Who is to blame for the credit crunch: foreign ownership or foreign funding?

Erik Feyen, Raquel Letelier, Inessa Love, Samuel Munzele Maimbo, Roberto Rocha, 15 March 2014

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From boom to crunch

Although most developing countries around the world experienced a severe contraction of bank credit during the recent global financial crisis, the Eastern Europe and Central Asia (ECA) region was disproportionately hit after it had experienced very high credit growth (Figure 1).

Figure 1. Banking system trends in ECA

Topics: Financial markets, Global crisis, International finance
Tags: banking, Central Asia, Credit crunch, credit growth, cross-border banking, Eastern Europe, global financial crisis

Eastern European migrants are net contributors – not costs – in the West

Joakim Ruist, 17 September 2013

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In 2004 when the EU expanded from 15 to 25 member countries, all EU15 countries except Sweden made use of the possibility to temporarily restrict the new EU citizens’ access to their labour markets and welfare systems for up to seven years. The UK and Ireland only imposed minor restrictions.

Topics: Migration
Tags: Eastern Europe, EU, public finance

Growing together: Croatia and Latvia

Thorvaldur Gylfason, Eduard Hochreiter, 8 December 2010

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Croatia and Latvia regained independence in the early 1990s. While Latvia could promptly start adjusting its policies to prepare for its integration into the EU (and NATO), Croatia suffered a bloody war of independence that, including its political aftermath, set its EU ambitions back by about a decade.

Topics: Development, Europe's nations and regions
Tags: Croatia, Eastern Europe, Latvia

Regional development policies: Place-based or people-centred?

Indermit Gill, 9 October 2010

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Economic policy and economic geography are very much live issues, even if Paul Krugman (2010) suggested that the heyday of the New Economic Geography is past (Combes et al.

Topics: Development, Europe's nations and regions
Tags: development, Eastern Europe, income inequality, Ireland

Foreign-currency loans in Eastern Europe: Borrower pull or bank push?

Martin Brown, Karolin Kirschenmann, Steven Ongena, 13 September 2010

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A large share of firms and households in Eastern Europe borrow in a foreign currency, i.e. the euro or Swiss franc, rather than in their domestic currency (see Figure 1). Unhedged foreign currency (FX) borrowing by the private sector is seen as a major threat to financial stability in the region and has led to a strong response from national authorities.

Topics: Europe's nations and regions, International finance
Tags: Eastern Europe, Europe’s nations and regions, foreign-currency loans, international finance

The crisis in Eastern Europe: What is to be done?

Vladimir Gligorov, Michael A. Landesmann, 16 March 2009

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The issue of crisis in the East is really about the ability of the EU to take on obligations in the areas covered by the common market principles irrespective of whether these arise in one or the other region within the EU and even in countries outside of the EU.

Topics: Europe's nations and regions, Global crisis
Tags: Eastern Europe, EU policy

Crisis in Eastern Europe: Manageable – but needs to be managed

Erik Berglöf, 28 February 2009

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The leaders of Europe will meet this weekend to respond to the rapid deterioration of the economic situation in Emerging Europe. The situation varies a great deal; some countries have been more prudent in their policies than others. But all are joined, more or less strongly, through the deeply integrated European banking system.

Topics: EU policies
Tags: bank crisis, Eastern Europe, exchange rate crisis, global crisis debate

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