By C. Papazoglou
This booklet presents a finished research of the most components that affected the process the nations of South-Eastern Europe in the course of transition, contributing, therefore, to their disappointing financial functionality. hence, the position of preliminary stipulations and concerns in regards to the effectiveness of macroeconomic stabilization and structural reforms are on the centre of the research. moreover, this quantity makes a speciality of advancements and matters pertaining to foreign exchange styles, international direct funding and the impression of the Euro at the alternate fee rules of the international locations within the quarter.
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Extra resources for The Economies of South Eastern Europe: Performance and Challenges
While massive external and domestic borrowing could solve fiscal problems and support macroeconomic stability, at least in the short run, it could, however, raise problems of fiscal sustainability over the medium and long run. a. = not available. Source: EBRD (1999). a. a. a. a. a. a. a. a. a. a. a. a. a. a. a. a. a. a. a. 18 3 17 6 18 3 28 1 23 6 27 7 26 9 27 8 23 7 Macroeconomic Stabilization and Performance I 39 combined with falling output, could lead to a dramatic increase in interest payments, making the fiscal position unsustainable.
This indicator measures the extent of rationing of foreign exchange which operated, at the same time, as a subsidy to imports and tax on exports. Bulgaria and Romania (and, to a lesser extent, Albania) presented especially high exchange rate premia, primarily reflecting the strictness of communist rule, while countries that had begun some reforms, such as the former Yugoslav republics of Croatia and FYROM, had much lower ones. The extent of foreign indebtedness prior to transition constitutes the third indicator, column 5.
Principal component analysis for initial conditions In order to be able to summarize the overall impact of initial conditions while taking care of the fact that some of them may be correlated with each other, we shall rely on the method of principal components. More specifically, following the work of De Melo et al. (1997), we constructed an index of ‘distortions’ by considering all the elements of initial conditions. The particular procedure is called factor or principal component analysis, which is based on the correlations of all initial conditions with each other.
The Economies of South Eastern Europe: Performance and Challenges by C. Papazoglou