9780789016379

Economic Dynamics in Transitional Economies: The Four-P Governments, the EU Enlargement, and the Bruxelles Consensus

by ;
  • ISBN13:

    9780789016379

  • ISBN10:

    0789016370

  • Edition: 1st
  • Format: Nonspecific Binding
  • Copyright: 2003-09-08
  • Publisher: Routledge

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Summary

Learn more about the transitional economies of Central and Eastern Europe! This book examines the economic dynamics of Central and Eastern European post-Communist countries. It illuminates the paths these countries are taking toward restructuring their markets, increasing international trade, and bettering their connections with the European Union and other countries. Beginning with a comparative analysis of the three P-governments”--Pigouvian, Partizan, and Paternalistic--and continuing with a discussion of the interrelated political and economic difficulties of transition, author Bruno Sergi proposes a surprising solution. Inspired by the Bruxelles consensus, he proposes that the European Commission should become a fourth P-government,” replacing the role formerly played by the Washington consensus in the restructuring of post-Communist economies. Economic Dynamics in Transitional Economies also explores: regional comparative macroeconomics the aftereffects of the Washington Consensus integration of Eastern and Western European economies interrelations between national and regional monetary activity political and economic policy reform involvement of European Union member countries We are living in historic times, and Economic Dynamics in Transitional Economies will be a welcome guide to the rough roads ahead. This thorough assessment of current political and economic realities will stimulate debate about new European paradigms, the role of the European Union, and the difficulties of post-Communist transition. These issues promise to be vital to the region's success in the new century.

Table of Contents

Foreword ix
Vladimir Tikhomirov
Preface xiii
Mario Centorrino
Acknowledgments xv
Abbreviations and Acronyms xvii
Introduction 1(8)
The Regional Context
2(1)
The Purpose of This Book
3(1)
Liberalization and Economic Hopes
4(1)
Synopsis
5(4)
Chapter 1. The Political Economy in Europe: The Three-P Governments 9(50)
Introduction
9(2)
A Formalized Methodology of Analysis
11(3)
The Microfoundations of Monetary Games
14(7)
Credibility and Inconsistency
21(5)
Inconsistency and Institutional Devices Toward Credibility
26(20)
The Eastern and Western Evidence
46(13)
Chapter 2. Accepting a Challenge: Joining the Western European Club 59(34)
Introduction
59(4)
Interactions and Conflicts in Economic Choices
63(2)
Structural Economic Convergence: An Alternative Approach
65(8)
Trade and Financial Integration
73(10)
Estimation Results
83(6)
Toward a Political Economy of Integration
89(4)
Chapter 3. Developments in Transition Economies: Syndromes and Structural Breaks 93(44)
Introduction
93(3)
The Decisive Disputes
96(4)
Economic Slumps and The Syndromes
100(7)
The Underground Economy: A Syndrome?
107(7)
The Other Syndromes
114(6)
The Transformation up to the End of the 1990's
120(14)
From the 1990's to an Economy Without Syndromes
134(3)
Chapter 4. The Political Economy of Keynes, Schumpeter, and the Supply-Siders 137(26)
Introduction
137(6)
Provoking a Supply Response
143(4)
Recovery Persistence
147(7)
Common Fears
154(6)
Political Economy Conclusions
160(3)
Chapter 5. The Bruxelles Consensus and the Fourth-P Government 163(18)
Introduction
163(1)
The Definitive Issues
163(6)
A New Consensus versus a Second Lab Experience
169(4)
Is the Transformation Over?
173(5)
The Fourth-P Government
178(7)
A Paradigm for the Next Decade
185
Appendix. Relevant Internet Addresses: Widening the EU's Boundaries 181(14)
Notes 195(4)
References 199(24)
Index 223

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