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Five Years After: European Union Membership and Macro-Financial Stability in the New Member States

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Author Info
Martin Cihák
Wim Fonteyne
Abstract

The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/68.

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Length: 67 pages
Date of creation: 27 Mar 2009
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Handle: RePEc:imf:imfwpa:09/68

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Related research
Keywords: Financial stability ; European Union ; Eastern Europe ; Economic integration ; Economic growth ; Exchange rates ; Price stabilization ; Payments imbalances ; Financial crisis ; Crisis prevention ; Cross country analysis ;

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Li L. Ong & Silvia Iorgova, 2008. "The Capital Markets of Emerging Europe: Institutions, Instruments and Investors," IMF Working Papers 08/103, International Monetary Fund. [Downloadable!]
  2. Deniz Igan & Natalia T. Tamirisa, 2008. "Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe," IMF Working Papers 08/219, International Monetary Fund. [Downloadable!]
  3. Douglas Laxton & Paolo Pesenti, 2003. "Monetary Rules for Small, Open, Emerging Economies," NBER Working Papers 9568, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Buti, Marco & Eijffinger, Sylvester C W & Franco, Daniele, 2003. "Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?," CEPR Discussion Papers 3692, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  5. Cihák, Martin & Podpiera, Richard, 2008. "Integrated financial supervision: Which model?," The North American Journal of Economics and Finance, Elsevier, vol. 19(2), pages 135-152, August. [Downloadable!] (restricted)
  6. Li L. Ong & Martin Cihák, 2007. "Estimating Spillover Risk Among Large EU Banks," IMF Working Papers 07/267, International Monetary Fund. [Downloadable!]
  7. Lorenzo Cappiello & Bruno Gérard & Arjan Kadareja & Simone Manganelli, 2006. "Financial integration of new EU Member States," Working Paper Series 683, European Central Bank. [Downloadable!]
  8. Rudolfs Bems & Philip Schellekens, 2008. "Macroeconomics of Migration in New Member States," IMF Working Papers 08/264, International Monetary Fund. [Downloadable!]
  9. Céline Allard & Sònia Muñoz, 2008. "Challenges to Monetary Policy in the Czech Republic—An Integrated Monetary and Fiscal Analysis," IMF Working Papers 08/72, International Monetary Fund. [Downloadable!]
  10. Jaromír Hurník & Ales Bulir, 2006. "The Maastricht Inflation Criterion: How Unpleasant is Purgatory?," IMF Working Papers 06/154, International Monetary Fund. [Downloadable!]
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  11. Pipat Luengnaruemitchai & Susan Schadler, 2007. "Do Economists' and Financial Markets' Perspectives on the New Members of the EU Differ?," IMF Working Papers 07/65, International Monetary Fund. [Downloadable!]
  12. Martin Cihák & Jörg Decressin, 2007. "The Case for a European Banking Charter," IMF Working Papers 07/173, International Monetary Fund. [Downloadable!]
  13. Anthony Annett, 2006. "Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework," IMF Working Papers 06/116, International Monetary Fund. [Downloadable!]
  14. Boeri, Tito & Garibaldi, Pietro, 2006. "Are labour markets in the new member states sufficiently flexible for EMU?," Journal of Banking & Finance, Elsevier, vol. 30(5), pages 1393-1407, May. [Downloadable!] (restricted)
  15. Eickmeier, Sandra & Breitung, Jorg, 2006. "How synchronized are new EU member states with the euro area? Evidence from a structural factor model," Journal of Comparative Economics, Elsevier, vol. 34(3), pages 538-563, September. [Downloadable!] (restricted)
  16. Burcu Aydin, 2008. "Banking Structure and Credit Growth in Central and Eastern European Countries," IMF Working Papers 08/215, International Monetary Fund. [Downloadable!]
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  1. Donato Masciandaro & Marc Quintyn & María Nieto, 2009. "Will they Sing the Same Tune? Measuring Convergence in the new European System of Financial Supervisors," IMF Working Papers 09/142, International Monetary Fund. [Downloadable!]
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