000			02787nam a22003377u 4500
001			pwiiw4074
003			OSt
005			20260517120329.0
008			161105t2016 au ||||| |||| 00| ||eng d
040			_cOSt
041			_aeng
084			_aE12 _aE44 _aF32 _aF34 _2jelc
100	1		_aGligorov, Vladimir
245	1	0	_aThe Transfer and Adjustment Problems in the Balkans
260			_aWien : _bWiener Institut für Internationale Wirtschaftsvergleiche (wiiw), _c2016.
490	1		_awiiw Balkan Observatory Working Papers _v125
520			_aAbstract 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.
650			_amacroeconomic imbalances
650			_acurrent account adjustment
650			_adebt problems
650			_aGreece
650			_aBalkans
650			_aKeynes
651			_aBalkan States
651			_aGreece
690			_aMacroeconomic Analysis and Policy
690			_aInternational Trade, Competitiveness and FDI
830		0	_v125 _wWIIW0000140 _twiiw Balkan Observatory Working Papers
856	4	0	_uhttps://wiiw.ac.at/p-4074.html
942			_cP _2z
999			_c8761 _d8761