Regional Financial Interlinkages and Financial Contagion within Europe
The ongoing global financial turmoil has increased the importance of understanding the potential spillover effects brought about by financial interlinkages. This article focuses on such 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 before the turmoil; analyzes potential channels of contagion through financial linkages; and assesses the magnitude of cross-border exposures between emerging and advanced European economies. Based on the stylized facts on these exposures, the article provides 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.
Volume (Year): 59 (2009)
Issue (Month): 6 (December)
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- Zsófia Arvai & Karl Driessen & Ínci Ötker-Robe, 2009.
"Regional Financial Interlinkages and Financial Contagion within Europe,"
Czech Journal of Economics and Finance (Finance a uver),
Charles University Prague, Faculty of Social Sciences, vol. 59(6), pages 522-540, December.
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- Peter Backé & Balázs Égert, 2006. "Credit Growth in Central and Eastern Europe: New (Over)Shooting Stars?," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 112-139.
- 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.
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