1st Edition
Economic Dynamics in Transitional Economies The Four-P Governments, the EU Enlargement, and the Bruxelles Consensus
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-governmentsPigouvian, Partizan, and Paternalisticand 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
- Foreword
- Preface
- Acknowledgments
- Abbreviations and Acronyms
- Introduction
- The Regional Context
- The Purpose of This Book
- Liberalization and Economic Hopes
- Synopsis
- Chapter 1. The Political Economy in Europe: The Three-P Governments
- Introduction
- A Formalized Methodology of Analysis
- The Microfoundations of Monetary Games
- Credibility and Inconsistency
- Inconsistency and Institutional Devices Toward Credibility
- The Eastern and Western Evidence
- Chapter 2. Accepting a Challenge: Joining the Western European Club
- Introduction
- Interactions and Conflicts in Economic Choices
- Structural Economic Convergence: An Alternative Approach
- Trade and Financial Integration
- Estimation Results
- Toward a Political Economy of Integration
- Chapter 3. Developments in Transitional Economies: Syndromes and Structural Breaks
- Introduction
- The Decisive Disputes
- Economic Slumps and The Syndromes
- The Underground Economy: A Syndrome?
- The Other Syndromes
- The Transformation up to the End of the 1990s
- From the 1990s to an Economy Without Syndromes
- Chapter 4. The Political Economy of Keynes, Schumpeter, and the Supply-Siders
- Introduction
- Provoking a Supply Response
- Recovery Persistence
- Common Fears
- Political Economy Conclusions
- Chapter 5. The Bruxelles Consensus and the Fourth-P Government
- Introduction
- The Definitive Issues
- A New Consensus versus a Second Lab Experience
- Is the Transformation Over?
- The Fourth-P Government
- A Paradigm for the Next Decade
- Appendix. Relevant Internet Addresses: Widening of the EU’s Boundaries
- Notes
- References
- Index
Biography
Bruno Sergi