EconoMonitor

Ed Dolan's Econ Blog

Roubini Topic Archive: Emerging Europe and CIS

  • Program Notes for the Greek Endgame: Austerity, Cyprus, and Currency Union Exits

    The Greek government has rejected the latest austerity and reform proposals from the EU, the ECB, and the IMF.  It has declared a national referendum, scheduled for Sunday, and urges a “No” vote. “”We ask you to reject it with all the might of your soul, with the greatest margin possible,” says Prime Minister Alexis […]

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  • Doing Business with Putin’s Russia: Why it’s Dangerous to Trade with People who don’t Believe in Trade

    I spent the 1990s teaching economics at a business school in Moscow. Our students were graduates of FizTech, Mekh-Mat, MIFI—the whole alphabet soup of science and technology schools that had fed the Soviet military-industrial establishment. These young men and women had degrees in things like “laser weapons platform design” that weren’t in much demand in […]

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  • Ukraine’s Heavy Industry : Glittering Prize or White Elephant?

    According to some accounts, the conflict in Eastern Ukraine is a tug of war over the region’s mines, steel mills and other heavy industry. The website European Dialog, for example, tells us the region is “crucial to Russia,” which “values Ukraine because of industries, like steel and agriculture, that have served as vital inputs for […]

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  • Ukraine or Russia? How Would Economic Factors Influence a Vote?

    Last month residents of Crimea voted to secede from Ukraine and join the Russian Federation. Although many in the West have questioned the freedom and fairness of the referendum, which was held in the intimidating presence of Russian troops, no one doubts that many Crimean residents did have a true preference for the Russian option. […]

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  • Why the Baltic Recovery is Not a Success Story for Austerity: Lessons for the US

    While EU members along the shores of the Mediterranean struggle with a seemingly endless slump, others who dip their toes in the Baltic are making a strong comeback. As the following chart shows, real GDP growth in the Baltic 3—Estonia, Latvia, and Lithuania—has recently run well above the euro area average. Meanwhile, the Med 4—Greece, […]

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  • Breakup of the Ruble Area (1991-1993): A Cautionary Tale for the Euro

    Good news: The euro crisis is over. At least that is how French President Francois Hollande sees it, according to remarks he made during his recent trip to Japan. Latvia’s pending entry is another piece of news for the battered currency area. Never mind minor problems like a deepening recession in many countries, unsustainable government […]

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  • Why Latvia’s Decision to Join the Euro Makes Sense

    Last week’s convergence report from the European Commission gave Latvia the green light to become the eighteenth member of the eurozone as of next January. “The eurozone is again a club with a queue–not at the exit but at the entrance,” crowed Herman Van Rompuy, president of the European Council. “Joining the eurozone will foster […]

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  • Slovenia Is Not The Next Cyprus, but That Doesn’t Mean It’s Not in Trouble

    Leo Tolstoy wrote that all happy families are alike, but each unhappy family is unhappy in its own way. Much the same is true of economies. Maybe that was what EU Commission President Jose Barosso had in mind when he said recently that, “it is a completely different situation in Cyprus and in Slovenia.” Different, […]

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  • Can Lithuania’s New Government Meet the Economic Challenges Ahead?

    Commentators often portray the Baltic countries as laboratories for testing the effects of austerity under fixed exchange rates. Although they share many common traits, Lithuania, Latvia, and Estonia have each followed distinctive paths during the global economic crisis. Estonia maintained tighter fiscal discipline going into the crisis, helping it to win entry into the Euro. […]

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  • Behind the Russian Protests: Rising Economic Expectations and a Business Leader Turned Activist

    Last week saw another mass protest in Moscow, the first since Vladimir Putin has returned to the presidency and undertaken tough new measures to curb the opposition. As seen on Western TV, the demonstrations appear to be dominated by the colorful flags of monarchists, anarchists, communists, and other extremist groups, but those images are misleading. […]

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