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Voluntary private sector involvement and the financial crisis in emerging Europe

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  • Elitza Mileva

Abstract

In 2009, as part of the European Bank Coordination Initiative (also known as the Vienna Initiative (VI)), foreign banks with significant interests in emerging Europe signed voluntary commitment letters to maintain exposure to five countries as long as their International Monetary Fund/European Union (IMF/EU) stabilization programmes remained on track. Using panel regressions based on international bank lending data for 19 emerging European states for 2000--2010, this article shows that countries with Stand-by Arrangements with the IMF attracted less foreign bank lending than justified by fundamentals. However, countries that obtained official financing and participated in the VI did not experience the decline in foreign private loans associated with IMF programmes.

Suggested Citation

  • Elitza Mileva, 2013. "Voluntary private sector involvement and the financial crisis in emerging Europe," Applied Economics Letters, Taylor & Francis Journals, vol. 20(6), pages 596-600, April.
  • Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:596-600
    DOI: 10.1080/13504851.2012.724157
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    References listed on IDEAS

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    1. Herrmann, Sabine & Mihaljek, Dubravko, 2010. "The determinants of cross-border bank flows to emerging markets: New empirical evidence on the spread of financial crises," Discussion Paper Series 1: Economic Studies 2010,17, Deutsche Bundesbank.
    2. Papaioannou, Elias, 2005. "What drives international bank flows? Politics, institutions and other determinants," Working Paper Series 437, European Central Bank.
    3. Ralph De Haas & Yevgeniya Korniyenko & Elena Loukoianova & Alexander Pivovarsky, 2012. "Foreign Banks and the Vienna Initiative: Turning Sinners into Saints?," Mo.Fi.R. Working Papers 62, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    4. Curzio Giannini & Carlo Cottarelli, 2002. "Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending," IMF Working Papers 02/193, International Monetary Fund.
    5. repec:ebd:wpaper:143 is not listed on IDEAS
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