Credit market imperfections, financial market regulation and business cycles in Eastern Europe
Credit market imperfections give rise to boom-bust cycle episodes in emerging markets. In the present paper, we aim to provide a comprehensive analysis for Eastern Europe. We focus on documenting credit market imperfections, asymmetric financing opportunities across sectors, and business cycle fluctuations at the aggregate and sectoral level. The results will be discussed in the policy context of the re-regulation of the financial system. We will propose in an unconventional way to think about the early introduction of the Euro currency.
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- Romain Ranciere & Aaron Tornell & Frank Westermann, 2005.
"Systemic Crises and Growth,"
CESifo Working Paper Series
1451, CESifo Group Munich.
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- Romain Ranciere & Aaron Tornell & Frank Westermann, 2002. "Systemic Crises and Growth," Working Papers 190, Barcelona Graduate School of Economics.
- Romain Rancière & Aaron Tornell & Frank Westermann, 2008. "Systemic Crises and Growth," Post-Print halshs-00754308, HAL.
- Paul De Grauwe & Gunther Schnabl, 2008. "Exchange Rate Stability, Inflation, and Growth in (South) Eastern and Central Europe," Review of Development Economics, Wiley Blackwell, vol. 12(3), pages 530-549, 08.
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