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`Financial industries in central, eastern and south-eastern Europe have undergone dramatic changes over the past decade. Foreign direct investment contributed to the development of market-oriented banking and financial systems able to support the rapid pace of economic growth in these countries. Policymakers, academics and private sector analysts have contributed to this volume with their stimulating insights on a broad range of issues, from recent credit booms to the cross-border integration of banking and capital markets. Anyone who wants to understand how finance, growth and financial stability interact in transition economies should read this book.' - Mario Draghi, Governor of the Banca d'Italia and Chairman of the Financial Stability Forum
This book highlights the achievements and challenges of the ongoing process of financial integration in Europe.
The financial integration of Europe is both welcomed as an economic driving force and watched with concern as a source of potential stability. After all, changing financial, regulatory and corporate ownership structures are fuelling competition, capital mobility and financial intermediation, but at the same time creating new systemic risks. With a special focus on Central, Eastern and South-Eastern Europe, the contributors to this book explore a wide spectrum of underlying issues, including the finance-growth nexus, credit boom patterns, the implications of foreign bank entry modes, lessons learned from old EU member states and commercial bank strategies. Authoritative views from central bank officials and policymakers are complemented with a special focus on empirical and econometric evidence from academia as well as practical insights from key financial market players.
This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes.
E-Book Content
Financial Development, Integration and Stability
Financial Development, Integration and Stability Evidence from Central, Eastern and SouthEastern Europe Edited by
Klaus Liebscher Governor of the Oesterreichische Nationalbank, Austria
Josef Christl Member of the Governing Board of the Oesterreichische Nationalbank, Austria
Peter Mooslechner Director of Economic Analysis and Research at the Oesterreichische Nationalbank, Austria
Doris Ritzberger-Grünwald Head of Foreign Research at the Oesterreichische Nationalbank, Austria
Edward Elgar Cheltenham, UK • Northampton, MA, USA
© Klaus Liebscher, Josef Christl, Peter Mooslechner and Doris Ritzberger-Grünwald 2006 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited Glensanda House Montpellier Parade Cheltenham Glos GL50 1UA UK Edward Elgar Publishing, Inc. William Pratt House 9 Dewey Court Northampton Massachusetts 01060 USA
A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data Financial development, integration and stability : evidence from Central, Eastern and South-Eastern Europe / edited by Klaus Liebscher... [et al.]. p. cm. Includes bibliographical references and index. 1. Monetary policy—European Union countries. 2. European Union countries—Economic integration. I. Liebscher, Klaus. HG925.F555 2006 337.14—dc22 2006011709
ISBN-13: 978 1 84542 967 6 ISBN-10: 1 84542 967 2 Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall
Contents ix xii
List of contributors