The debt crisis and adjustment responses in Eastern Europe: a comparative perspective

The responses of East European states to changing international economic opportunities and constraints during the 1973–84 period are examined and contrasted with a sample of newly industrializing countries, including Korea, Taiwan, Singapore, Mexico, Brazil, and Yugoslavia. The effects of external e...

Full description

Saved in:
Bibliographic Details
Published in:International organization 1986, Vol.40 (2), p.239-285
Main Author: Tyson, Laura D'Andrea
Format: Article
Language:English
Subjects:
1. Comparing Responses to International Disturbances
Austerity
Comparative study
Comparing Responses to International Disturbances
Crisis
Debt
Eastern Europe
Economic conditions
Economic growth rate
Economic policy
Europe, East
Exports
External debt
External debts
Finance
Financial investments
Imports
International organizations
Investment spending
Petroleum industry
Prices
Recession
Trade deficits
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:The responses of East European states to changing international economic opportunities and constraints during the 1973–84 period are examined and contrasted with a sample of newly industrializing countries, including Korea, Taiwan, Singapore, Mexico, Brazil, and Yugoslavia. The effects of external economic shocks and internal policy choices on balance-of-payments difficulties and borrowing requirements in the mid-1970s are assessed. With the exception of Korea, all the countries that chose to borrow heavily at this time, including all of the East European countries, confronted a debt crisis by the early 1980s and were compelled to introduce austerity measures. Economic performance under austerity is compared in terms of the policy instruments different countries used and their effects on output growth, distributional goals, the balance of payments, and debt levels. Long-term effects of the debt crisis on development strategy and economic and political structure are also considered.
ISSN:0020-8183
1531-5088
DOI:10.1017/S0020818300027144