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| Tekijä: | Furceri, D. Zdzienicka, A. |
| Otsikko: | The real effect of financial crises in the European transition economies |
| Lehti: | Economics of transition
2011 : VOL. 19:1, p. 1-25 |
| Asiasana: | financial crises transition economies fiscal policy monetary policy Central Europe Eastern Europe European Union |
| Kieli: | eng |
| Tiivistelmä: | This study aims to assess the impact of financial crises (henceforth as: fin-crs.) on output for 11 European transition economies (CEECs). The results suggest fin-crs. having a significant and permanent effect, lowering long-term output by about 12-17 percent. The effect is larger in smaller countries due to the banking sector presenting more important financial disequilibria. It is also found that fiscal policy has been the most efficient tool in dealing with the fin-crs. while the effect of monetary policy has been rather modest. Support of the International Monetary Fund (IMF) is found to moderate the effect in the long run. Finally, the effect in the CEECs is markedly larger than in the European Union (EU)'s advanced economies. |
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