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Foreign Debt in the New East-Central Europe: A Threat to European Integration?

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  • R A Gibb
  • W Z Michalak

Abstract

East-Central Europe (Hungary, Poland, and Czechoslovakia—ECE) is one of the least known parts of the world in English-language geography. In spite of its proximity to Western Europe and the European Community (EC) it has received a very modest amount of attention from English-speaking geographers compared with that from German-speaking and French-speaking colleagues. Studies of political and economic geography of the ECE are also hampered by the lack of appropriate methodology and theory. Some of the most important issues involved lie in the economic sphere of transition from a centrally planned economy to a market economy. In the current paper, an attempt is made to survey and evaluate the size and character of existing debt stocks owed to the West by ECE and then to assess their likely impact on the political and economic geography of Europe and the EC. It is concluded that the international financial community is making it politically difficult for the countries in the region to persist with their structural reforms and stabilization policies. The future political and economic geography of ECE and EC depends, to a large extent, on the ability of the Western financial system to respond to the long-term needs of the region.

Suggested Citation

  • R A Gibb & W Z Michalak, 1993. "Foreign Debt in the New East-Central Europe: A Threat to European Integration?," Environment and Planning C, , vol. 11(1), pages 69-85, March.
    • Handle: RePEc:sae:envirc:v:11:y:1993:i:1:p:69-85
    DOI: 10.1068/c110069
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    References listed on IDEAS

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    1. Richard Portes, 1980. "Effects of the World Economic Crisis on the East European Economies," The World Economy, Wiley Blackwell, vol. 3(1), pages 13-52, June.
    2. Irma Adelman, 1990. "W. Arthur Lewis lecture: Should there be a marshall plan for eastern europe?," The Review of Black Political Economy, Springer;National Economic Association, vol. 19(2), pages 17-42, September.
    3. Jan Adam, 1989. "Economic Reforms in the Soviet Union and Eastern Europe since the 1960s," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-19709-5, December.
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