Southeastern Europe: Financial Deepening, Foreign Banks and Sudden Stops in Capital Flows
نویسنده
چکیده
FOCUS ON EUROPEAN ECONOMIC INTEGRATION Q1/09
منابع مشابه
How do Sudden Stops of Capital Flows Affect Currency Crises in Asia?
Sudden stops can be characterized by sharp reversals in capital inflows, large declines in output, and steep collapses in real asset prices (Mendoza and Smith, 2009). In almost all recent crises, capital account reversals amounting to more than 10% of an afflicted country’s GDP have occurred (Calvo and Reinhart, 1999 and Nabli, 1999). More specifically, reversals in capital flows to emergin...
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Central banks’ foreign exchange holdings have increased significantly in the recent past. This article explains this development as a result of the liberalisation of international capital markets. First, central banks accumulate reserves in order to protect the economy from detrimental effects of sudden stops in capital flows and flow reversals. Second, central banks use the accumulation of res...
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• Capital markets have undergone massive changes in the past decade; in Western Europe but of course more fundamentally in the Central and Eastern European Countries (CEEC). • The euro has fostered the transformation of financial systems toward a more market based approach. Its impact in Eastern Europe will be even stronger. • To ensure the success of EMU an active and open-market stance is req...
متن کاملThe Relationships among Capital Flow Surges, Reversals and Sudden Stops
We contribute to the growing literature on the behavior of capital flow surges and their relationships with sudden stops and capital flow reversals. We suggest a definition of true sudden stops based on gross foreign flows that is a subset of net capital flow reversals. We find that a majority of surges end in reversals of some type and this percentage is only slightly over half for surges in n...
متن کاملThe impact of sudden stops on bank lending: Are there cross-sectional differences?
Using annual financial statements of individual banks operating in East Asia and Latin America, we address the question whether banks are significantly affected by a sudden stop of capital inflows an important source of vulnerability in recent years in these regions. In particular, it is tested for cross-sectional differences in the lending behavior of banks during a sudden stop. In most cases,...
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تاریخ انتشار 2009