Into the Eu: Policy Frameworks in Central Europe
, by Feldman, Robert A.; Watson, C. Maxwell; Feldman, Robert A.; Watson, Maxwell; Doyle, Peter
- ISBN: 9781589060845 | 1589060849
- Cover: Paperback
- Copyright: 1/1/2002
| Preface | p. xi |
| The Road to EU Accession | p. 1 |
| Change in the Economy | p. 1 |
| The Financial Sector | p. 3 |
| Macroeconomic Policies | p. 4 |
| Enlarging the EU: Accession Requirements and the Central European Candidates | p. 7 |
| Real Convergence to EU Income Levels: Central Europe from 1990 to the Long Term | p. 13 |
| Sources of Growth During Transition | p. 14 |
| Structural Policies and Growth During Transition | p. 23 |
| International Evidence on the Determinants of Long-Run Growth | p. 25 |
| Growth Scenarios in the Long Run | p. 28 |
| Financial Sector Evolution: Challenges in Supporting Macroeconomic Stability and Sustainable Growth | p. 34 |
| Financial Sector Development and Growth | p. 35 |
| Interlinkages to Macroeconomic Policy | p. 53 |
| Conclusions | p. 75 |
| A Framework for Financial Stability | p. 76 |
| The Legal, Institutional, and Supervisory Framework | p. 76 |
| Intermediating Capital Flows | p. 84 |
| Risk Management | p. 88 |
| Financial Safety Nets | p. 90 |
| International Standards and IMF Surveillance | p. 91 |
| Conclusions | p. 95 |
| Monetary and Exchange Rate Regimes | p. 98 |
| Disinflation: Initial Success and Current Tensions | p. 101 |
| The Run-Up to Accession: Regime Requirements and Goals in Context | p. 112 |
| Considerations in Managing Flexible Regimes | p. 122 |
| Back to the Future: Wide Bands and the Return to Fixity | p. 131 |
| Capital Controls and Policy Safeguards | p. 135 |
| Balancing Fiscal Priorities | p. 141 |
| Facing the Challenges | p. 145 |
| Medium-Term Fiscal Positions: Choosing an Appropriate Target | p. 150 |
| Revenue Reforms on the Way to EU Accession | p. 158 |
| Need and Scope for Expenditure Reforms | p. 162 |
| Reconciling Fiscal Objectives | p. 174 |
| Medium-Term Fiscal Management in Practice | p. 175 |
| Additional Risk Factors: Privatization Receipts and Fiscal Decentralization | p. 185 |
| The Challenges Ahead | p. 188 |
| Text Boxes | |
| The Acquis Communautaire | p. 8 |
| Estimating the Capital Stock in the CEC5 | p. 19 |
| Total Factor Productivity Sensitivity Analysis | p. 22 |
| Investment Ratios and Capital Intensity: Italy 1960s; Spain 1970s | p. 31 |
| Troubles with IPB | p. 46 |
| The Macroeconomic Environment and Financial Sector Stability | p. 54 |
| Privatization Methods and Fiscal Costs of Bank Restructuring | p. 58 |
| EU Legislation Governing the Banking Sector | p. 78 |
| European Commission's Assessment of Progress Toward Accession in the Area of Financial Services | p. 80 |
| Impact of the Russian Crisis | p. 86 |
| Capital Inflows into Hungary in Early 2000 | p. 87 |
| The Financial Sector Assessment Program | p. 92 |
| Stress-Testing of the Hungarian Banking System | p. 94 |
| Policies for Disinflation | p. 108 |
| The Maastricht Inflation Constraint and Szapary's Boxer | p. 118 |
| Currency Boards | p. 120 |
| The Many Possible Worlds of ERM2 | p. 136 |
| Pre-Accession Economic Programs (PEPs) in Future Perspective | p. 146 |
| Medium-Term Fiscal Plans of the Accession Countries | p. 152 |
| Fiscal Adjustment and Growth | p. 155 |
| EU Pre-Accession Assistance | p. 167 |
| Planning Spending Restraint--An Illustration for Poland | p. 172 |
| Reconciling Medium-Term Fiscal Tensions: Two Cases From Recent History | p. 176 |
| Defining Elements of Medium-Term Fiscal Frameworks | p. 180 |
| Figures | |
| CEC5: Sources of Growth, 1989-99 | p. 16 |
| CEC5: Investment to GDP Ratios, 1985-1999 | p. 18 |
| Broad Money (M2) | p. 41 |
| Real Growth of Private Credit, 1996-2000 | p. 42 |
| Interest Rate Differential, 1995-2001 | p. 44 |
| Real Deposit and Lending Rates, 1998-2001 | p. 48 |
| External Liquidity Position: Selected Countries, 1999 | p. 68 |
| Deposit, Lending and Key-Policy Rates, 1998-2001 | p. 72 |
| Credit to Private Sector, 1995-2000 | p. 73 |
| Comparisons of Financial and Balance of Payments Vulnerability Indicators, 1998-2000 | p. 96 |
| Monthly Headline Inflation in the CEC5: 1991-2001 | p. 102 |
| Monthly Core Inflation in CEC5: 1993-2001 | p. 103 |
| Government Balances in the CEC5 and the European Union, 1993-99 | p. 149 |
| Revenue and Expenditure Trends in the CEC5 and the European Union, 1993-99 | p. 151 |
| Old-Age Dependency Ratio in the CEC5 and Europe, 1990-2030 | p. 164 |
| Indicators of Public Spending in the CEC5 and the European Union, 1998 | p. 169 |
| Per Capita Income and Primary Current Spending in Selected Countries, 1998 | p. 170 |
| Tables | |
| Cumulative Output Growth and Its Sources | p. 20 |
| Sources of Growth in Golden Age Europe and Japan, and Recent East Asia | p. 26 |
| Projected TFP Growth for the CEC5 | p. 29 |
| Panel Regression Results from a Sample of Six Transition Economies, 1992-99 | p. 32 |
| Banking Sector Statistics | p. 38 |
| Equity Market Indicators | p. 39 |
| Profitability and Efficiency Measures, 1995-2000 | p. 45 |
| Classified Loans/Assets as Share of Total Loans/Claims | p. 49 |
| Cost of Bank Restructuring for the Government and Central Bank, 1991-98 | p. 51 |
| Extensiveness and Effectiveness of Financial System Regulations | p. 77 |
| Effectiveness of Shareholder Protection | p. 85 |
| Deposit Insurance Coverage | p. 91 |
| Exchange Rate and Monetary Policy Regimes in the CEC5 | p. 104 |
| Exchange Rate Regimes and Basic Economic Characteristics of the CEC5 | p. 106 |
| Medium-Term Fiscal Frameworks in Finland, the Netherlands, and the United Kingdom | p. 182 |
| Appendices | |
| Setting Medium-Term Fiscal Targets: The Role of Public and External Debt and Current Account Considerations | p. 191 |
| Revenue Trends and Tax Structures | p. 208 |
| Appendix Boxes | |
| The Impact of Fiscal Policy on Private Saving and Investment | p. 204 |
| Appendix Figures | |
| External Debt-to-GDP Ratios in Selected Middle-Income Countries, 1999 | p. 200 |
| Saving-Investment Balances in the CEC5, 1993-99 | p. 206 |
| Tax Ratios in the CEC5 and the European Union, 1994 and 1998 | p. 212 |
| Structure of Tax Revenue in the CEC5 and the European Union, 1998 | p. 215 |
| Appendix Tables | |
| Fiscal Balances and Public Debt Under Alternative Scenarios | p. 194 |
| Sovereign Ratings of Middle-Income Countries' Long-Term Foreign Currency Debt | p. 198 |
| External Current Account Balances and Foreign Indebtedness Under Alternative Scenarios | p. 202 |
| Medium-Term Fiscal Targets Anchored on External Debt and Current Account Constraints | p. 207 |
| General Government Revenue in the CEC5, 1994-98 | p. 209 |
| Social Contribution Rates in the CEC5, Europe, and the OECD | p. 216 |
| Main Elements of the Personal Income Tax System in the CEC5 and the European Union | p. 218 |
| Corporate and Value-Added Tax Rates in the CEC5 and the European Union | p. 220 |
| References | p. 221 |
| The Authors | p. 234 |
| Table of Contents provided by Syndetics. All Rights Reserved. |
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