Reducerea finantarii externe si ajustarea absorbtiei interne, în tarile emergente europene

Dan Olteanu

Studii Economice from Institutul National de Cercetari Economice (INCE)

Abstract: Using cross-country regression analysis, this study quantifies the effect of dropping external financing on the real economy, due to domestic absorption adjustment. Analysis shows a significant but highly diversified impact by country. This is due to a variety of country-specific factors, such as: how to manage current account adjustment: through nominal devaluation or reducing absorption, sterilization of the monetary impact of the interventions to defend the currency; downward price flexibility, marginal propensity to imported goods; initial conditions in affected economies (financial depth, credit growth, real exchange appreciation). We also quantify the effect of reducing external financing on domestic credit to private sector.

Keywords: Sudden Stops; External financing; Domestic absorption (search for similar items in EconPapers)
JEL-codes: F21 F41 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2012-11
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Persistent link: https://EconPapers.repec.org/RePEc:ror:seince:121104

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