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Title:From transition crises to macroeconomic stability? Lessons from a crises early warning system for Eastern European and CIS countries PDF Logo
Authors:Kittelmann, Kristina
Tirpak, Marcel
Schweickert, Rainer
Vinhas de Souza, Lúcio
Issue Date:2006
Series/Report no.:Kieler Arbeitspapiere 1269
Abstract:This paper uses a Markov regime-switching model to assess the vulnerability of a series of Central and Eastern European countries (i.e. Czech Republic, Hungary, Slovak Republic) and two CIS countries (i.e., Russia and Ukraine) during the period 19932004. For the new EU member states in Central and Eastern Europe, the results of our model show that the majority of crises in those countries can be explained by inconsistencies in the domestic policy mix and by the deterioration of macroeconomic fundamentals, as emphasized by first generation crises models, while for the CIS countries analysed, financial vulnerability type indicators were the most relevant, i.e., indicators connected with the second and third generation of crisis model better explain the vulnerability of these countries. Additionally, the set of indicators choosen by our model is rather heterogenous, supporting the superiority of a country-by-country approach.
Subjects:EU
CIS
Early warning system
Currency crisis
Markov switching
Central and Eastern Europe
JEL:C22
F47
P20
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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