Voluntary private sector involvement and the financial crisis in emerging Europe

Elitza Mileva ()

Applied Economics Letters, 2013, vol. 20, issue 6, 596-600

Abstract: In 2009, as part of the European Bank Coordination Initiative (also known as the Vienna Initiative (VI)), foreign banks with significant interests in emerging Europe signed voluntary commitment letters to maintain exposure to five countries as long as their International Monetary Fund/European Union (IMF/EU) stabilization programmes remained on track. Using panel regressions based on international bank lending data for 19 emerging European states for 2000--2010, this article shows that countries with Stand-by Arrangements with the IMF attracted less foreign bank lending than justified by fundamentals. However, countries that obtained official financing and participated in the VI did not experience the decline in foreign private loans associated with IMF programmes.

Date: 2013
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DOI: 10.1080/13504851.2012.724157

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