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Reducerea finantarii externe si ajustarea absorbtiei interne, în tarile emergente europene

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  • Olteanu, Dan Constantin

    (Institutul National de Cercetari Economice, Bucuresti, România)

Abstract

Using cross-country regression analysis, this study quantifies the effect of dropping external financing on the real economy, due to domestic absorption adjustment. Analysis shows a significant but highly diversified impact by country. This is due to a variety of country-specific factors, such as: how to manage current account adjustment: through nominal devaluation or reducing absorption, sterilization of the monetary impact of the interventions to defend the currency; downward price flexibility, marginal propensity to imported goods; initial conditions in affected economies (financial depth, credit growth, real exchange appreciation). We also quantify the effect of reducing external financing on domestic credit to private sector.

Suggested Citation

  • Olteanu, Dan Constantin, 2012. "Reducerea finantarii externe si ajustarea absorbtiei interne, în tarile emergente europene," Studii Economice 121104, Institutul National de Cercetari Economice (INCE).
    • Handle: RePEc:ror:seince:121104
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    More about this item

    Keywords

    Sudden Stops; External financing; Domestic absorption;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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