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The impact of China on Europe and Central Asia (English)

The economies of Europe and Central Asia (ECA) are facing complex challenges. In the eastern part of the region the task of governments is to orchestrate a coordinated crisis response. The collapse of oil revenues and the associated decline in remittances triggered a chain reaction of shocks. Adjustment to these shocks requires a new monetary policy regime, resolution of serious fragilities in banking sectors, fiscal reforms that put government finances on a sustainable path, while guaranteeing fair burden sharing, and facilitation of job creation in sectors that compete internationally. In the western part of the region policy coordination within the European Union is being tested by the refugee crisis and a possible Brexit. Meanwhile the Chinese economy has slowed down and is in the process of fundamental transformation. Also these developments have major impacts on the ECA region. The report analyses all these challenges and points at the opportunities to become more competitive in global markets.

Details

  • Author

    Timmer,Hans, Bussolo,Maurizio, Gould,David Michael, Letelier,Raquel Alejandra, Nguyen,Tu Chi, Panterov,Georgi Lyudmilov, Shaw,William, Ushakova,Ekaterina, Burns,Andrew, Izvorski,Ivailo V., Pigato,Miria A., Sanchez,Carolina

  • Document Date

    2016/04/01

  • Document Type

    Publication

  • Report Number

    104605

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Europe and Central Asia,

  • Region

    Europe and Central Asia,

  • Disclosure Date

    2016/05/03

  • Disclosure Status

    Disclosed

  • Doc Name

    The impact of China on Europe and Central Asia

  • Keywords

    banking sector;Stabilization and Association Agreement;business as usual scenario;capital flow;Bureau of Economic Analysis;real effective exchange rate;trade and labor markets;scheme will;short period of time;real exchange rate depreciation;decline in remittance;share of import;share of export;international capital flow;oil revenue;interest rate floors;human capital endowment;working age population;return of migrants;tight monetary policy;global supply chain;real estate collateral;credit reporting system;oil price collapse;return on asset;pace of expansion;Capital Adequacy Ratio;risk of default;monetary policy regime;per capita income;real estate price;credit default swap;oil producing country;financial safety net;underdeveloped financial infrastructure;foreign debt service;foreign direct investment;purchasing power parity;consumer price index;international financial market;high unemployment rate;flexible work arrangement;emergency liquidity support;banking sector distress;private consumption growth;deposit insurance scheme;oil exporting countries;unit labor costs;labor market condition;rapid export growth;privileges and immunity;market in europe;tradable sector;refugee crisis;real depreciation;global trade;percent change;Financial Sector;dollar value;import price;global export;silver lining;gravity model;downward adjustment;industrial production;export volume;bank resolution;fiscal space;economic recovery;Natural Resources;trade flow;skill premium;bank problem;safe haven;world trade;liquid asset;banking crisis;bank stock;business model;Exchange Rates;binding constraint;chain reaction;domestic demand;Job Creation;home price;constant price;Fiscal policies;job loss;fiscal policy;adverse shock;unskilled worker;downside risk;Host Communities;global market;solvency problem;subordinated debt;regulatory forbearance;excess liquidity;asset quality;corporate governance;credit demand;banking asset;cooperative bank;stock price;foreign capital;foreign currency;negative effect;failed bank;oil boom;modest increase;external shock;denominated loans;state support;capital erosion;unsecured creditor;dollar deposit;currency mismatch;state intervention;accession negotiation;state ownership;export proceeds;political intervention;oil shock;payment system;insolvency framework;financial intermediation;budgetary provision;accession process;social fabric;senior bondholder;Financial Stability;visa requirements;social impact;global economy;production elasticity;investment rate;foreign producer;poverty forecast;fiscal account;job market;commercial purpose;asylum application;economic migrant;humanitarian crisis;older worker;retail service;labor income;foreign source;employment opportunities;transportation cost;trade growth;export performance;refugee flows;rent seeking;original work;international competitiveness;employment opportunity;equal employment;participation rate;import volume;stock market;social contract;copyright owner;policy option;fundamental changes;domestic sale;emerging economy;geopolitical tension;cross-border movement;terrorist attack;import penetration;steep decline;real income;production volume;external balance;currency depreciation;financial dollarization;Emerging economies;domestic consumption;global development;export data;negative welfare;education level;Fiscal Reform;burden sharing;investment good;output growth;foreign competitor;agricultural sector;industrial sector;take time;dorsati madani;congyan tan;Hydro Power;comparative advantage;total employment;export value;rural occupation;sectoral classification;trade surplus;total trade;regional aggregation;joint product;net surplus;primary goods;currency devaluation;irregular migrant;international sanction;portfolio flow;bank lending;financial concern;gradual decline;banks' share;receiving countries;Capital Inflows;illegal migration;constitutional court;adjustment cost;dynamic growth;capital reversal;migration experience;

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Citation

Timmer,Hans Bussolo,Maurizio Gould,David Michael Letelier,Raquel Alejandra Nguyen,Tu Chi Panterov,Georgi Lyudmilov Shaw,William Ushakova,Ekaterina Burns,Andrew Izvorski,Ivailo V. Pigato,Miria A. Sanchez,Carolina

The impact of China on Europe and Central Asia (English). Europe and Central Asia economic update Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/136351467990956476/The-impact-of-China-on-Europe-and-Central-Asia