Objective: 

The lecture touches upon a wide spectrum of decisions of post-communist governments taken in the last two decades, which have transformed Central European Economies into emerging markets.
Special attention will be paid to the problems of social reforms applied in Central and Eastern Europe.
In the second part of the 90’s Poland, the Czech Republic and Hungary became a classical “emerging markets” challenged by currency crisis, resources access, migrations, trade competition etc. Therefore, the most important points of the lecture will be: economic transformation, labour market policies, pension and health care reforms, than opening the domestic market for foreign trade and financial investments. The last part of the lecture concentrates on threats of the Global Financial Crisis, the Migration Crisis and the Problem of Ageing Societies.

Assessment: 
Term paper (70%), class attendance (30%)

Contents: 
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Introduction

Heritage of Central Planning

Mechanisms and Forms of Economic Transformation – Shock Therapy vs. Gradual Reforms

Privatization

Evolution of Foreign Trade during Transformation

Fiscal and Monetary Policy during Transformation

Labor Market Policies during Transformation

Problem of Ageing Societies

Social Reforms – Pension Reforms

Pension Reforms and Development of Regional Financial Markets

Healthcare Reforms

Global Financial Crisis in the CEE

Post Crisis Economic Policy

Migration Crisis

Summary

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Recommended reading: 
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Joost Platje, Institutional Change and Poland’s Economic Performance since the 1970s, Wroclaw 2004

Ivan T. Berend, From the Soviet Bloc to the European Union, Cambridge 2009.

Nicola Acocella, Giovanni Di Bartolomeo, Andrew Hughes Hallett, Macroeconomic Paradigms and Economic Policy, Cambridge 2016

Gros D., Steinherr A., Economic Transition in Central and Eastern Europe, Cambridge 2004

Barr N., Reforming Pensions: Myths, Truths, and Policy Choices, IMF Working Papers, WP/00/139

Mihalyi P., De-integration and disintegration of health care in post – communist economies, Budapest 2005

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