(Ebook) The Second Decade of Transition in Emerging Europe by Ognjen Radonjić and Srđan Kokotović ISBN 9788686563996, 8686563996

(Ebook) The Second Decade of Transition in Emerging Europe by Ognjen Radonjić and Srđan Kokotović ISBN 9788686563996, 8686563996

In this book Ognjen Radonjić and SrdjanKokotović reject widely prized and adoptparadigm of efficient markets and universallyundisputed measures of economic success ofsmall open economies, such asmacroeconomic stabilization and fullliberalization and deregulation of financial andtrade flows. In contrast, as authors emphasize,if policy creators do not limit the level of debtsof local market participants, most importantlythe short-term debts and debts denominated inforeign currency, which is in the most casesdirected towards consumption anddevelopment of non-tradable sectors, crisis iscertain. This is because, prior to and duringmassive capital inflows, local economy has notcreated foundations for sustained developmentnecessary not only because debts have to berepaid, but also to provide more economicindependence in the future.All in all, this bookrepresents refreshment in both domestic andinternational literature and indisputably bearsscientific contribution to present and futureanalysis of this quintessential economic issue.Professor Miodrag Zec,Faculty of Philosophy, Belgrade, Serbia