Download or read book Ten Years of the Vienna Initiative 2009 2019 written by and published by . This book was released on 2019 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amidst the global financial crisis, international institutions, national authorities and international commercial banks collaborated closely to prevent contagion spreading to Central, East and south east Europe. They built a platform, the Vienna Initiative, that helped curb disruptions and restore confidence in the banking system. Ten years later, the Vienna Initiative has transformed itself into a broader platform for collaboration. It tackles the unique challenges of a region that combines widespread cross-border banking with regulatory and supervisory interdependence, to better support innovation and growth. Commemorating 10 years of the Initiative, this book brings together experiences from the key actors and institutions involved from the beginning.

Download or read book Ten years of the Vienna Initiative 2009 2019 written by European Investment Bank and published by European Investment Bank. This book was released on 2019-12-19 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: This year, the Vienna Initiative marks its 10th anniversary. For this special occasion, the Steering Committee has prepared a commemorative book, with essays and contributions from the key actors and institutions instrumental to the work of the Vienna Initiative since its inception. This volume provides a unique window on the Vienna Initiative's innovative crisis mitigation activities, its subsequent evolution and its current scope. At the time of the Lehman crisis, international institutions, national authorities and international commercial banks collaborated closely, taking full responsibility for their strategies in the CESEE region and voluntarily providing firm commitments on their activities. In the form of the Vienna Inititive, they built a functioning coordination platform, capable of transforming and evolving according to changing needs. Ten years later, this coordination platform remains an important of effective inter-institutional and private-private sector cooperation. The establishment of the Vienna Initiative was far from easy. However, given the size of euro area banks' cross-border operations in CESEE, a disorderly deleveraging would have been very costly for both CESEE countries and the foreign banks. With this in mind, the main stakeholders eventually got together to participate in the Vienna Initiative and achieve its main objective. The foreign banking groups committed to maintain their presence in the region, while the EIB, EBRD and the World Bank Group provided substantial financing to banks and the real economy. These efforts had a major positive impact on the region. They helped curb liquidity disruptions and restore confidence in the banking system, while alleviating balance of payments pressures. This coordinated response from commercial banks and IFIs was a prerequisite for the success of the IMF-funded macroeconomic adjustment programs in several CESEE countries. Over time, the Vienna Initiative has transformed itself from a crisis mitigation instrument to a broader coordination platform, dealing with the unique challenges of widespread cross-border banking with regulatory and supervisory interdependence, while supporting the emergence of an efficient, deep and sound banking and financial sector that supports growth in the region. In particular, with CESEE countries on a solid recovery path, the focus has shifted to tackling the legacy problem of high NPLs, or to dealing with the impact of the EU's upgraded institutional framework – particularly the creation of the Banking Union – on the host countries, most of which do not participate in the Banking Union. With the region needing to transform, up-scale its innovation capabilities and adjust to technological change, a dedicated working group has been set up to propose measures that could improve access to finance for innovative firms which typically lack tangible assets and thus may have hard time obtaining standard bank loans in a system that still offers limited alternatives. The Vienna Initiative has been a major achievement of international coordination and an important instrument for the future of the CESEE region.

Download or read book Transforming Markets written by Andrew Kilpatrick and published by Central European University Press. This book was released on 2021-09-29 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second volume of the history of the European Bank for Reconstruction and Development (EBRD) takes up the story of how the Bank has become an indispensable part of the international financial architecture. It tracks the rollercoaster ride during this period, including the Bank’s crucial coordinating role in response to global and regional crises, the calls for its presence as an investor in Turkey, the Middle East and North Africa and later Greece and Cyprus, as well as the consequences of conflicts within its original region. It shows how in face of the growing threat of global warming the EBRD, working mainly with the private sector, developed a sustainable energy business model to tackle climate change.Transforming Markets also examines how the EBRD broadened its investment criteria, arguing that transition towards sustainable economies requires market qualities that are not only competitive and integrated but which are also resilient, well-governed, green and more inclusive. This approach aligned with the 2015 Paris Agreement and the international community’s 2030 Agenda for Sustainable Development, with its core set of 17 sustainable development goals. The story of the EBRD’s own transition and rich history provides a route map for building the sustainable markets necessary for future growth and prosperity.

Download or read book Elgar Encyclopedia of Financial Crises written by Sara Hsu and published by Edward Elgar Publishing. This book was released on 2023-12-11 with total page 509 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning with the 2008 global crisis in the United States, and particularly after the COVID-19 pandemic shook economies around the world, academics, practitioners, and other experts have become increasingly sensitised to the potential for financial and economic fragility to result in a systemic breakdown. Presenting a synopsis of lessons learnt from financial crises arising out of the 19th, 20th and 21st centuries, each entry examines a unique past issue to help to develop future outcomes, operating as a touchstone for further research.

Download or read book Deciphering the European Investment Bank written by Lucia Coppolaro and published by Taylor & Francis. This book was released on 2022-06-07 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deciphering the European Investment Bank: History, Politics and Economics examines the European Investment Bank (EIB), the European Union’s financial institution and the largest lender and borrower among the International Financial Institutions. Since its establishment in 1958, the EIB has developed without becoming front-page news and has remained highly invisible. By putting together 14 chapters that analyze topical and meaningful moments and aspects of the bank, this edited book offers the first comprehensive analysis of its origins and its evolution in terms of its mandate, governance, structures, policy activity, and performance. Written by acknowledged experts from various disciplines, the chapters weave together history, economics, law, and political science to provide a multidisciplinary examination and capture the complexity of the EIB. The book is a timely initiative for understanding the EIB, whose role has been ever increasing for contributing to the recent global economic challenges, including the economic and financial crisis, climate change, and COVID-19 pandemic. The chapters are written at a level which will be comprehensible to undergraduates in economics, history, and international political economy. It will also be a valuable source of reference for academics, policy makers, bankers, and other practitioners interested in regional development banks and their role in the global economy.

Download or read book Hungary and Other Emerging EU Countries in the Financial Storm written by Júlia Király and published by Springer Nature. This book was released on 2020-08-18 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the banking crisis and the events surrounding it in Hungary and other emerging EU member countries in 2007-2013. Written by Júlia Király, a former policymaker, and the Deputy Governor of the Hungarian Central Bank at the time of the crisis, it also offers a firsthand account of the processes in and responses to the financial crisis. While there is extensive literature on the crisis, most of it focuses on the US or the Eurozone, sometimes mentioning the “emerging world” in passing. However, Central and Eastern Europe experienced the crisis very differently than other emerging countries. In the pre-crisis years, the region in accession to the EU attracted abundant fresh capital, but the seemingly unconstrained global liquidity fuelled credit bubbles. After the Lehman crisis, capital rapidly fled these countries. In this part of the world, the recession proved to be much worse than elsewhere, with double-digit growth soon turning into a double-digit decline in GDP. Several countries had to turn to the IMF and the EU for stand-by credit. Based on her own inside experience as a top central banker, the author offers a personal yet professional analysis of the causes and consequences of the financial hurricane.

Download or read book The Digitalization of Financial Markets written by Adam Marszk and published by Routledge. This book was released on 2021-10-10 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides deep insight into theoretical and empirical evidence on information and communication technologies (ICT) as an important factor affecting financial markets. It is focused on the impact of ICT on stock markets, bond markets, and other categories of financial markets, with the additional focus on the linked FinTech services and financial institutions. Financial markets shaped by the adoption of the new technologies are labeled ‘digital financial markets’. With a wide-ranging perspective at both the local and global levels from countries at varying degrees of economic development, this book addresses an important gap in the extant literature concerning the role of ICT in the financial markets. The consequences of these processes had until now rarely been considered in a broader economic and social context, particularly when the impact of FinTech services on financial markets is taken into account. The book’s theoretical discussions, empirical evidence and compilation of different views and perspectives make it a valuable and complex reference work. The principal audience of the book will be scholars in the fields of finance and economics. The book also targets professionals in the financial industry who are directly or indirectly linked to the new technologies on the financial markets, in particular various types of FinTech services. Chapters 2, 5 and 10 of this book are available for free in PDF format as Open Access from the individual product page at www.routledge.com. They have been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.

Download or read book Does EU Membership Facilitate Convergence The Experience of the EU s Eastern Enlargement Volume I written by Michael Landesmann and published by Springer Nature. This book was released on 2021-02-11 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume analyses how EU membership influenced the convergence process of member countries in the Baltics, Central-Eastern and South-Eastern Europe. It also explores countries that are candidates for future EU membership. The speed of convergence of significant groups of low- and medium-income countries has never been as fast globally as it is today. Contributions by lead researchers of the area explore whether these countries are converging faster than their fundamentals and global trends would suggest because of EU membership, with its much tighter institutional and political anchorage

Download or read book Why Vienna gets high marks written by Eugen Antalovsky and published by European Investment Bank. This book was released on 2018-11-06 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay reviews the political circumstances and strategic orientations of Vienna's comprehensive urban development policy, and how the EIB's investments facilitated key projects and supported Vienna's process of urban modernisation. Urban development in Vienna took place in four cycles, which are characterised by distinctive internal and external conditions and opportunities. Each prompted different levels of EIB engagement.

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

Download or read book A Decade after the Global Recession written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-19 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.

Download or read book The Palgrave Handbook of European Banking written by Thorsten Beck and published by Springer. This book was released on 2017-01-12 with total page 678 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook presents a timely collection of original studies on relevant themes, policies and developments in European banking. The contributors analyse how the crisis years have had a long lasting impact on the structure of European banking and explore the regulatory architecture that has started to take form in their wake. Academic experts and senior policy makers have contributed to this volume, which is organized in five main parts. The first part presents an overview of European banking through the crisis and beyond. The second part analyses performance and innovation in EU banking markets. The third part discusses the key regulatory changes aimed at fostering financial stability. Part four looks at the relevance of cross-border banking and part five presents a detailed analysis of the main EU banking markets. This is a highly informative and carefully presented handbook, which provides thought-provoking insights into the past, present and future landscapes of European banking. It will appeal to a wide readership, from scholars and students, through to researchers, practitioners and policy-makers.

Download or read book The story of your city written by Greg Clark and published by European Investment Bank. This book was released on 2018-10-31 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: By the end of this century, 9 out of 10 Europeans will live in an urban area. But what kind of city will they call home? You'll find all the answers in CITY, TRANSFORMED, the new essay series from the European Investment Bank. This panoramic first essay in the series lays out a great sweeping history of European cities over the last fifty years—and showcases new directions being taken by some of our most innovative cities. Urban experts Greg Clark, Tim Moonen, and Jake Nunley based at University College London take a definitive look at how Europe's cities transformed from post-industrial decline to thriving metropolises that are as prosperous and liveable as anywhere on Earth.

Download or read book Doing Business 2019 written by World Bank and published by World Bank Publications. This book was released on 2018-11-30 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sixteenth in a series of annual reports comparing business regulation in 190 economies, Doing Business 2019 measures aspects of regulation affecting areas of everyday business activity.

Download or read book International Monetary Fund Annual Report 2019 Financial Statements written by International Monetary Fund and published by International Monetary Fund. This book was released on 2019-10-04 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018

Download or read book Handbook of Banking and Finance in Emerging Markets written by Nguyen, Duc K. and published by Edward Elgar Publishing. This book was released on 2022-10-14 with total page 867 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging markets are increasingly facing significant challenges, from a slowdown in productivity, rising debt, and trade tensions to the adverse effects of proliferating global uncertainty on domestic financial systems. This incisive Handbook examines the ongoing dynamics of global financial markets and institutions within the context of such rising uncertainty and provides a comprehensive overview of innovative models in banking and finance.