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Credit market imperfections, financial market regulation and business cycles in Eastern Europe

Katja Drechsel and Frank Westermann
Authors registered in the RePEc Author Service: Katja Heinisch ()

No 40, Proceedings of the German Development Economics Conference, Frankfurt a.M. 2009 from Verein für Socialpolitik, Research Committee Development Economics

Abstract: Credit market imperfections give rise to boom-bust cycle episodes in emerging markets. In the present paper, we aim to provide a comprehensive analysis for Eastern Europe. We focus on documenting credit market imperfections, asymmetric financing opportunities across sectors, and business cycle fluctuations at the aggregate and sectoral level. The results will be discussed in the policy context of the re-regulation of the financial system. We will propose in an unconventional way to think about the early introduction of the Euro currency.

Keywords: asymmetric financing opportunities; currency mismatch; sectoral business cycles (search for similar items in EconPapers)
JEL-codes: F34 F36 G32 G38 (search for similar items in EconPapers)
Date: 2009
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