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Cross-border production chains and business cycle co-movement between Central and Eastern European countries and euro area member states

Iossifov, Plamen - European Central Bank - 2014

countries in Central and Eastern Europe (CEE) and the euro area. We start off by demonstrating that the degree of … synchronization of the business cycles of CEE countries and their main trade partners from the euro area has increased in recent years …. We next show that the cyclical fluctuations of GDP in CEE countries are strongly influenced by pro-cyclical movements of …

Persistent link: https://www.econbiz.de/10010753732

Financial dollarization: the role of banks and interest rates

Basso, Henrique S.; Calvo-Gonzalez, Oscar; Jurgilas, Marius - European Central Bank - 2007

This paper develops a model to explain the determinants of financial dollarization. Expanding on the existing literature, our framework allows interest rate differentials to play a role in explaining financial dollarization. It also accounts for the increasing presence of foreign banks in the...

Persistent link: https://www.econbiz.de/10005344851

The impact of capital flows on domestic investment in transition economies

Mileva, Elitza - European Central Bank - 2008

During the 1990s most transition economies undertook a series of market reforms, including opening their capital accounts. This paper uses static and dynamic panel techniques to assess the effect of FDI, foreign loans and portfolio flows on domestic investment. In this partial adjustment setup,...

Persistent link: https://www.econbiz.de/10005816319

Trade integration of Central and Eastern European countries: lessons from a gravity model

Bussière, Matthieu; Fidrmuc, Jarko; Schnatz, Bernd - European Central Bank - 2005

The aim of the paper is to analyse the factors behind the rapid trade integration of the Central and Eastern European countries with the euro area in the past ten years and to gauge the potential for further integration. We use as benchmark an enhanced gravity model estimated with a large sample...

Persistent link: https://www.econbiz.de/10005530726

Credit growth in Central and Eastern Europe: new (over)shooting stars?

Egert, Balázs; Backé, Peter; Zumer, Tina - European Central Bank - 2006

This paper analyzes the equilibrium level of private credit to GDP in 11 Central and Eastern European countries in order to see whether the high credit growth recently observed in some of these countries led to above equilibrium private credit-to-GDP levels. We use estimation results obtained...

Persistent link: https://www.econbiz.de/10005530828

Who needs credit and who gets credit in Eastern Europe?

Brown, Martin; Ongena, Steven; Popov, Alexander; Yesin, … - European Central Bank - 2012

Based on survey data covering 8,387 firms in 20 countries we compare credit demand and credit supply for firms in Eastern Europe to those for firms in selected Western European countries. We find that firms in Eastern Europe have a higher need for credit than firms in Western Europe, and that a...

Persistent link: https://www.econbiz.de/10010686816

On the Real Effects of Private Equity InvestmentEvidence from New Business Creation

Popov, Alexander; Roosenboom, Peter - European Central Bank - 2009

Using a comprehensive database of European firms, we study how private equityaffects the rate of firm entry. We find that private equity investment benefits newbusiness incorporation, especially in industries with naturally higher entry rates andR&D intensity. A two standard deviation increase...

Persistent link: https://www.econbiz.de/10005866482

House prices, home equity and entrepreneurships

Corradin, Stefano; Popov, Alexander - European Central Bank - 2013

% increase in home equity raises the probability of transition into entrepreneurship by up to 14%. Our results persist when we …

Persistent link: https://www.econbiz.de/10010686820