Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the Eu's New Member States
In: IMF Working Paper, S. 1-42
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In: IMF Working Paper, S. 1-42
SSRN
In: East European Transition and EU Enlargement; Contributions to Economics, S. 319-336
In: IMF Working Papers
In: IMF working paper WP/09/6
This paper focuses on financial interlinkages within Europe and potential contagion channeled through these interlinkages. It discusses the increased role of external financing as a source of funding for credit growth; analyzes potential channels of contagion through financial linkages; and assesses the magnitude of cross-border exposures between emerging and western European countries. Based on the stylized facts on these exposures, the paper provides simple indices of exposure to regional contagion that could help identify the likely pressure points and capture potential spillover effects an