02787nam a22003377u 4500 pwiiw4074 OSt 20260516120107.0 161105t2016 au ||||| |||| 00| ||eng d OSt eng E12 E44 F32 F34 jelc Gligorov, Vladimir The Transfer and Adjustment Problems in the Balkans Wien : Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw), 2016. wiiw Balkan Observatory Working Papers 125 Abstract How to deal with significant external imbalances due to persistent cross-border financial flows which eventually dry out while accumulated foreign debts need to be financed from increased exports? Keynes and Ohlin, primarily, debated an apparently more specific issue of unilateral transfers in the case of German reparations after the World War I and that debate has had lasting influence on the theory of trade and international finance and even on the understanding of the dynamics of exchange rates in financial and fiscal adjustment. These issues have resurfaced in the discussions of financial crisis in a monetary union, like that of the euro area. The aim of this essay is to use the arguments presented in this debate and in subsequent clarifications  and extensions to understand the development of external imbalances in the Balkans and the prolonged adjustment in the context of the financial crisis after 2008. The motivation is that this is an important topic in international macroeconomics and a recurrent problem in this region, though I will look more thoroughly only into the last episode of the financial crisis from 2008 onwards. The essay follows the arguments advanced in this classic debate and applies them to examples of post-crisis adjustment in the Balkans (not just in the post-socialist countries, but also looking at the problems that Greece is having with servicing its large foreign debt). The essay should provide the framework for the understanding of Balkan problems of adjustment to outward transfers to service in some cases of unsustainable foreign debts. It also seeks to develop hypotheses that invite a detailed look at the data and their assessment by somewhat more in depth discussion of particular cases. macroeconomic imbalances current account adjustment debt problems Greece Balkans Keynes Balkan States Greece Macroeconomic Analysis and Policy International Trade, Competitiveness and FDI 125 WIIW0000140 wiiw Balkan Observatory Working Papers https://wiiw.ac.at/p-4074.html P z 8761 8761 0 0 0 0 BIB BIB 1 2016-11-05 pwiiw4074 0 125 1000010004074 2016-11-05 00:00:00 2019-02-05 P