Credit booms, monetary integration and the new neoclassical synthesis

Slovakia: A Catching Up Euro Area Member In and Out of the Crisis

“…In the run-up to entry, borrowing costs fell, the exchange rate risk disappeared and the growth outlook for the economy improved (Huefner and Koske, 2008). Together with earlier financial sector privatisation and liberalisation, the introduction of the euro reduced barriers for borrowers (Backé and Wójcik, 2008;Huefner and Koske, 2008). However, in the Slovak case, the international financial crisis aborted the expected boom before it could take hold.…”

Enhancing Financial Stability Through Better Regulation in Hungary

“…Backé and Wójcik (2007) emphasise the consumption smoothing purpose of borrowing partially funded by foreign funds during transition. Further, Rosenberg and Tirpák (2008) show that it is irrelevant from the point of view of demand for foreign exchange loans, whether they are channelled through domestic banks borrowing abroad or foreign subsidiaries borrowing from their parent banks.…”

Leasing, Credit and Economic Growth: Evidence for Central and South Eastern Europe

“…The lending boom in the transition economies of Central and Eastern Europe (CEE) and its impact on growth and stability is a burning issue for the whole of Europe (Arvai et al, 2009;Backé and Wójcik, 2008). Alternative forms of finance, like leasing, have also gained considerable importance in recent years for the functioning of financial systems, 2 particularly in emerging economies (Moutot et al, 2007).…”