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Download Banking and Financial Markets in Central and Eastern Europe: by R. Matousek PDF

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By R. Matousek

This booklet offers a deep perception into the industry adjustments 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 economic markets in transition economies, but in addition highlights the most important hindrances to complete integration of monetary markets into the ecu industry.

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Time fixed effects capture general economic conditions that are invariant across industries. We include a group of developed (advanced) European countries as a control group to estimate the differences in the relationship between both market concentrations. We use dummies for both groups of countries and interact them with banking concentration terms. 1 Our econometric model is thus the following: Average firm sizeijt = d1 jt Dummy jt + d2i Dummyi + bijt ShareVAijt + + ␣1ijt BankConc jt × EDI i × TR + + a 2ijt BankConc jt ¥ EDI i ¥ EU + e ijt (1) Average firm sizeijt is measured as the natural logarithm of the value added per firm in sector i, country j and year t.

Both of these sources have become much harder to tap since the crisis, and are not likely to spring back to previous flows any time soon. 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.

In particular, with the exception Dubravko Mihaljek 15 of Turkey and Lithuania, the CDS spreads have trended upwards since mid-2009. 5). 4). In summary, financial markets in CEE have not yet fully recovered from the global financial crisis. 4 Impact on capital flows Most emerging market crises of the 1980s and the 1990s were associated with sudden stops in private capital inflows. The stops typically took place once international investors had lost confidence that governments would follow policies to correct large external and internal imbalances.

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