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An Eastern European Perspective on the Recent Financial Crisis and an Examination of Poland’s Exceptionalism

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Emerging Economies During and After the Great Recession

Part of the book series: International Papers in Political Economy Series ((IPPE))

Abstract

The article reviews the growth of the Eastern European countries after their transition and up to 2007 and then assesses the impact of the US financial crisis on them, making appropriate references to the growth of the South East Asian economies in the 1980s with which they share many features during their convergence process with the Western European economies. The macroeconomic policy responses are outlined and their success measured. The final part of the chapter looks specifically at Poland’s experience on the grounds that it has been an exceptional economy both before and after the crisis for a number of reasons. These include the role of small and medium-sized enterprises, inward FDI, its low export/GDP ratio, tight financial regulations and the pursuit of macroprudential policies.

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Author information

Authors and Affiliations

  1. University of Cambridge, UK

    Nigel F. B. Allington & John S. L. McCombie

Authors
  1. Nigel F. B. Allington
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  2. John S. L. McCombie
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Editor information

Editors and Affiliations

  1. Cambridge Centre for Economic and Public Policy, University of Cambridge, UK

    Philip Arestis (Director of Research and Professor of Economics) (Director of Research and Professor of Economics)

  2. University of the Basque Country, Spain

    Philip Arestis (Director of Research and Professor of Economics) (Director of Research and Professor of Economics)

  3. University of Leeds, UK

    Malcolm Sawyer (Emeritus Professor of Economics) (Emeritus Professor of Economics)

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© 2016 Nigel F.B. Allington, John S.L. McCombie

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Allington, N.F.B., McCombie, J.S.L. (2016). An Eastern European Perspective on the Recent Financial Crisis and an Examination of Poland’s Exceptionalism. In: Arestis, P., Sawyer, M. (eds) Emerging Economies During and After the Great Recession. International Papers in Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137485557_6

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