By R. Matousek
This publication offers a deep perception into the marketplace alterations and coverage demanding situations that transition economies have passed through within the final 20 years. It not just reviews on and evaluates the advance of monetary markets in transition economies, but in addition highlights the foremost stumbling blocks to complete integration of economic markets into the ecu marketplace.
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Extra resources for Money, Banking and Financial Markets in Central and Eastern Europe: 20 Years of Transition
In the UNIDO dataset there is a cluster of countries with a lower average firm size: Bulgaria, Romania, Croatia and Mongolia. 5). This suggests that on average countries with more concentrated banking markets have smaller firms. 6). This is a consequence of the fact that we have more observations for CR3 than for the other two concentration measures. The additional CR3 observations are for the period 1990–7 (taken from Cetorelli). Since the correlation between CR3 and average firm size from the UNIDO dataset is negative and statistically significant for the period 1999–2004,11 we can say that the positive overall correlation comes exclusively from the previous period, which is 1990–8.
3). 2). Elsewhere, international banks mostly maintained their loans at similar or higher levels as in Q4:2008 (especially in Hungary). 5 Is this crisis different? The prevailing view on the nature of financial crises among academics currently seems to be that all crises are essentially the same or, to paraphrase Reinhart and Rogoff (2009), ‘this time is no different’. Nonetheless, it is worth asking whether some aspects of the current crisis in CEE might be different from the past emerging market crises.
This raises the question as to how international banks might rebalance their operations in the region and how this might affect macroeconomic developments and financial stability. 0 Note: Consolidated foreign claims vis-à-vis developing Europe, on an immediate borrower basis. Source: BIS; IMF. subsidiaries will most probably take place via retail deposits. Greater access of subsidiaries to the wholesale funding obtained on the basis of their own credit ratings is hard to envisage at this stage.
Money, Banking and Financial Markets in Central and Eastern Europe: 20 Years of Transition by R. Matousek