WIIW The Vienna Institute for International Economic Studies - Wiener Institut für Internationale Wirtschaftsvergleiche

The volume provides various insights and evidence-based analysis of the multiple effects of the crisis on Eastern European emerging markets in the areas of economic and financial developments, labour markets, firm creation and destruction, as well as on far-reaching economic policy challenges. Selected country case studies are provided on Czech Republic, Hungary, Poland and Russia. wiiw authors contributed to four chapters of the volume. 

Macroeconomic Impacts of the Crisis

Apart from contributing to the Introduction and Conclusion, wiiw Economist and former Deputy Director Peter Havlik analysed the differentiated patterns of convergence in individual CEE emerging markets during the past decade with the help of comparable macroeconomic indicators from the wiiw database. He identified the main transmission channels of the crisis as well as the driving forces of recovery and structural change at industry level. Last but not least, he discussed the sustainability of existing growth model.

Financial Effects of the Crisis

wiiw Deputy Director Mario Holzner described the evolution of financialization in CESEE, the effects of the deleveraging period after the outbreak of the crisis, the interactions of the financial market conditions with income distribution, the savings propensity, and the current account and economic development of CESEE before and after the outbreak of the global financial crisis.

Crisis effects still unfolding

The authors conclude that the impacts of the crisis are continuing and may even manifest themselves in new or broader forms in the future. The present European disarray over migration flows and Brexit, the East-West conflict over Ukraine, and the transatlantic rift that has opened with the Trump presidency are considered to be among the broader direct and indirect consequences related to the global financial crisis of 2008-2009.

The book

The book Economics of European Crises and Emerging Markets was published with palgrave macmillan and contains thirteen chapters from various authors that have collaborated in the international research project of the same name (2014-2017). The project was undertaken by wiiw and the Institute of Economic Research, Hitotsubashi University, Japan. It received major financial support by the Suntory Foundation, Japan. Further financial and organizational support has been provided to authors individually.