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Risque pays : l’Europe de l’Est est-elle spécifique ?

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  • Pierre Laurent
  • Nicolas Meunier

Abstract

[eng] Country risk : is Eastern Europe specific ? . Apart from distinct past of other emergent countries and particularities, the specificity of Eastern Europe comes from the EU accession process. Today, we show that there is not any more default risk on public debt, or major fears on institutional environment. However a risk of economic crisis remains and must not be ignored. Paradoxically, this risk is linked to financial convergence implied by EU accession. This process is not easily compatible with the needed growth and purchase power catch up. . JEL classifications : F21, F34, F36, P34, P35 [fre] Outre une histoire antérieure distincte des autres pays émergents et certaines particularités, l'Europe de l'Est doit sa spécificité - en termes de risque pays - au processus d'adhésion à l'UE engagé depuis la chute du mur. Aujourd'hui, nous montrons qu'il n'existe plus, pour cette région, d'inquiétudes concernant le défaut sur la dette publique, ni de craintes majeures sur l'environnement institutionnel, mais que demeure un risque de crise économique qu'il serait dangereux de négliger. Ce dernier, paradoxalement, est lié au processus de convergence financière imposé pour rejoindre l'UE, processus qui reste difficilement compatible avec un nécessaire rattrapage en termes de croissance et de pouvoir d'achat. . Classification JEL : F21, F34, F36, P34, P35

Suggested Citation

  • Pierre Laurent & Nicolas Meunier, 2003. "Risque pays : l’Europe de l’Est est-elle spécifique ?," Revue d'Économie Financière, Programme National Persée, vol. 72(3), pages 31-44.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_72_3_4868
    DOI: 10.3406/ecofi.2003.4868
    Note: DOI:10.3406/ecofi.2003.4868
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    1. Michael A Landesmann & Sándor Richter, 2004. "Consequences of Accession: Economic Effects on CEECs," Palgrave Macmillan Books, in: Michael A Landesmann & Dariusz K Rosati (ed.), Shaping the New Europe, chapter 6, pages 149-184, Palgrave Macmillan.
    2. Virginie Coudert & Cécile Couharde, 2003. "Exchange Rate Regimes and Sustainable Parities for ceecs in the Run-up to emu Membership," Revue économique, Presses de Sciences-Po, vol. 54(5), pages 983-1012.
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    More about this item

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
    • P35 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Public Finance
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
    • P35 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Public Finance

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