each region reflect individual country vulnerabilities. If the East European growth model is distinctive, is it sustainable and replicable? The paper speculates on the possibilities. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/043 606 $aEconomic development$zEurope, Eastern 606 $aEconomics$zEurope, Eastern 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aMacroeconomics$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aEconomic Growth of Open Economies$2imf 606 $aEconomic Development: Financial Markets$2imf 606 $aSaving and Capital Investment$2imf 606 $aCorporate Finance and Governance$2imf 606 $aInstitutions and Growth$2imf 606 $aEconomywide Country Studies: General$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aTrade: General$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aAggregate Factor Income Distribution$2imf 606 $aInternational economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aFinance$2imf 606 $aReal exchange rates$2imf 606 $aFinancial integration$2imf 606 $aExports$2imf 606 $aCurrent account deficits$2imf 606 $aIncome$2imf 606 $aFinancial markets$2imf 606 $aInternational trade$2imf 606 $aBalance of payments$2imf 606 $aNational accounts$2imf 606 $aInternational finance$2imf 607 $aHong Kong Special Administrative Region, People's Republic of China$2imf 615 0$aEconomic development 615 0$aEconomics 615 7$aExports and Imports 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aMacroeconomics 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aEconomic Growth of Open Economies 615 7$aEconomic Development: Financial Markets 615 7$aSaving and Capital Investment 615 7$aCorporate Finance and Governance 615 7$aInstitutions and Growth 615 7$aEconomywide Country Studies: General 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aTrade: General 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aAggregate Factor Income Distribution 615 7$aInternational economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aFinance 615 7$aReal exchange rates 615 7$aFinancial integration 615 7$aExports 615 7$aCurrent account deficits 615 7$aIncome 615 7$aFinancial markets 615 7$aInternational trade 615 7$aBalance of payments 615 7$aNational accounts 615 7$aInternational finance 700 $aLeigh$b Daniel$01462093 701 $aFabrizio$b Stefania$01103907 701 $aMody$b Ashoka$0888386 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788340503321 996 $aThe Second Transition$93716456 997 $aUNINA