Download or read book Credit Growth in Central Eastern and South Eastern Europe written by Malgorzata Iwanicz-Drozdowska and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we investigate the credit growth of foreign-owned banks in Central, Eastern, and South-Eastern Europe from 2000 to 2014. We intend to show whether foreign capital in the banking sector should be treated as a monolith, as it currently is in the literature. To this end, we analyse credit growth based on the status of the parent company (global systemically important banks, or G-SIBs, vs. non-GSIBs) and European Union membership of the countries of the subsidiaries. The analyses are carried out on a panel of banks with the use of the panel corrected standard errors methodology. Additionally, we differentiate between the pre-crisis and crisis/post-crisis periods to identify whether the policy of parents changed after the outbreak of the crisis. We find important differences in the determinants of the credit growth of subsidiaries, indicating that foreign capital in the banking sector should not be treated as a monolith.
Download or read book Early Birds Late Risers and Sleeping Beauties written by Ivanna Vladkova Hollar and published by International Monetary Fund. This book was released on 2003-11-01 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following a period of privatization and restructuring, commercial banks in Central and Eastern Europe and, more recently, in the Balkans have rapidly expanded their lending to the private sector. This paper describes the causes of this expansion, assesses future trends, and evaluates its policy implications. It concludes that bank credit to the private sector is likely to continue rising faster than GDP in the next few years throughout the region, picking up also in countries where so far it has been stalled. Although this growth should be regarded as a structural and positive development, policymakers will have to evaluate carefully its implications for macroeconomic developments and financial stability.
Download or read book Financial Development Integration and Stability written by Klaus Liebscher and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial industries in central, eastern and south-eastern Europe have undergone dramatic changes over the past decade. Foreign direct investment contributed to the development of market-oriented banking and financial systems able to support the rapid pace of economic growth in these countries. Policymakers, academics and private sector analysts have contributed to this volume with their stimulating insights on a broad range of issues, from recent credit booms to the cross-border integration of banking and capital markets. Anyone who wants to understand how finance, growth and financial stability interact in transition economies should read this book. Mario Draghi, Governor of the Banca d Italia and Chairman of the Financial Stability Forum This book highlights the achievements and challenges of the ongoing process of financial integration in Europe. The financial integration of Europe is both welcomed as an economic driving force and watched with concern as a source of potential stability. After all, changing financial, regulatory and corporate ownership structures are fuelling competition, capital mobility and financial intermediation, but at the same time creating new systemic risks. With a special focus on Central, Eastern and South-Eastern Europe, the contributors to this book explore a wide spectrum of underlying issues, including the finance-growth nexus, credit boom patterns, the implications of foreign bank entry modes, lessons learned from old EU member states and commercial bank strategies. Authoritative views from central bank officials and policymakers are complemented with a special focus on empirical and econometric evidence from academia as well as practical insights from key financial market players. This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes.
Download or read book Does Supply or Demand Drive the Credit Cycle Evidence from Central Eastern and Southeastern Europe written by Greetje Everaert and published by International Monetary Fund. This book was released on 2015-01-23 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries in Central, Eastern, and Southeastern Europe (CESEE) experienced a credit boom-bust cycle in the last decade. This paper analyzes the roles of demand and supply factors in explaining this credit cycle. Our analysis first focuses on a large sample of bank-level data on credit growth for the entire CESEE region. We complement this analysis by five case studies (Latvia, Lithuania, Montenegro, Poland, and Romania). Our results of the panel data analysis indicate that supply factors, on average and relative to demand factors, gained in importance in explaining credit growth in the post-crisis period. In the case studies, we find a similar result for Lithuania and Montenegro, but the other three case studies point to the fact that country experiences were heterogeneous.
Download or read book Post Crisis Growth and Integration in Europe written by E. Nowotny and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against the backdrop of the financial crisis that unfolded in 2008, this book deals with policy challenges going forward, focusing in particular on the ongoing catching-up process in Central, Eastern and South-Eastern European (CESEE) countries. Whilst having emerged relatively unscathed from the crisis, the CESEE economies nonetheless need to adjust to the new external conditions they will encounter. In this respect, decision-makers are faced with multiple sources of uncertainty: will post-crisis growth be the same as pre-crisis growth? What will be the future role of financial integration, growth financing and exports? What are the particular challenges facing monetary policy-makers and the banking sector in the region? On these issues and related topics, the book provides a multi-disciplinary assessment, combining the views of high-ranking central bankers and other policy-makers, commercial bankers and academics. Economists and students of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes will find this book of great interest and importance, especially those working on Central, Eastern and South-Eastern Europe.
Download or read book Real Convergence in Central Eastern and South Eastern Europe written by R. Martin and published by Springer. This book was released on 2009-02-27 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together policymakers, high-level practitioners, academics, and experts from central banks and international institutions in order to review key policy challenges for convergence in the region of central, eastern and south-eastern Europe. Contributions focus especially on inflation, growth, migration and the balance of payments.
Download or read book Banking Structure and Credit Growth in Central and Eastern European Countries written by Burcu Aydin and published by International Monetary Fund. This book was released on 2008-09 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a modeling framework that delivers joint forecasts of indicators of systemic real risk and systemic financial risk, as well as stress-tests of these indicators as impulse responses to structural shocks identified by standard macroeconomic and banking theory. This framework is implemented using large sets of quarterly time series of indicators of financial and real activity for the G-7 economies for the 1980Q1-2009Q3 period. We obtain two main results. First, there is evidence of out-of sample forecasting power for tail risk realizations of real activity for several countries, suggesting the usefulness of the model as a risk monitoring tool. Second, in all countries aggregate demand shocks are the main drivers of the real cycle, and bank credit demand shocks are the main drivers of the bank lending cycle. These results challenge the common wisdom that constraints in the aggregate supply of credit have been a key driver of the sharp downturn in real activity experienced by the G-7 economies in 2008Q4- 2009Q1.
Download or read book Money Banking Credit in the soviet union eastern europe written by Adam Zwass and published by Routledge. This book was released on 2017-07-28 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 1979. Essential information for understanding a credit system that is different from that of the 'Capitalist' countires and which has envolved into an integral and essential part of 'soviet- type economies'. Dr Zwass has done a workman-like job in providing another valuable contribution to our knowledge of economies of eastern europe- George Garvy.
Download or read book Central Eastern and South Eastern Europe CESEE written by Debora Revoltella and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The CESEE Bank Lending Survey is a unique instrument developed in the context of the Vienna Initiative to monitor cross-border banking activities and deleveraging in Central, Eastern and South-Eastern Europe. It serves to better understand the determinants/constraints influencing credit growth in the region and to gain forward-looking insights into the strategies of cross-border banks and market expectations regarding local financial conditions. This report presents the results of the EIB CESEE Bank Lending survey at the regional and single country levels.
Download or read book The Euro and Economic Stability written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Euro and Economic Stability assesses the euro area's merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view. Policymakers and economists provide relevant lessons from euro area divergences for future euro area members and, more generally, from the financial crisis, while banking representatives discuss post-crisis business models of banks in the area. Last but not least, a theoretical introductory chapter fills the gap between mainstream macroeconomic modelling and real-world decision-making. The prime audience for this invaluable book will be economists and other experts in the fields of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes. The book is also aimed at readers with a particular interest in the contributions' special regional focus: Central, Eastern and South-Eastern Europe.
Download or read book Determinants of the Credit Growth in CESEE Countries written by Malgorzata Iwanicz-Drozdowska and published by . This book was released on 2016 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the issue of determinants of the credit growth is not new in the literature, we re-examine this issue, taking into account some novel variables, such as the crisis dummy, the financial safety net (FSN) index and the ruling party dummies. In this study we analyse the credit growth in 20 countries from Central, Eastern and South-Eastern Europe (CESEE) with a special focus on the ownership structure of banks (state-owned, owned by international development banks, foreign-owned and domestic private-owned). We apply panel data regression to bank-level data, combined with country-specific data for the period from 1995 to 2014 (more than 3.500 observations). We find that banks owned by development banks are the least expansive, while state-owned banks are the most expansive in the growth of credit. Moreover, the credit growth was the highest when the ruling party is marked as 'centrist'. The crisis does not have a negative impact on the credit growth, however, there have been not too many crisis events in CESEE countries.
Download or read book Early Birds Late Risers and Sleeping Beauties written by Carlo Cottarelli and published by . This book was released on 2006 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following a period of privatization and restructuring, commercial banks in Central and Eastern Europe and, more recently, in the Balkans have rapidly expanded their lending to the private sector. This paper describes the causes of this expansion, assesses future trends, and evaluates its policy implications. It concludes that bank credit to the private sector is likely to continue rising faster than GDP in the next few years throughout the region, picking up also in countries where so far it has been stalled. Although this growth should be regarded as a structural and positive development, policymakers will have to evaluate carefully its implications for macroeconomic developments and financial stability.
Download or read book Leasing Credit and Economic Growth written by Peter Haiss and published by . This book was released on 2009 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Macroprudential Policies in Southeastern Europe written by Dilyana Dimova and published by International Monetary Fund. This book was released on 2016-02-15 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a detailed account of the rich set of macroprudential measures taken in four Southeastern European countries—Bulgaria, Croatia, Romania, and Serbia—during their synchronized boom and bust cycles in 2003–12, and assesses their effectiveness. We find that only strong measures helped contain domestic credit growth, the share of foreigncurrency- denominated loans provided by the domestic banking sector, or the domestic banking sector’s reliance on foreign borrowing during the boom years. We also find that circumvention via direct external borrowing often fully offset the effectiveness of these strict measures, and thatmeasures taken during the bust had no discernible impact. We conclude that (i) proper calibration of macroprudential measures is of the essence; (ii) only strong, broad-based macroprudential measures can contain credit booms; (iii) econometric studies of macroprudential policy effectiveness should focus on measures rather than on instruments (i.e. classes of measures) and in so doing allow for possible non-linear and state-contingent effects.
Download or read book Economic Development and Financial Markets written by Adam Śliwiński and published by Springer Nature. This book was released on 2019-12-07 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers fresh insights into the economic development and financial markets of Southeastern and Central European countries. The first part analyses macroeconomic trends and monetary policy issues, while the second part explores the development of financial and insurance markets. With contributions covering topics such as regional and income inequalities, economic embeddedness, industrial competitiveness, entrepreneurship, financial integration, insurance markets, and other socio-economic aspects, it appeals to scholars in the field of economics and finance interested in the further economic development of the Balkans and Eastern European countries as well as to professionals in the financial and insurance sectors.
Download or read book The Impact of the Global Crisison South Eastern Europe written by Mr.Emidio Cocozza and published by International Monetary Fund. This book was released on 2011-12-01 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible country-specific constraints. While sharing a common pre-crisis pattern of strong capital inflows and robust growth, a key difference in the conduct of macroeconomicpolicies is that some countries adopted expansionary (and procyclical) fiscal policies. These moves exacerbated external vulnerabilities and compromised the ability to discretionarily use the fiscal instrument in acountercyclical fashion.
Download or read book Leasing and Economic Growth Evidence for Central and South Eastern Europe written by Elisabeth Kichler and published by . This book was released on 2011 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit and its vast growth in transition economies attracted a lot of research while less attention was given to the even faster growth of leasing and the aggregate impact of financial market segments. Applying a panel data approach over 1999-2006, we investigate the finance-growth nexus (credit, stock, bond) for ten Eastern European countries with a production function and include leasing. We find that leasing and credit positively contributed to economic growth; we confirm on a broader basis that macroeconomic stability and a sound legal system are important preconditions for a positive impact of the financial sector; we find that leasing and credit are rather complements than substitutes and that taking alternative forms of finance like leasing into consideration is necessary for a full picture of the impact of finance.
