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The Last Shall Be the First - The East European Financial Crisis (Paperback)
Loot Price: R468
Discovery Miles 4 680
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(19%)
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The Last Shall Be the First - The East European Financial Crisis (Paperback)
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List price R575
Loot Price R468
Discovery Miles 4 680
You Save R107 (19%)
Expected to ship within 12 - 17 working days
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This book deals with the financial crisis in Eastern Europe that
erupted in the fall of 2008 and abated in the spring of 2010. It
concentrates on the ten new eastern members of the European Union.
The causes of the crisis posed no mysteries. This was a typical
credit-driven boom-and-bust cycle that led to excessive current
account deficits. When global liquidity dried up, the overheated
East European economies faced a sudden stop of financial inflows.
What is remarkable is how well these countries have steered out of
the crisis. The worst hit countries-Latvia, Lithuania, and
Estonia-refused to devalue their currencies and instead pursued
internal devaluations, successfully cutting public wages and
expenditures. They swiftly turned large current account deficits
into substantial surpluses and minimized their inflation. The
political economy of crisis resolution has been equally striking.
The public accepted significant hardship with minimal protests.
Eastern Europe's fragmented proportional parliaments made it
possible to quickly change governments when the incumbents fall
short. Unstable coalition governments proved eminently able to
pursued resolute anticrisis policies. They carried out impressive
fiscal retrenchment without any public reaction against capitalism
or globalization. The East European economies have come out leaner
and more efficient. The International Monetary Fund stands out as
the great victor on the international stage, having revived the old
Washington consensus of a few rudimentary financial conditions,
such as tenable exchange rate policy and reasonable fiscal and
monetary policy, while it allowed well-governed countries larger
public deficits during the crisis and offered much more financing.
The European Commission entered into a successful partnership with
the IMF, allowing the IMF to take the lead, while providing
substantial financing. The great disappointment in the East
European financial crisis has been the European Central Bank, which
needs to reconsider its policies outside the eurozone to become
more proactive.
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