Balance Sheet Repair and Reviving Private Sector Lending: A Survey of Financial Stability Challenges in Central, Eastern and South-Eastern Europe

Peter Mooslechner and Thomas Reininger

Chapter 6 in From Crisis to Recovery, 2012, pp 130-163 from Palgrave Macmillan

Abstract: Abstract The economic catching-up process in Central, Eastern and South-Eastern Europe (CESEE)1 since the beginning of the 1990s has featured elevated real growth rates, starting from relatively low GDP-per-capita levels. In parallel, the process of financial deepening has shown up in increasing ratios of financial variables to GDP, starting from even lower initial levels. Domestic financial sources were scarce, but absolutely essential, at the beginning and during the early phase of the transition process. Credit growth then took off, to a significant extent, on the back of the inflow of foreign capital in the form of foreign direct investment, direct cross-border financing and, last but not least, the expansion of foreign-owned banks.

Keywords: Euro Area; Banking Sector; Foreign Currency; Domestic Credit; Credit Growth (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-03483-0_7

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DOI: 10.1057/9781137034830_7

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