Financial crisis and problems yet to solve - conference proceedings
IWH-Sonderhefte,
Nr. 6,
2000
Abstract
Since the beginning of 1997, a currency and/or banking crisis broke out in several transition countries (Bulgaria, Romania, the Czech Republic, Russia, Ukraine). In 1995, Hungary avoided a financial crisis by adjusting properly her macroeconomic policies. Financial markets in transition countries are still small. They gain, however, more and more importance for the entire economy. Part of the countries mentioned are candidates for EU membership. They have to show their ability to stabilize their exchange rates and financial sectors. The fact that overcoming the financial crisis in Asia and Latin America required international assistance (e.g. IMF) underlines the political importance of strategies of preventing such crises in the EU's immediate neighborhood.
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Revenue Implications of Trade Liberalization
L. Ebrill, Reint E. Gropp, J. Stotsky
IMF Occasional Papers, No. 180,
Nr. 180,
1999
Abstract
In recent decades many countries have dismantled trade barriers and opened their economies to international competition. Trade liberalization is seen to promote economic efficiency, international competitiveness, and an expansion of trade, perhaps especially in imperfectly competitive markets. Yet despite this progress in trade liberalization, as evidenced by the conclusion of the Uruguay Round in 1994 and the establishment of the World Trade Organization (WTO) in 1995, trade barriers are still widespread. Some economies and some sectors (e.g., agriculture in many industrial countries) remain relatively insulated from the global economy by a variety of nontariff and tariff barriers, even as import substitution continues to lose ground as a strategy for economic development.
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