Post-Transition and Emerging Economies ten years after the Financial Crisis: Policies, Response, Performance and Challenges
The impact of the Financial Crisis and Great Recession on post-transition and emerging economies has varied tremendously. Some economies experienced very large recessionary shocks with long-lasting effects for the labor market, human capital formation and growth. For others policy and economic structure alleviated potential negative effects. Importantly for some countries, the Great Recession also slowed or postponed systemic reform efforts. Understanding the differential impact and means of diffusing the negative consequences is important for scholars and policy makers. Hence, it strikes us as important to take stock of the performance and policy reactions of post-transition and emerging economies, broadly defined, nearly ten years after the Great Recession. Additionally, challenges to globalization and the environment remain while new challenges to international economic and security institutions arise. A comparative perspective is essential to understand how workers, firms and governments adjusted to the economic shocks that occurred, challenges that remain and new challenges that lie ahead. A systemic approach provides essential perspective as individual economies had made varying degrees of progress in the transition process and will be differentially affected by challenges on the horizon.