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Voluntary private sector involvement and the financial crisis in emerging Europe


  • Elitza Mileva


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.

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  • 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

    1. Alan B. Krueger, 1999. "Measuring Labor's Share," American Economic Review, American Economic Association, vol. 89(2), pages 45-51, May.
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    3. Kevin J. Stiroh & Dale W. Jorgenson, 1999. "Information Technology and Growth," American Economic Review, American Economic Association, vol. 89(2), pages 109-115, May.
    4. Daron Acemoglu, 2002. "Technical Change, Inequality, and the Labor Market," Journal of Economic Literature, American Economic Association, vol. 40(1), pages 7-72, March.
    5. Alan Krueger, 1999. "Measuring Labor's Share," Working Papers 792, Princeton University, Department of Economics, Industrial Relations Section..
    6. repec:fth:prinin:413 is not listed on IDEAS
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