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|
|Date of revision:|
|Contact details of provider:|| Postal: |
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.:
- von Hagen, Jürgen & Traistaru, Iulia, 2004.
"Macroeconomic adjustment in the new EU member states,"
ZEI Working Papers
B 01-2005 [rev.], ZEI - Center for European Integration Studies, University of Bonn.
- 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.
- 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.
- Cappiello, Lorenzo & Gérard, Bruno & Kadareja, Arjan & Manganelli, Simone, 2006. "Financial integration of new EU Member States," Working Paper Series 0683, European Central Bank.
- 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 & Martin CihÃ¡k, 2007. "Estimating Spillover Risk Among Large EU Banks," IMF Working Papers 07/267, 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.
- 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 180, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Li L. Ong & Silvia Iorgova, 2008. "The Capital Markets of Emerging Europe; Institutions, Instruments and Investors," IMF Working Papers 08/103, International Monetary Fund.
- SÃ²nia MuÃ±oz & CÃ©line Allard, 2008. "Challenges to Monetary Policy in the Czech Republic; L3794An Integrated Monetary and Fiscal Analysis," IMF Working Papers 08/72, International Monetary Fund.
- Anthony Annett, 2006. "Enforcement and the Stability and Growth Pact; How Fiscal Policy Did and Did Not Change Under Europe'S Fiscal Framework," IMF Working Papers 06/116, International Monetary Fund.
- Martin CihÃ¡k & JÃ¶rg Decressin, 2007. "The Case for a European Banking Charter," IMF Working Papers 07/173, International Monetary Fund.
- 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.
- repec:ner:tilbur:urn:nbn:nl:ui:12-176184 is not listed on IDEAS
- 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, International Monetary Fund.
- 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.
- 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, International Monetary Fund.
- Burcu Aydin, 2008. "Banking Structure and Credit Growth in Central and Eastern European Countries," IMF Working Papers 08/215, International Monetary Fund.
- Ales Bulir & JaromÃr HurnÃk, 2006.
"The Maastricht Inflation Criterion; How Unpleasant is Purgatory?,"
IMF Working Papers
06/154, International Monetary Fund.
- Bulir, Ales & Hurnik, Jaromir, 2006. "The Maastricht inflation criterion: How unpleasant is purgatory?," Economic Systems, Elsevier, vol. 30(4), pages 385-404, December.
- repec:ner:tilbur:urn:nbn:nl:ui:12-152958 is not listed on IDEAS
- Anthony Annett, 2007. "Lessons from Successful Labor Market Reformers in Europe," IMF Policy Discussion Papers 07/1, International Monetary Fund.
- Deniz Igan & Natalia T. Tamirisa, 2008. "Are Weak Banks Leading Credit Booms? Evidence From Emerging Europe," IMF Working Papers 08/219, International Monetary Fund.
- Susan Schadler & Pipat Luengnaruemitchai, 2007. "Do Economists' and Financial Markets' Perspectiveson the New Members of the Eu Differ?," IMF Working Papers 07/65, International Monetary Fund.
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.