TY - BOOK ID - 11956311 TI - The Second Transition : Eastern Europe in Perspective AU - Leigh, Daniel. AU - Fabrizio, Stefania. AU - Mody, Ashoka. PY - 2009 SN - 1451916264 1462379990 128284265X 1451871910 9786612842658 1452798508 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Business & Economics KW - Economic History KW - Economic development KW - Economics KW - Economic theory KW - Political economy KW - Development, Economic KW - Economic growth KW - Growth, Economic KW - Social sciences KW - Economic man KW - Economic policy KW - Statics and dynamics (Social sciences) KW - Development economics KW - Resource curse KW - Exports and Imports KW - Finance: General KW - Foreign Exchange KW - Macroeconomics KW - International Investment KW - Long-term Capital Movements KW - Economic Growth of Open Economies KW - Economic Development: Financial Markets KW - Saving and Capital Investment KW - Corporate Finance and Governance KW - Institutions and Growth KW - Economywide Country Studies: General KW - General Financial Markets: General (includes Measurement and Data) KW - Trade: General KW - Current Account Adjustment KW - Short-term Capital Movements KW - Aggregate Factor Income Distribution KW - International economics KW - Currency KW - Foreign exchange KW - Finance KW - Real exchange rates KW - Financial integration KW - Exports KW - Current account deficits KW - Income KW - Financial markets KW - International trade KW - Balance of payments KW - National accounts KW - International finance KW - Hong Kong Special Administrative Region, People's Republic of China UR - https://www.unicat.be/uniCat?func=search&query=sysid:11956311 AB - The countries of Eastern Europe achieved two remarkable transitions in the short period of the last two decades: from plan to market and, then, in the run-up to and entry into the European Union, they rode a wave of global trade and financial market integration. Focusing on the second transition, this paper reaches three conclusions. First, by several metrics, East European and East Asian growth performances were about on par from the mid-1990s; both regions far surpassed Latin American growth. Second, the mechanisms of growth in East Europe and East Asia were, however, very different. East Europe relied on a distinctive-often discredited-model, embracing financial integration with structural change to compensate for appreciating real exchange rates. In contrast, East Asia contained further financial integration and maintained steady or depreciating real exchange rates. Third, the ongoing financial turbulence has, thus far, not had an obviously differential impact on emerging market regions: rather, the hot spots in each region reflect individual country vulnerabilities. If the East European growth model is distinctive, is it sustainable and replicable? The paper speculates on the possibilities. ER -