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Into the EU : policy frameworks in Central Europe /
a staff team led by Robert A. Feldman and C. Maxwell Watson ; with Peter Doyle ... [et al.].
Washington, D.C. : International Monetary Fund, 2002.
xii, 236 p. : ill. ; 23 cm.
More Details
Washington, D.C. : International Monetary Fund, 2002.
catalogue key
Includes bibliographical references (p. 221-233).
A Look Inside
This item was reviewed in:
Reference & Research Book News, May 2003
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Main Description
The EU is set to expand significantly during in the first decade of the 21st century, with new members joining in a phased expansion of the European single market. This book examines the economic opportunities and challenges faced by five central European countries (the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia) during the run-up to EU accession, and later, monetary union. It focuses on the key macroeconomic and financial sector policy issues that will need to be addressed to ensure sustainable growth for these transition economies.
Table of Contents
Prefacep. xi
The Road to EU Accessionp. 1
Change in the Economyp. 1
The Financial Sectorp. 3
Macroeconomic Policiesp. 4
Enlarging the EU: Accession Requirements and the Central European Candidatesp. 7
Real Convergence to EU Income Levels: Central Europe from 1990 to the Long Termp. 13
Sources of Growth During Transitionp. 14
Structural Policies and Growth During Transitionp. 23
International Evidence on the Determinants of Long-Run Growthp. 25
Growth Scenarios in the Long Runp. 28
Financial Sector Evolution: Challenges in Supporting Macroeconomic Stability and Sustainable Growthp. 34
Financial Sector Development and Growthp. 35
Interlinkages to Macroeconomic Policyp. 53
Conclusionsp. 75
A Framework for Financial Stabilityp. 76
The Legal, Institutional, and Supervisory Frameworkp. 76
Intermediating Capital Flowsp. 84
Risk Managementp. 88
Financial Safety Netsp. 90
International Standards and IMF Surveillancep. 91
Conclusionsp. 95
Monetary and Exchange Rate Regimesp. 98
Disinflation: Initial Success and Current Tensionsp. 101
The Run-Up to Accession: Regime Requirements and Goals in Contextp. 112
Considerations in Managing Flexible Regimesp. 122
Back to the Future: Wide Bands and the Return to Fixityp. 131
Capital Controls and Policy Safeguardsp. 135
Balancing Fiscal Prioritiesp. 141
Facing the Challengesp. 145
Medium-Term Fiscal Positions: Choosing an Appropriate Targetp. 150
Revenue Reforms on the Way to EU Accessionp. 158
Need and Scope for Expenditure Reformsp. 162
Reconciling Fiscal Objectivesp. 174
Medium-Term Fiscal Management in Practicep. 175
Additional Risk Factors: Privatization Receipts and Fiscal Decentralizationp. 185
The Challenges Aheadp. 188
Text Boxes
The Acquis Communautairep. 8
Estimating the Capital Stock in the CEC5p. 19
Total Factor Productivity Sensitivity Analysisp. 22
Investment Ratios and Capital Intensity: Italy 1960s; Spain 1970sp. 31
Troubles with IPBp. 46
The Macroeconomic Environment and Financial Sector Stabilityp. 54
Privatization Methods and Fiscal Costs of Bank Restructuringp. 58
EU Legislation Governing the Banking Sectorp. 78
European Commission's Assessment of Progress Toward Accession in the Area of Financial Servicesp. 80
Impact of the Russian Crisisp. 86
Capital Inflows into Hungary in Early 2000p. 87
The Financial Sector Assessment Programp. 92
Stress-Testing of the Hungarian Banking Systemp. 94
Policies for Disinflationp. 108
The Maastricht Inflation Constraint and Szapary's Boxerp. 118
Currency Boardsp. 120
The Many Possible Worlds of ERM2p. 136
Pre-Accession Economic Programs (PEPs) in Future Perspectivep. 146
Medium-Term Fiscal Plans of the Accession Countriesp. 152
Fiscal Adjustment and Growthp. 155
EU Pre-Accession Assistancep. 167
Planning Spending Restraint--An Illustration for Polandp. 172
Reconciling Medium-Term Fiscal Tensions: Two Cases From Recent Historyp. 176
Defining Elements of Medium-Term Fiscal Frameworksp. 180
CEC5: Sources of Growth, 1989-99p. 16
CEC5: Investment to GDP Ratios, 1985-1999p. 18
Broad Money (M2)p. 41
Real Growth of Private Credit, 1996-2000p. 42
Interest Rate Differential, 1995-2001p. 44
Real Deposit and Lending Rates, 1998-2001p. 48
External Liquidity Position: Selected Countries, 1999p. 68
Deposit, Lending and Key-Policy Rates, 1998-2001p. 72
Credit to Private Sector, 1995-2000p. 73
Comparisons of Financial and Balance of Payments Vulnerability Indicators, 1998-2000p. 96
Monthly Headline Inflation in the CEC5: 1991-2001p. 102
Monthly Core Inflation in CEC5: 1993-2001p. 103
Government Balances in the CEC5 and the European Union, 1993-99p. 149
Revenue and Expenditure Trends in the CEC5 and the European Union, 1993-99p. 151
Old-Age Dependency Ratio in the CEC5 and Europe, 1990-2030p. 164
Indicators of Public Spending in the CEC5 and the European Union, 1998p. 169
Per Capita Income and Primary Current Spending in Selected Countries, 1998p. 170
Cumulative Output Growth and Its Sourcesp. 20
Sources of Growth in Golden Age Europe and Japan, and Recent East Asiap. 26
Projected TFP Growth for the CEC5p. 29
Panel Regression Results from a Sample of Six Transition Economies, 1992-99p. 32
Banking Sector Statisticsp. 38
Equity Market Indicatorsp. 39
Profitability and Efficiency Measures, 1995-2000p. 45
Classified Loans/Assets as Share of Total Loans/Claimsp. 49
Cost of Bank Restructuring for the Government and Central Bank, 1991-98p. 51
Extensiveness and Effectiveness of Financial System Regulationsp. 77
Effectiveness of Shareholder Protectionp. 85
Deposit Insurance Coveragep. 91
Exchange Rate and Monetary Policy Regimes in the CEC5p. 104
Exchange Rate Regimes and Basic Economic Characteristics of the CEC5p. 106
Medium-Term Fiscal Frameworks in Finland, the Netherlands, and the United Kingdomp. 182
Setting Medium-Term Fiscal Targets: The Role of Public and External Debt and Current Account Considerationsp. 191
Revenue Trends and Tax Structuresp. 208
Appendix Boxes
The Impact of Fiscal Policy on Private Saving and Investmentp. 204
Appendix Figures
External Debt-to-GDP Ratios in Selected Middle-Income Countries, 1999p. 200
Saving-Investment Balances in the CEC5, 1993-99p. 206
Tax Ratios in the CEC5 and the European Union, 1994 and 1998p. 212
Structure of Tax Revenue in the CEC5 and the European Union, 1998p. 215
Appendix Tables
Fiscal Balances and Public Debt Under Alternative Scenariosp. 194
Sovereign Ratings of Middle-Income Countries' Long-Term Foreign Currency Debtp. 198
External Current Account Balances and Foreign Indebtedness Under Alternative Scenariosp. 202
Medium-Term Fiscal Targets Anchored on External Debt and Current Account Constraintsp. 207
General Government Revenue in the CEC5, 1994-98p. 209
Social Contribution Rates in the CEC5, Europe, and the OECDp. 216
Main Elements of the Personal Income Tax System in the CEC5 and the European Unionp. 218
Corporate and Value-Added Tax Rates in the CEC5 and the European Unionp. 220
Referencesp. 221
The Authorsp. 234
Table of Contents provided by Syndetics. All Rights Reserved.

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