The Impact of the Global Crisis on South-Eastern Europe

70 Pages Posted: 10 Jan 2012

See all articles by Emidio Cocozza

Emidio Cocozza

Bank of Italy

Andrea Colabella

Bank of Italy

Francesco Spadafora

affiliation not provided to SSRN

Date Written: December 2011

Abstract

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 macroeconomic policies 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 a countercyclical fashion.

Suggested Citation

Cocozza, Emidio and Colabella, Andrea and Spadafora, Francesco, The Impact of the Global Crisis on South-Eastern Europe (December 2011). IMF Working Paper No. 11/300, Available at SSRN: https://ssrn.com/abstract=1982368

Emidio Cocozza

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Andrea Colabella

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Francesco Spadafora (Contact Author)

affiliation not provided to SSRN

No Address Available

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
128
Abstract Views
644
Rank
398,071
PlumX Metrics