Bericht
External Constraints on Sustainable Growth in Transition Countries
Sustainable growth in catching-up countries requires the widening of the foreign trade bottleneck. It is however not clear whether two prescriptions aiming at solving this problem greater exchange rate flexibility and the liberalization of the capital market, are in reality not contradictory. The theoretical background is supplied by two papers of A. Bhaduri. In 'On the viability of external debt' the relation between the rate of growth and the rate of interest as well as the relation between the propensities to export and to import are analysed. In 'Capital flows, the balance of payments and the exchange rate', the model proving the extreme fragility of the prevailing system is demonstrated. The experience of Latin American economies is analysed by J. López-Gallardo. He examines the advantages and disadvantages of the modernization strategy based on the liberalization of foreign trade and of the capital market. His main conclusion is that the current account deficits and financial crises were not provoked by insufficient private savings and not even by insufficient investment, but mainly by a premature opening of the economy and lack of an industrial policy. These conclusions are confronted with the experience of CEECs, mainly Poland, in the papers of L. Podkaminer. He introduces the novel concept of import-led growth and concentrates on causes and consequences of currency appreciation in these countries. The first repercussions of FDI inflows on the current account in the CEECs are analysed in the paper of G. Hunya and S. Richter.
- Sprache
-
Englisch
- Erschienen in
-
Series: wiiw Research Report ; No. 281
- Klassifikation
-
Wirtschaft
International Investment; Long-term Capital Movements
Foreign Exchange
Current Account Adjustment; Short-term Capital Movements
International Lending and Debt Problems
- Thema
-
external debt
FDI
trade and current account balances
exchange rate regimes
fiscal and monetary policy
CEECs
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Laski, Kazimierz
- Ereignis
-
Veröffentlichung
- (wer)
-
The Vienna Institute for International Economic Studies (wiiw)
- (wo)
-
Vienna
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Bericht
Beteiligte
- Laski, Kazimierz
- The Vienna Institute for International Economic Studies (wiiw)
Entstanden
- 2001
Ähnliche Objekte (12)
External Constraints Matter for Privatizations
Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?
Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?
Dynamically asymmetric colloids under external constraints
Transition Countries in 2001: Robust Domestic Demand, Concerns About External Fragility Reappear
External Constraints and Endogenous Growth: Why Didnt Some Countries Benefit From Capital Flows?
Which membership matters? External vs. internal determinants of institutional change in transition countries
Which membership matters? External vs. internal determinants of institutional change in transition countries
External indebtedness of developing countries
Exports and capacity constraints - a smooth transition regression model for six euro area countries
Exports and Capacity Constraints – A Smooth Transition Regression Model for Six Euro Area Countries
Exports and capacity constraints: A smooth transition regression model for six euro area countries
External Constraints Matter for Privatizations
Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?
Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?
Dynamically asymmetric colloids under external constraints
Transition Countries in 2001: Robust Domestic Demand, Concerns About External Fragility Reappear
External Constraints and Endogenous Growth: Why Didnt Some Countries Benefit From Capital Flows?
Which membership matters? External vs. internal determinants of institutional change in transition countries
Which membership matters? External vs. internal determinants of institutional change in transition countries
External indebtedness of developing countries
Exports and capacity constraints - a smooth transition regression model for six euro area countries
Exports and Capacity Constraints – A Smooth Transition Regression Model for Six Euro Area Countries
Exports and capacity constraints: A smooth transition regression model for six euro area countries
External Constraints Matter for Privatizations
Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?
Can EU Conditionality Remedy Soft Budget Constraints in Transition Countries?
Dynamically asymmetric colloids under external constraints
Transition Countries in 2001: Robust Domestic Demand, Concerns About External Fragility Reappear
External Constraints and Endogenous Growth: Why Didnt Some Countries Benefit From Capital Flows?
Which membership matters? External vs. internal determinants of institutional change in transition countries
Which membership matters? External vs. internal determinants of institutional change in transition countries
External indebtedness of developing countries
Exports and capacity constraints - a smooth transition regression model for six euro area countries
Exports and Capacity Constraints – A Smooth Transition Regression Model for Six Euro Area Countries