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Five Years After

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  • Martin Cihák
  • Wim Fonteyne
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    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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    Bibliographic Info

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

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    Length: 67
    Date of creation: 01 Mar 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/68

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    Related research

    Keywords: European Union; Financial stability; Eastern Europe; Economic growth; Exchange rates; Price stabilization; Payments imbalances; inflation; financial sector; bond; financial market; bonds; financial systems; financial markets; macroeconomic stability; bond spreads; inflation performance; monetary policy; financial services; macroeconomic performance; sovereign bonds; foreign currency; deposit insurance; sovereign bond; inflation targeting; inflation rates; inflation rate; government bond; financial system; international financial statistics; financial institutions; annual inflation; lower inflation; price stability; foreign exchange; denominated bonds; portfolio investment; bond rates; government bonds; low inflation; bond yields; terms of trade; moral hazard; financial instruments; international financial architecture; international banks; price level; financial intermediation; nominal exchange rate; monetary economics; relative price; bond prices; equity markets; international country risk guide; stock market; price inflation; stock market volatility; reserve requirement; financial contagion; emerging market bond; stock markets; nominal interest rates; bond index; inflationary pressures; annual inflation rate; real exchange rates; market bond;

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    References

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    1. Rudolfs Bems & Philip Schellekens, 2008. "Macroeconomics of Migration in New Member States," IMF Working Papers 08/264, International Monetary Fund.
    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.
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    18. Cappiello, Lorenzo & Gérard, Bruno & Kadareja, Arjan & Manganelli, Simone, 2006. "Financial integration of new EU Member States," Working Paper Series 0683, European Central Bank.
    19. Barry Eichengreen & Ashoka Mody, 1998. "What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?," NBER Working Papers 6408, National Bureau of Economic Research, Inc.
    20. 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.
    21. Anthony Annett, 2006. "Enforcement and the Stability and Growth Pact," IMF Working Papers 06/116, International Monetary Fund.
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    Citations

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    Cited by:
    1. Dybczak, Kamil & Melecky, Martin, 2014. "EU fiscal stance vulnerability: Are the old members the gold members?," Economic Modelling, Elsevier, vol. 38(C), pages 87-101.
    2. Doris Hanzl-Weiss & Mario Holzner & Roman Stöllinger, 2013. "Monthly Report No. 4/2013," wiiw Monthly Reports 2013-04, The Vienna Institute for International Economic Studies, wiiw.
    3. Marc Quintyn & Donato Masciandaro & 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.
    4. Marek Belka, 2009. "Five Years after EU Eastward Enlargement," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 0.
    5. Martin Èihák & Srobona Mitra, 2009. "The Financial Crisis and European Emerging Economies," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(6), pages 541-553, December.
    6. Jan Hanousek & Evžen Kočenda, 2011. "Corruption and Economic Freedom Links to Public Finance and Investment in New EU Members," Politická ekonomie, University of Economics, Prague, vol. 2011(3), pages 310-328.

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