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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.

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Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

Volume (Year): 59 (2009)
Issue (Month): 6 (December)
Pages: 522-540

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Handle: RePEc:fau:fauart:v:59:y:2009:i:6:p:522-540
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  1. 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.
  2. Li L. Ong & Andrea M. Maechler, 2009. "Foreign Banks in the CESE Countries: In for a Penny, in for a Pound?," IMF Working Papers 09/54, International Monetary Fund.
  3. Ceyla Pazarbasioglu & Gudrun Johnsen & Paul Louis Ceriel Hilbers & Inci Ötker, 2005. "Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies," IMF Working Papers 05/151, International Monetary Fund.
  4. Inci Ötker & Karl Driessen & Zsófia Ãrvai, 2009. "Regional Financial Interlinkages and Financial Contagion within Europe," IMF Working Papers 09/6, International Monetary Fund.
  5. Massimo Sbracia & Andrea Zaghini, 2001. "The Role of the Banking System in the International Transmission of Shocks," Temi di discussione (Economic working papers) 409, Bank of Italy, Economic Research and International Relations Area.
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