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Regional Financial Interlinkages and Financial Contagion Within Europe

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Author Info

  • Inci Ötker
  • Karl Driessen
  • Zsófia Ãrvai

Abstract

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 and propagation channels of a regional shock originating from a given country.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/6.

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Length: 52
Date of creation: 01 Jan 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/6

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Related research

Keywords: Emerging markets; Spillovers; Credit expansion; Regional shocks; Financial sector; Financial risk; Financial stability;

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References

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  1. Massimo Sbracia & Andrea Zaghini, 2001. "The Role of the Banking System in the International Transmission of Shocks," Temi di discussione (Economic working papers) 409, Bank of Italy, Economic Research and International Relations Area.
  2. Egert, Balázs & Backé, Peter & Zumer, Tina, 2006. "Credit growth in Central and Eastern Europe: new (over)shooting stars?," Working Paper Series 0687, European Central Bank.
  3. Inci Ötker & Karl Driessen & Zsófia Ãrvai, 2009. "Regional Financial Interlinkages and Financial Contagion Within Europe," IMF Working Papers 09/6, International Monetary Fund.
  4. Li L. Ong & Andrea M. Maechler, 2009. "Foreign Banks in the CESE Countries: In for a Penny, in for a Pound?," IMF Working Papers 09/54, International Monetary Fund.
  5. Ceyla Pazarbasioglu & Gudrun Johnsen & Paul Louis Ceriel Hilbers & Inci Ötker, 2005. "Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies," IMF Working Papers 05/151, International Monetary Fund.
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Citations

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Cited by:
  1. Georgios Fotopoulos & Helen Louri, 2011. "On the geography of international banking: the role of third-country effects," Working Papers 125, Bank of Greece.
  2. Sophie Brana & Delphine Lahet, 2009. "La Présence De Banques Étrangères En Europe De L'Est : Quels Risques Financiers ?," Working Papers hal-00616580, HAL.
  3. Hsu, S. & Li, J. & Qin, Y., 2013. "Shadow Banking and Systemic Risk in Europe and China," CITYPERC Working Paper Series 2013-02, Department of International Politics, City University London.
  4. Yulia Makarova & Anna Ilyina & Christian Schmieder & Eugenio Cerutti, 2010. "Bankers Without Borders? Implications of Ring-Fencing for European Cross-Border Banks," IMF Working Papers 10/247, International Monetary Fund.
  5. Eugenio Cerutti & Patrick M. McGuire & Stijn Claessens, 2011. "Systemic Risks in Global Banking: What Available Data can tell us and What More Data are Needed?," IMF Working Papers 11/222, International Monetary Fund.
  6. Winkler, Adalbert, 2010. "The Financial Crisis: A Wake-Up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," ADBI Working Papers 199, Asian Development Bank Institute.
  7. George Anayiotos & Hovhannes Toroyan & Athanasios Vamvakidis, 2010. "The efficiency of emerging Europe’s banking sector before and after the recent economic crisis," Financial Theory and Practice, Institute of Public Finance, vol. 34(3), pages 247-267.
  8. Renatas Kizys & Christian Pierdzioch, 2011. "The Financial Crisis and the Stock Markets of the CEE Countries," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 61(2), pages 153-172, June.
  9. Li L. Ong & Andrea M. Maechler, 2009. "Foreign Banks in the CESE Countries: In for a Penny, in for a Pound?," IMF Working Papers 09/54, International Monetary Fund.
  10. Hryckiewicz, Aneta & Kowalewski, Oskar, 2010. "Economic determinates, financial crisis and entry modes of foreign banks into emerging markets," Emerging Markets Review, Elsevier, vol. 11(3), pages 205-228, September.
  11. Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 2010. "The Global Financial Crisis:How Similar? How Different? How Costly?," Koç University-TUSIAD Economic Research Forum Working Papers 1011, Koc University-TUSIAD Economic Research Forum.
  12. Ryszard Wilczyński, 2011. "Global Financial Governance: a Perspective from the International Monetary Fund," Contemporary Economics, University of Finance and Management in Warsaw, vol. 5(1), March.
  13. Delphine Lahet, 2009. "Les Banques Étrangères En Asie Du Sud-Est : Le Rôle Des Local Claims," Working Papers hal-00616577, HAL.
  14. Stijn Claessens & Luc Laeven & Deniz Igan & Giovanni Dell'Ariccia, 2010. "Lessons and Policy Implications from the Global Financial Crisis," IMF Working Papers 10/44, International Monetary Fund.
  15. International Monetary Fund, 2009. "Spillovers from the Rest of the World into Sub-Saharan African Countries," IMF Working Papers 09/155, International Monetary Fund.
  16. Rodolfo Maino & Kalin Tintchev, 2012. "From Stress to CoStress: Stress Testing Interconnected Banking Systems," IMF Working Papers 12/53, International Monetary Fund.
  17. Martin Cihak, 2009. "Financial Crisis (introduction)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(6), pages 502-506, December.
  18. Inci Ötker & Karl Driessen & Zsófia Ãrvai, 2009. "Regional Financial Interlinkages and Financial Contagion Within Europe," IMF Working Papers 09/6, International Monetary Fund.

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