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Financial Liberalization and Business Cycles: The Experience of Countries in the Baltics and Central Eastern Europe

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  • Vinhas de Souza, LĂșcio

Abstract

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of ?emerging markets?. This work finds some signs that, contrary to other emerging markets, this does not happen: for the future Member States, financial integration, similarly to the outcome observed in mature market economies, reduces cyclical volatility both in the short and in the long run. Weak indications are found that this may happen partially due to the anchoring of expectations provided by the EU Accession, and to the more robust institutional framework imposed by this process onto the countries in question. --

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Bibliographic Info

Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2004,23.

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Date of creation: 2004
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Handle: RePEc:zbw:bubdp1:2289

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Related research

Keywords: Enlargement; European Union; financial liberalization; booms; busts; cycles; Bry-Boschan; volatility;

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Cited by:
  1. Lavinia Cristescu, 2009. "The Effect of Capital Market Liberalization in Eastern Europe: Economic Growth or Financial Crisis," Advances in Economic and Financial Research - DOFIN Working Paper Series 30, Bucharest University of Economics, Center for Advanced Research in Finance and Banking - CARFIB.

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