FINANCIAL INTEGRATION IN NEW EUROPE: OVERVIEW AND IMPLICATIONS FOR FURTHER GROWTH POLICIES IN SERBIA

Jasna Atanasijević and Vladimir Čupić
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Jasna Atanasijević: Hypo Alpe-Adria-bank Serbia
Vladimir Čupić: Hypo Alpe-Adria-bank Serbia

Serbian Association of Economists Journal, 2012, issue 1-2, 51-62

Abstract: Besides the incontestable benefits of financial development for output growth and increase of living standard across the region of so called Emerging Europe, many of underlying risks have been manifested during past two years, since the global financial crisis breakout. The aim of this paper is to overview the last two decades of financial integration with its impact on growth and income convergence of these economies. Moreover, in the perspective of change in global financial system and lower availability of foreign finance for emerging Europe, we also overview all risks stemming from the achieved level of financial integration for the macroeconomic stability. We document all identifies risks using the data for Serbia. Finally, after identifying all challenges for macroeconomic stability, we stress the importance of sustainable growth policies in the future which should aim to increase productivity and competitiveness.

Keywords: inancial integration; New Europe; European integration; growth model; global economic crisis; income convergence; competitiveness; macroeconomic stability. (search for similar items in EconPapers)
JEL-codes: E00 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:srb:journl:y:2012:i:1-2:p:51-62

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