Financial development, integration and stability : evidence from Central, Eastern and South-Eastern Europe

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Financial development, integration and stability : evidence from Central, Eastern and South-Eastern Europe

edited by Klaus Liebscher... [et al.]

E. Elgar, c2006

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Includes bibliographical references and index

内容説明・目次

内容説明

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.

目次

Contents: Preface Klaus Liebscher, Josef Christl, Peter Mooslechner and Doris Ritzberger-Grunwald PART I: ACHIEVEMENTS AND CHALLENGES IN EUROPEAN FINANCIAL INTEGRATION 1. Financial Integration and Financial Deepening in the EU: Mind the Gap Klaus Liebscher 2. Benefits and Risks of Financial Integration Cesare Calari 3. Financial Globalization, Corporate Governance and Eastern Europe Rene M. Stulz PART II: EUROPEAN FINANCIAL STRUCTURES YESTERDAY, TODAY AND TOMORROW 4. Does the Financial Sector Need Europe? Gertrude Tumpel-Gugerell 5. The Central and Eastern European Financial Sector: Current State and Prospects Irmfried Schwimann and Kristin Vandenbergen 6. CEEC Financial Sector Issues and Macroeconomic Policy: A Perspective from Across Countries Cristian Popa 7. The Financial System of the EU-25 Franklin Allen, Laura Bartiloro and Oskar Kowalewski 8. Meeting the Need for a Regulatory Framework for EU Financial Markets Alexandre Lamfalussy PART III: THE EUROPEAN FINANCIAL SYSTEM AS AN ECONOMIC DRIVING FORCE 9. Finance and Growth: The Legacy of Schumpeter to be Rediscovered? Peter Mooslechner 10. The Impact of the Euro on Investment: Sectoral Evidence Tomas Dvorak 11. Importance of Financial Sectors for Growth in Accession Countries Gerhard Fink, Peter Haiss and Goran Vuksic 12. Financial Sector Development in South-Eastern Europe: Quality Matters Arnaud Mehl, Cristina Vespro and Adalbert Winkler PART IV: CREDIT GROWTH IN CENTRAL AND EASTERN EUROPE: A CAUSE FOR CONCERN? 13. Happy, Sad and Open Endings: A Comparison of Credit Growth in CEECs with Past Experiences and Ongoing Developments in Austria, Finland and Spain Doris Ritzberger-Grunwald 14. Is Lending in Central and Eastern Europe Developing Too Fast? Frederic Boissay, Oscar Calvo-Gonzalez and Tomasz Kozluk 15. Too Much of a Good Thing? Credit Booms in Transition Economies: The Cases of Bulgaria, Romania and Ukraine Christoph Duenwald, Nikolay Gueorguiev and Andrea Schaechter 16. The 'New Europe' Household Lending Market Fabrizio Coricelli, Fabio Mucci and Debora Revoltella PART V: FOREIGN BANK ENTRY AND CORPORATE OWNERSHIP STRUCTURES: IMPLICATIONS FOR BUSINESS, COMPETITION AND PROFITABILITY 17. Foreign Banks in Eastern Europe: Mode of Entry and Effects on Bank Interest Rates Sophie Claeys and Christa Hainz 18. Ownership Structures and Investment in Transition Economies Dennis C. Mueller and Evgeni Peev 19. Ownership Competition in the European Transition Arena: Towards a Viable Restructuring? Diana Pop and Julien Le Maux PART VI: BANKING AND FINANCIAL STABILITY: POTENTIAL PITFALLS 20. Deposit Interest Rates, Asset Risk and Bank Failure in Croatia Evan Kraft and Tomislav Galac 21. Investigating the Early Signals of Banking Sector Vulnerabilities in Central and East European Emerging Markets Kadri Mannasoo and David G. Mayes 22. Financial Integration Through the Interbank Market: Stability and Welfare Implications Falko Fecht and Hans Peter Gruner 23. Contagion Risk in Financial Networks Ana Babus 24. Does Corporate Mobility Enhance Corporate Governance? Zsuzsanna Fluck and Colin Mayer PART VII: CAPITAL MARKET INTEGRATION AND CAPITAL MOBILITY IN NEW EU MEMBER STATES 25. Equity Market Integration of New EU Member States Lorenzo Cappiello, Bruno Gerard, Arjan Kadareja and Simone Manganelli 26. The Integration of Czech, Hungarian and Polish Bond Markets with the Euro Area Bond Market - A Deja-vu of the Club-Med Convergence Plays? Thomas Reininger and Zoltan Walko 27. International Capital Mobility and Current Account Targeting in Central and Eastern European Countries Matthias Koehler PART VIII: COMPLEMENTING THE ACADEMIC VIEW: PERSPECTIVES FROM KEY FINANCIAL MARKET PLAYERS 28. Financial Institutions as a Driving Force of Integration Josef Christl 29. UniCredit's Strategy in Central and Eastern Europe Alessandro Profumo 30. Banking Consolidation Reinhard Ortner 31. Building a Central European Exchange Alliance Stefan Zopotocky Index

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