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The two oil price shocks of 1973-74 and 1979-80 have been by far the largest price movements to occur in the international economy in the postwar period. This book analyzes adjustment of oil-importing developing countries to those shocks with a view both to understanding an important episode in recent economic history, and to eliciting lessons that can guide successful adjustment to similar events in the future. The study develops quantitative economic methods and applies them to contemporary problems in order to yield useful insights for policy makers.

Rapid growth in Eastern Europe and the former Soviet Union since the Russian financial crisis of 1998 has moved 50 million people out of 400 million out of absolute poverty. This has been brought about by productivity growth, which allowed broad-based increases in real wages, together with the use of public transfers to benefit those who were not part of the labor force. In the new member states of the European Union that are the furthest advanced in the transition to a market economy, productivity growth is increasingly driven by improvements in how production is organized and carried out at...

The transition economies of Central and Eastern Europe and the former Soviet Union, among all emerging- and developing-economy regions, have been hardest hit by the global economic crisis of 2008-09. This is partly due to the region s deep integration into the global economy across many dimensions trade, financial, and labor flows. Attempts by countries that came later to the transition to catch up rapidly to Western European living standards at a time when global liquidity was unusually abundant, together with some policy weaknesses, made them vulnerable to reversals in market sentiment....