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Reference Points For Financial Instability In The Euro Zone Candidates Countries

Author

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  • CRISTE, Adina

    (“Victor Slavescu” Centre for Financial and Monetary Research, Romanian Academy, Bucharest)

Abstract

The issue of financial instability has been intensely debated over the past few decades both within the academia and by the economy decision-makers. The complexity of the concept and the range of meanings hinder the development of a general, unanimously accepted definition. However, the historical analysis of the episodes of financial instability, which were rather frequent particularly after World War Two, as well as the specific literature, may outline some characteristics of the state if financial instability. Starting from these general aspects, this article aims to identify some traits which define the financial instability in the countries candidate to the Euro zone, taking into account the European integration and all the challenges of this process. The ideas presented in the paper will be used to analyse the actions taken by a national central bank candidate to the Euro zone, to cope with the challenges of the financial instability.

Suggested Citation

  • CRISTE, Adina, 2014. "Reference Points For Financial Instability In The Euro Zone Candidates Countries," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 18(3), pages 58-75.
  • Handle: RePEc:vls:finstu:v:18:y:2014:i:3:p:58-75
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    File URL: ftp://www.eadr.ro/RePEc/vls/vls_pdf/vol18i3p58-75.pdf
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    References listed on IDEAS

    as
    1. Allen, William A. & Wood, Geoffrey, 2006. "Defining and achieving financial stability," Journal of Financial Stability, Elsevier, vol. 2(2), pages 152-172, June.
    2. Eswar S. Prasad & Raghuram G. Rajan, 2008. "A Pragmatic Approach to Capital Account Liberalization," Journal of Economic Perspectives, American Economic Association, vol. 22(3), pages 149-172, Summer.
    3. Frederic S. Mishkin, 1999. "Global Financial Instability: Framework, Events, Issues," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 3-20, Fall.
    4. Crockett, A, 1997. "The Theory and Practice of Financial Stability," Princeton Essays in International Economics 203, International Economics Section, Departement of Economics Princeton University,.
    5. E Philip Davis, 1999. "Financial data needs for macroprudential surveillance - What are the key indicators of risks to domestic financial stability?," Lectures, Centre for Central Banking Studies, Bank of England, number 2.
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    Cited by:

    1. CRISTE, Adina, 2015. "Central Bank Policy During Times Of Financial Instability - Experiences Of Some Eurosystem’S Candidates," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 19(2), pages 17-29.

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    More about this item

    Keywords

    banking credits; fragility of the financial system; European integration;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G01 - Financial Economics - - General - - - Financial Crises

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