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

a

A

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

a

A

Topics:  Financial markets Global crisis International finance

Tags:  Credit crunch, global financial crisis, banking, Eastern Europe, cross-border banking, credit growth, Central Asia

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

Joakim Ruist 17 September 2013

a

A

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. When Romania and Bulgaria joined in 2007, all except Sweden and Finland imposed similar restrictions for citizens of these two countries.

a

A

Topics:  Migration

Tags:  EU, Eastern Europe, public finance

Growing together: Croatia and Latvia

Thorvaldur Gylfason, Eduard Hochreiter 08 December 2010

a

A

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. Latvia used its time well and pursued radical reform policies that led to EU accession in 2004. After nearly five years of war, Croatia opted for more cautious, gradual reforms, and opening up.

a

A

Topics:  Development Europe's nations and regions

Tags:  Eastern Europe, Latvia, Croatia

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

Indermit Gill 09 October 2010

a

A

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. 2008, Brülhart 2009).

2009 saw three major reports on the nexus:

a

A

Topics:  Development Europe's nations and regions

Tags:  development, income inequality, Ireland, Eastern Europe

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

Martin Brown, Karolin Kirschenmann, Steven Ongena 13 September 2010

a

A

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.

a

A

Topics:  Europe's nations and regions International finance

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

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

Vladimir Gligorov, Michael A. Landesmann 16 March 2009

a

A

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. The current crisis within the financial sector that is spilling over into the real sector is difficult to tackle because of the duality between common market policies and national structure of governance.

a

A

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

a

A

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.

a

A

Topics:  EU policies

Tags:  global crisis debate, Eastern Europe, exchange rate crisis, bank crisis

Events