Revisiting crisis generators in Romania and other new EU member states

REFERENCES

• Abdelal , R. 2006 . ‘Writing the Rules of Global Finance: France, Europe, and Capital Liberalization' . Review of International Political Economy , 13 ( 1 ) : 1 – 27 . doi: 10.1080/09692290500396602
   Web of Science ®Google Scholar
• Abdelal , R. and Meunier , S. 2010 . ‘Managed Globalization: Doctrine, Practice and Promise' . Journal of European Public Policy , 17 ( 3 ) : 350 – 67 . doi: 10.1080/13501761003662040
   Web of Science ®Google Scholar
• Adamchik , V. and Bedi , V. 2000 . ‘Wage Differentials between the Public and Private Sectors: Evidence from an Economy in Transition' . Labour Economics , 7 ( 2 ) : 203 – 24 . doi: 10.1016/S0927-5371(99)00030-5
   Web of Science ®Google Scholar
• Agenor , P. R. 2004 . The Economics of Adjustment and Growth , Cambridge, MA : Harvard University Press .
   Google Scholar
• Akerlof , G. A. and Shiller , R. J. 2009 . Animal Spirits , Princeton, NJ : Princeton University Press .
   Google Scholar
• Algieri , B. and Bracke , T. 2007 . ‘Patterns of Current Account Adjustment and Growth: Insights from Past Experience' . Working Paper Series, No. 762, Frankfurt am Main: European Central Bank
   Google Scholar
• Arestis , P. and Singh , A. 2010 . ‘Financial Globalisation and Crisis, Institutional Transformation and Equity' . Cambridge Journal of Economics , 34 ( 2 ) : 225 – 38 . doi: 10.1093/cje/bep085
   Web of Science ®Google Scholar
• Arvai , Z. 2005 . ‘Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States' . Working Paper, WP/05/213, Washington, DC: International Monetary Fund
   Google Scholar
• Aslund , A. 2009 . ‘The East European Financial Crisis', Center for Social and Economic Research . CASE Network Studies & Analyses , <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1527022##> (acces- sed 2 December 2012)
   Google Scholar
• Atoyan , R. 2010 . ‘Beyond the Crisis: Revisiting Emerging Europe's Growth Model' . Working Paper, WP/10/92, Washington, DC: International Monetary Fund
   Google Scholar
• Bakker , B. and Gulde , A.-M. 2010 . ‘The Credit Boom in the EU New Member States: Bad Luck or Bad Policies?' . Working Paper, WP//130, Washington, DC: International Monetary Fund
   Google Scholar
• Ban , C. 2011 . ‘Neoliberalism in Translation: Economic Ideas and Reforms in Spain and Romania' . Unpublished Ph.D. dissertation, College Park, MD: University of Maryland
   Google Scholar
• Ban , C. 2012 . ‘Economic Transnationalism and its Ambiguities: The Case of Romanian Migration to Italy' . International Migration , 50 ( 6 ) : 129 – 49 . doi: 10.1111/j.1468-2435.2009.00556.x
   Web of Science ®Google Scholar
• Barbosa-Filho , N. , Rada , C. , Taylor , L. and Zamparelli , L. 2007 . ‘Cycles and Trends in U.S. Net Borrowing Flows: Pro-Cyclical Household Net Borrowing, Counter-Cyclical Government, Consumption and the Current Account, and Elusive Twin Deficits' . Working Paper, 2007–5, New York: Schwartz Center for Economic Policy Analysis
   Google Scholar
• Bello , W. 2010 . “ ‘States and Markets, States versus Markets: The Developmental State Debate as the Distinctive East Asian Contribution to International Political Economy' ” . In Routledge Handbook of International Political Economy: IPE as a Global Conversation , Edited by: Blyth , M. 180 – 200 . Routledge .
   Google Scholar
• Berkmen , P. , Gelos , G. , Rennhack , R. K. and Walsh , J. P. 2009 . ‘The Global Financial Crisis: Explaining Cross-Country Differences in the Output Impact' . Working Paper, No. 09/280, Washington, DC: International Monetary Fund
   Google Scholar
• BIS (Bank for International Settlements) . 2007 . Triennial Central Bank Survey 2007 , Basel : BIS .
   Google Scholar
• Blanchard , O. 2008 . ‘The Crisis: Basic Mechanisms, and Appropriate Policies' . Department of Economics Working Paper, No. 09-01, Cambridge, MA: Massachusetts Institute of Technology
   Google Scholar
• Blyth , M. 2003 . “ ‘The Political Power of Financial Ideas: Transparency, Risk and Distribution in Global Finance' ” . In Monetary Orders: Ambiguous Economics, Ubiquitous Politics , Edited by: Kirschner , J. 239 – 58 . Ithaca, NY : Cornell University Press .
   Google Scholar
• Blyth , M. and Shenai , N. K. 2010 . ‘The G-20’s Dead Ideas' . Foreign Affairs , <http://www.foreignaffairs.com/articles/66490/mark-blyth-and-neil-k-shenai/the-g-20s-dead-ideas?page = show> (accessed 13 October 2012)
   Google Scholar
• Bockman , J. 2011 . Markets in the Name of Socialism: The Left-Wing Origins of Neoliberalism . Stanford, CA: Stanford University Press
   Google Scholar
• Brana , S. and Lahet , D. 2011 . ‘The Dependence of CEECs on Foreign Bank Claims: Direct and Indirect Risks of Capital Withdrawal' . Working Paper, No. 1023, Ann Arbor, MI: William Davidson Institute
   Google Scholar
• Bresser-Pereira , L. C. 2010 . ‘The Global Financial Crisis and a New Capitalism?' . Journal of Post Keynesian Economics , 32 ( 4 ) : 499 – 534 . doi: 10.2753/PKE0160-3477320401
   Web of Science ®Google Scholar
• Corden , W. M. 1994 . Economic Policy, Exchange Rates, and the International System , Oxford : Oxford University Press .
   Google Scholar
• Corsetti , G. , Pesenti , P. and Roubini , N. 1998 . ‘Paper Tigers? A Model of the Asian Crisis' . Working Papers, No. 6783, Cambridge, MA: National Bureau of Economic Research
   Google Scholar
• Daianu , D. , Dragulin , I. , Voinea , L. and Vranceanu , R. 2002 . Opening Romania's Capital Account: An Optimal Approach , Bucharest : European Institute of Romania .
   Google Scholar
• De Haas , R. , Korniyenko , Y. , Loukoianova , E. and Pivovarsky , A. 2012 . ‘Foreign Banks and the Vienna Initiative: Turning Sinners into Saints?' . Working Paper, No. 62, Ancona: Money & Finance Research Group
   Google Scholar
• Demirgüç-Kunt , A. and Detragiache , E. 1998 . ‘The Determinants of Banking Crises in Developing and Developed Countries' . IMF Staff Papers , 45 ( 1 ) : 81 – 109 . doi: 10.2307/3867330
   Google Scholar
• Demirgüç-Kunt , A. and Servén , L. 2009 . ‘Are all the Sacred Cows Dead? Implications of the Financial Crisis for Macro and Financial Policies' . Policy Research Working Paper Series, No. 4807, Washington, DC: World Bank
   Google Scholar
• Duenwald , C. , Gueorguiev , N. and Schaechter , A. 2005 . ‘Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania and Ukraine' . Working Paper, WP/05/128, Washington, DC: International Monetary Fund
   Google Scholar
• Dymski , G. A. 2009 . “ ‘Does Heterodox Economics Need a Unified Crisis Theory?' ” . In Heterodox Macroeconomics , Edited by: Goldstein , J. P. and Hillard , M. G. 66 – 84 . London : Routledge .
   Google Scholar
• EBRD (European Bank for Reconstruction and Development) . 2005 . Transition Report 2005: Business in transition , London : EBRD .
   Google Scholar
• EBRD (European Bank for Reconstruction and Development) . 2009 . Transition Report 2009: Transition in Crisis , London : EBRD .
   Google Scholar
• EBRD (European Bank for Reconstruction and Development) . 2010 . Transition Report 2010: Recovery and Reform , London : EBRD .
   Google Scholar
• Edwards , S. 2002 . “ ‘Does the Current Account Matter?' ” . In Preventing Currency Crises in Emerging Markets , Edited by: Edwards , S. and Frankel , J. A. 21 – 76 . Chicago, IL : University of Chicago Press .
   Google Scholar
• Eichengreen , B. , Rose , A. K. and Wyplosz , C. 1994 . ‘Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System' . Working Paper, No. 4898, Cambridge, MA: National Bureau of Economic Research
   Google Scholar
• Eurostat . 2008 . Eurostat Yearbook 2008 , Luxembourg : Eurostat .
   Google Scholar
• Fidrmuc , J. and Korhonen , I. 2010 . ‘The Impact of the Global Financial Crisis on Business Cycles in Asian Emerging Economies' . Journal of Asian Economics , 21 ( 3 ) : 293 – 303 . doi: 10.1016/j.asieco.2009.07.007
   Google Scholar
• Frenkel , R. and Rapetti , M. 2009 . ‘A Developing Country View of the Current Global Crisis: What Should Not Be Forgotten and What Should Be Done' . Cambridge Journal of Economics , 33 ( 4 ) : 685 – 702 . doi: 10.1093/cje/bep029
   Web of Science ®Google Scholar
• Gabor , D. 2008 . ‘From Rhetorics to Practice in Monetary Policy: A Romanian Perspective' . Comparative Economic Studies , 50 ( 3 ) : 511 – 34 . doi: 10.1057/ces.2008.24
   Google Scholar
• Gabor , D. 2010 . Central Banking and Financialization: A Romanian Account of How Eastern Europe Became Subprime , Basingstoke: Palgrave Macmillan .
   Google Scholar
• Ghosh , A. 2006 . ‘Capital Account Crises: Lessons for Crisis Prevention', Paper presented at the High-Level Seminar on Crisis Prevention in Emerging Market Countries, Singapore . 10 July 2006
   Google Scholar
• Gill , I. and Raiser , M. 2012 . Golden Growth: Restoring the Lustre of the European Economic Model , Washington, DC : World Bank .
   Google Scholar
• Gligorov , V. and Landesmann , M. 2009 . What is to be Done? A Policy Note , Vienna : Vienna Institute for International Economic Studies .
   Google Scholar
• Goldstein , J. P. 2009 . “ ‘An Introduction to a Unified Heterodox Macroeconomic Theory' ” . In Heterodox Macroeconomics , Edited by: Goldstein , J. P. and Hillard , M. G. 36 – 53 . London : Routledge .
   Google Scholar
• Grabel , I. ‘Averting Crisis? Assessing Measures to Manage Financial Integration in Emerging Economies' . Cambridge Journal of Economics, 27(3): 317–36
   Google Scholar
• Grabel , I. 2009 . “ ‘Neoliberal Finance and Third World (Mal)Development' ” . In Heterodox Macroeconomics , Edited by: Goldstein , J. P. and Hillard , M. G. 250 – 60 . London : Routledge .
   Google Scholar
• Gurria , A. 2010 . ‘Spain after the Crisis: A New Growth Model', Discourse of the Secretary-General of OECD, . <http://www.oecd.org/document/45/0, 3746,en_21571361_44315115_46135213_1_1_1_1,00.html> (accessed 13 October 2012)
   Google Scholar
• Henry , P. B. 2007 . ‘Capital Account Liberalization: Theory, Evidence, and Speculation' . Journal of Economic Literature , 45 ( 4 ) : 887 – 935 . doi: 10.1257/jel.45.4.887
   Web of Science ®Google Scholar
• Hermann , S. and Winkler , A. 2008 . ‘Real Convergence, Financial Markets, and the Current Account: Emerging Europe versus Emerging Asia' . Occasional Paper Series, No. 88, Frankfurt am Main: European Central Bank
   Google Scholar
• Irvin , G. 2009 . ‘Global Recession: Spending Cuts Are Not the Answer' . Development Viewpoint , <http://www.soas.ac.uk/cdpr/publications/dv/file52901.pdf> (accessed 13 October 2012)
   Google Scholar
• Jha , R. 2001 . ‘Macroeconomics of Fiscal Policy in Developing Countries' . Discussion Paper, No. 2001/71, Helsinki: World Institute for Development Economics Research
   Google Scholar
• Kattel , R. 2010 . ‘Financial and Economic Crisis in Eastern Europe' . Journal of Post Keynesian Economics , 33 ( 1 ) : 41 – 60 . doi: 10.2753/PKE0160-3477330103
   Web of Science ®Google Scholar
• Kindleberger , C. 2005 . Manias, Panics and Crashes: A History of Financial Crises , 5th edn, New York: Wiley .
   Google Scholar
• Kotz , D. M. 2009 . “ ‘Economic Crises and Institutional Structures' ” . In Heterodox Macroeconomics , Edited by: Goldstein , J. P. and Hillard , M. G. 176 – 88 . London : Routledge .
   Google Scholar
• KPMG . 2010 . EU Funds in Central and Eastern Europe, Progress Report 2007-10 <kpmg.hu>
   Google Scholar
• Laeven , L. A. , Igan , D. , Claessens , S. and Dell'Ariccia , G. 2010 . ‘Lessons and Policy Implications from the Global Financial Crisis' . Working Paper, No. 10/44, Washington, DC: International Monetary Fund
   Google Scholar
• Leclaire , J. , Jo , T.-H. and Knodell , J. 2011 . Heterodox Analysis of Financial Crisis and Reform: History, Politics and Economics , Cheltenham: Edward Elgar Publishing .
   Google Scholar
• Leping , K. O. 2005 . Public–Private Sector Wage Differential in Estonia: Evidence from Quantile Regression , Tartu : Tartu University Press .
   Google Scholar
• Liesenfeld , R. , Moura , G. and Richard , J.-F. 2009 . ‘Determinants and Dynamics of Current Account Reversals: An Empirical Analysis' . Economics Working Paper, 2009–04, Kiel: University of Kiel
   Google Scholar
• Lipschitz , L. , Lane , T. and Mourmouras , A. 2002 . ‘Capital Flows to Transition Economies: Master or Servant' . Working Paper, WP/99/17, Washington, DC: International Monetary Fund
   Google Scholar
• McNally , D. 2009 . ‘From Financial Crisis to World-Slump: Accumulation, Financialisation, and the Global Slowdown' . Historical Materialism , 17 ( 2 ) : 35 – 83 . doi: 10.1163/156920609X436117
   Web of Science ®Google Scholar
• Milesi-Ferretti , G. M. and Razin , A. 1998 . ‘Current Account Reversals and Currency Crises: Empirical Regularities' . Working Paper, No. 6620, Cambridge, MA: National Bureau of Economic Research
   Google Scholar
• Minsky , H. 1986 . Stabilizing an Unstable Economy , New Haven, CT : Yale University Press .
   Google Scholar
• Moshirian , F. 2011 . ‘The Global Financial Crisis and the Evolution of Markets, Institutions and Regulation' . Journal of Banking and Finance , 35 ( 3 ) : 502 – 11 . doi: 10.1016/j.jbankfin.2010.08.010
   Web of Science ®Google Scholar
• National Bank of Romania . 2008 . Annual Report 2008, Bucharest
   Google Scholar
• Obstfeld , M. and Rogoff , K. S. 2009 . ‘Global Imbalances and the Financial Crisis: Products of Common Causes' . Discussion Paper, No. DP7606, London: Centre for Economic Policy Research
   Google Scholar
• Palma , J. G. 2009 . ‘The Revenge of the Market on the Rentiers: Why Neo-Liberal Reports of the End of History Turned out to be Premature' . Cambridge Journal of Economics , 33 ( 4 ) : 539 – 62 . doi: 10.1093/cje/bep037
   Web of Science ®Google Scholar
• Pauwels , S. and Ionita , L. 2008 . ‘FDI in Romania: From Low-Wage Competition to Higher Value-Added Sectors' . ECFIN Country Focus , 5 ( 3 ) : 1 – 6 .
   Google Scholar
• Reisen , H. 1998 . ‘Sustainable and Excessive Current Account Deficits' . Working Paper, No. 132, Paris: Organisation for Economic Co-operation and Development Development Centre
   Google Scholar
• Rogoff , K. 2003 . ‘The IMF Strikes Back' . Foreign Policy , 134 <http://www.foreignpolicy.com/articles/2003/01/01/the_imf_strikes_back>
   Google Scholar
• Rossi , M. 1999 . ‘Financial Fragility and Economic Performance in Developing Economies: Do Capital Controls, Prudential Regulation and Supervision Matter?' . Working Paper, WP/99/66, Washington, DC: International Monetary Fund
   Google Scholar
• Stockhammer , E. 2010 . ‘Financialization and the Global Economy' . Working Paper Series, No. 240, Amherst, MA: PERI
   Google Scholar
• Tran , M. 2003 . ‘New Tigers Bare their Teeth' . The Guardian , 12 August <http://www.guardian.co.uk/business/2003/aug/12/economicdispatch>
   Google Scholar
• Vamvakidis , A. 2008 . ‘Convergence in Emerging Europe: Sustainability and Vulnerabilities' . Working Paper, WP/08/181, Washington, DC: International Monetary Fund
   Google Scholar
• Voinea , L. 2003 . ‘Foreign Direct Investment and Technology Transfer in EU Accession Economies: Evidence from the Romanian Manufacturing Sector' . Revue Roumaine des Sciences Economiques , 48 ( 2 ) : 217 – 38 .
   Google Scholar
• Voinea , L. 2007 . ‘Has CEFTA Been a Training Ground for EU Accession? . The Case of Romania', International Journal of Trade and Global Markets , 1 ( 1 ) : 53 – 68 . doi: 10.1504/IJTGM.2007.015576
   Google Scholar
• Voinea , L. and Mihaescu , F. 2009 . ‘The Impact of Flat Tax on Inequality: The Case of Romania' . Romanian Journal of Economic Forecasting , 12 ( 4 ) : 19 – 41 .
   Web of Science ®Google Scholar
• Voinea , L. and Mihaescu , F. 2012 . ‘A Contribution to the Public–Private Wage Inequality Debate: The Iconic Case of Romania' . Economics of Transition , 20 ( 2 ) : 315 – 38 . doi: 10.1111/j.1468-0351.2012.00431.x
   Web of Science ®Google Scholar
• Wade , R. 2009 . ‘From Global Imbalances to Global Reorganizations' . Cambridge Journal of Economics , 33 ( 4 ) : 539 – 62 . doi: 10.1093/cje/bep032
   Web of Science ®Google Scholar
• Watt , A. 2008 . ‘The Economic and Financial Crisis in Europe: Addressing the Causes and the Repercussions' . Munich Personal RePec Archive , (MPRA) Paper no. 12337
   Google Scholar
• WIIW (Vienna Institute for International Economic Studies) . 2009 . Database on Foreign Direct Investment , Vienna : WIIW .
   Google Scholar
• World Bank . 2009 . Migration and Remittances Factbook <http://www.worldbank.org> (accessed 13 October 2012)
   Google Scholar