The Impact of the Global Crisison South-Eastern Europe

By Francesco Spadafora, Emidio Cocozza, Andrea Colabella

December 1, 2011

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Francesco Spadafora, Emidio Cocozza, and Andrea Colabella. The Impact of the Global Crisison South-Eastern Europe, (USA: International Monetary Fund, 2011) accessed April 6, 2025

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible country-specific constraints. While sharing a common pre-crisis pattern of strong capital inflows and robust growth, a key difference in the conduct of macroeconomicpolicies is that some countries adopted expansionary (and procyclical) fiscal policies. These moves exacerbated external vulnerabilities and compromised the ability to discretionarily use the fiscal instrument in acountercyclical fashion.

Subject: Balance of payments, Banking, Budget planning and preparation, Current account deficits, Fiscal policy, Government debt management, Public debt, Public financial management (PFM)

Keywords: Budget deficit, Budget planning and preparation, Core inflation, Current account, Current account adjustment, Current account deficits, Financial support, Foreign currency, FYR Macedonia, Global, Government debt management, IMF financial support, International capital flows, Short-term debt, Transmission mechanism, Western Europe, WP

Publication Details

Pages:

70
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2011/300
Stock No:

WPIEA2011300
ISBN:

9781463927868
ISSN:

1018-5941

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