Contents
Introduction and Overview ...................................................................................................................... ix􀀃
1. Advanced Europe: Beyond Crisis Management ................................................................................. 1
The Recovery Continues .............................................................................................................. 1
Policies to Sustain the Upswing .................................................................................................. 5
Steps to Complete the European House ................................................................................. 10
2. Emerging Europe: Toward Self-Sustained Growth ........................................................................ 21
Outlook for 2010 and 2011 ........................................................................................................ 21
What Can Policymakers Do to Sustain the Recovery and Minimize Risks? ....................... 30
3. Emerging Europe and the Global Crisis: Lessons from the Boom and Bust ............................. 41
How the Global Financial and Economic Crisis Affected Emerging Europe—
A Narrative .................................................................................................................................. 41
Why Was a Meltdown Avoided? ............................................................................................... 56
Lessons for Crisis Prevention .................................................................................................... 64
Conclusion ................................................................................................................................... 70
References ................................................................................................................................................. 72
Boxes
1. Fiscal Consolidation: Minimizing Side Effects .............................................................................. 9
2. Toward a More Integrated Financial Stability Framework for the EU .................................... 12
3. Why Is Economic Growth Lagging in Europe and What Can Be Done About It? .............. 17
4. Emerging Europe Trade Linkages: The Pull from Within? ....................................................... 26
5. Why Is Credit Growth Weak—Demand or Supply? .................................................................. 36
6. Financial Sector Levies in Europe ................................................................................................. 39
7. Banking Problems in Emerging Europe during 2008–09 .......................................................... 52
8. IMF-Supported Programs ............................................................................................................... 57
9. European Bank Coordination Initiative (“Vienna Initiative”) ................................................... 63
10. Emerging Europe Crisis Compared with Previous Emerging Market Crises ......................... 66
11. Foreign Currency Mortgages, Maturity Mismatches, and Foreign Currency Shortages:
The Cases of Hungary and Poland ........................................................................................... 69
Tables
1. European Countries: Real GDP Growth and CPI Inflation, 2007–11 ...................................... x
2. Selected Countries: Net Exposure of Banks to Sovereign Debt as Reported in CEBS
Stress Test, March–July 2010 ....................................................................................................... 6
3. Advanced European Countries: Main Macroeconomic Indicators, 2007–11 ........................... 7
4. Emerging Europe: Real GDP, Domestic Demand, Exports, and Private Consumption,
2009–11 ........................................................................................................................................ 25
5. Emerging Europe: CPI Inflation and Current Account Balance, 2009–11 ............................. 29
iv
6. Emerging Europe: Evolution of Public Debt and General Government Overall
Balance, 2007–11 ......................................................................................................................... 31
7. Emerging Europe: Selected Financial Soundness Indicators, 2007–09 ................................... 37
8. Emerging Europe: Exports of Goods, 1995–2007 ..................................................................... 42
9. Emerging Europe: Direction of Exports, 2007 ........................................................................... 42
10. Emerging Europe: General Government Overall Balance ........................................................ 47
11. Emerging Europe: Gross International Sovereign Bond Issuance, 2008:Q1–2010:Q1 ........ 48
12. Emerging Europe: Volume of International Syndicated Loans Issuance to Banks
in 2008 .......................................................................................................................................... 49
13. External Positions of Western Banks vis-à-vis Emerging Europe ............................................ 49
14. Emerging Europe: Domestic Currency Deposits, Oct 2008–Mar 2009 .................................. 50
15. Emerging Europe: Exchange Rate Pressure Index, September 2008–May 2009 ................... 54
16. Financing Packages for Emerging European Countries Under IMF-Supported
Programs ...................................................................................................................................... 61

路过，看看。。。。。。。。。。。。。

这个。。IMF主页里就有的吧 自己去下就是 而且如果我没记错的话，去年10月就出来了。。