Finanzielle Instabilität und Krise in den Post-Transformations-Ländern
Contagion was only the trigger of the unexpectedly severe crisis in European post-transition countries. Rather, increasing financial fragility of the countries since 2001, after their banking and financial sector was overtaken by international financial institutions, was the origin. Euphoric expectations induced an asset price inflation followed by an increasing debt burden of the private sector, which was fueled by net capital inflows. This study argues that simple concepts of demand reduction do not offer any way out of the crisis. A second transition is necessary, which establishes a new growth model being robust against speculative capital flows and offering high growth rates.