Five Years After; European Union Membership and Macro-Financial Stability in the New Member States
The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.
|Date of creation:||01 Mar 2009|
|Contact details of provider:|| Postal: International Monetary Fund, Washington, DC USA|
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
|Order Information:||Web: http://www.imf.org/external/pubs/pubs/ord_info.htm|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Douglas Laxton & Paolo Pesenti, 2003.
"Monetary Rules for Small, Open, Emerging Economies,"
NBER Working Papers
9568, National Bureau of Economic Research, Inc.
- Laxton, Douglas & Pesenti, Paolo, 2003. "Monetary rules for small, open, emerging economies," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 1109-1146, July.
- Li L Ong & Silvia Iorgova, 2008. "The Capital Markets of Emerging Europe; Institutions, Instruments and Investors," IMF Working Papers 08/103, .
- Ales Bulir & JaromÃr HurnÃk, 2006.
"The Maastricht Inflation Criterion; How Unpleasant Is Purgatory?,"
IMF Working Papers
- Bulir, Ales & Hurnik, Jaromir, 2006. "The Maastricht inflation criterion: How unpleasant is purgatory?," Economic Systems, Elsevier, vol. 30(4), pages 385-404, December.
- Cappiello, Lorenzo & Gérard, Bruno & Kadareja, Arjan & Manganelli, Simone, 2006. "Financial integration of new EU Member States," Working Paper Series 0683, European Central Bank.
- von Hagen, Jürgen & Traistaru, Iulia, 2004.
"Macroeconomic adjustment in the new EU member states,"
ZEI Working Papers
B 01-2005 [rev.], University of Bonn, ZEI - Center for European Integration Studies.
- Jürgen von Hagen & Iulia Traistaru-Siedschlag, 2006. "Macroeconomic Adjustment in the New EU Member States," SUERF Studies, SUERF - The European Money and Finance Forum, number 2006/4 edited by Morten Balling, 00.
- Iulia Siedschlag & Juergen von Hagen, 2006. "Macroeconomic Adjustment in the New EU Member States," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
- Boeri, Tito & Garibaldi, Pietro, 2006. "Are labour markets in the new member states sufficiently flexible for EMU?," Journal of Banking & Finance, Elsevier, vol. 30(5), pages 1393-1407, May.
- SÃ²nia MuÃ±oz & CÃ©line Allard, 2008. "Challenges to Monetary Policy in the Czech Republicâ€”An Integrated Monetary and Fiscal Analysis," IMF Working Papers 08/72, .
- Eickmeier, Sandra & Breitung, Jorg, 2006. "How synchronized are new EU member states with the euro area? Evidence from a structural factor model," Journal of Comparative Economics, Elsevier, vol. 34(3), pages 538-563, September.
- Burcu Aydin, 2008. "Banking Structure and Credit Growth in Central and Eastern European Countries," IMF Working Papers 08/215, .
- Buti, Marco & Eijffinger, Sylvester C W & Franco, Daniele, 2003.
"Revisiting the Stability and Growth Pact: Grand Design or Internal Adjustment?,"
CEPR Discussion Papers
3692, C.E.P.R. Discussion Papers.
- Marco Buti & Sylvester Eijffinger & Daniele Franco, 2003. "Revisiting the Stability and Growth Pact: grand design or internal adjustment?," European Economy - Economic Papers 2008 - 2015 180, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Buti, Marco & Eijffinger, Sylvester C.W. & Franco, Daniele, 2003. "Revisiting the stability and growth pact: grand design or internal adjustment?," Seminarios y Conferencias 6567, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
- Buti, Marco, 2003. "Revisiting the stability and growth pact: grand design or internal adjustment?," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34908, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
- Anthony M Annett, 2007. "Lessons from Successful Labor Market Reformers in Europe," IMF Policy Discussion Papers 07/1, International Monetary Fund.
- Barry Eichengreen & Ashoka Mody, 1998. "What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?," NBER Working Papers 6408, National Bureau of Economic Research, Inc.
- Susan M Schadler & Pipat Luengnaruemitchai, 2007. "Do Economistsâ€™ and Financial Marketsâ€™ Perspectives on the New Members of the EU differ?," IMF Working Papers 07/65, .
- Martin Cihak & JÃ¶rg Decressin, 2007. "The Case for a European Banking Charter," IMF Working Papers 07/173, .
- Manmohan S. Kumar & JirÃ JonÃ¡Å¡ & David Hauner, 2007. "Policy Credibility and Sovereign Credit; The Case of New EU Member States," IMF Working Papers 07/1, .
- Cihák, Martin & Podpiera, Richard, 2008. "Integrated financial supervision: Which model?," The North American Journal of Economics and Finance, Elsevier, vol. 19(2), pages 135-152, August.
- Rudolfs Bems & Philip Schellekens, 2008. "Macroeconomics of Migration in New Member States," IMF Working Papers 08/264, .
- Li L Ong & Martin Cihak, 2007. "Estimating Spillover Risk Among Large EU Banks," IMF Working Papers 07/267, .
- Deniz O Igan & Natalia T. Tamirisa, 2008. "Are Weak Banks Leading Credit Booms? Evidence from Emerging Europe," IMF Working Papers 08/219, .
- Anthony M Annett, 2006. "Enforcement and the Stability and Growth Pact; How Fiscal Policy Did and Did Not Change Under Europeâ€™s Fiscal Framework," IMF Working Papers 06/116, .
When requesting a correction, please mention this item's handle: RePEc:imf:imfwpa:09/68. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow)or (Hassan Zaidi)
If references are entirely missing, you can add them using this form.