Article2010

AN OVERINVESTMENT CYCLE IN CENTRAL AND EASTERN EUROPE?

39 citations0/0 files storedMetroeconomica

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Post-Communist Economic and Political Transition

Abstract

Prior to the Asian crisis, easy liquidity conditions contributed to credit expansion and overinvestment in the East Asian economies until they were hit by a deep recession. Similarly to the developments in the tiger economies in the 1990s, Central and Eastern European (CEE) grew rapidly from 2001 to 2007, due to foreign capital inflows. But the current global financial turmoil and economic downswing pulled the CEE economies into the maelstrom of the crisis. With the Asian experience in mind, the aim of this paper is to analyze whether overinvestment due to easy liquidity conditions possibly emerged and contributed to the crisis in CEE.

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References

1969Investigating Causal Relations by Econometric Models and Cross-spectral Methods 1980Macroeconomics and Reality 1961A Theory of Optimum Currency Areas 1974Money and Capital in Economic Development.1987Stabilizing an Unstable Economy 1974Shaw, Edward S., Financial Deepening in Economic Development, New York, Oxford University Press, 1973, xii + 260 pp. ($7.50 cloth, $3.50 paper)2017Why Doesn't Capital Flow from Rich to Poor Countries?2000A New Database on the Structure and Development of the Financial Sector

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