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Austria: A New Iceland Example for Markets?

Author

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  • Rıza Kadılar

    (Kadir Has University)

Abstract

Markets fear that, by contagion, Austrian economy may be swept away by the financial turmoil in Eastern Europe is exagger- ated. In this article we show that (i) weight of banks in the Austrian economy is comparable to what it is in the United Kingdom and the Netherlands, (ii) while Austria’s trade exposure to Eastern Europe is three to four times higher than the European average, it remains low at 3% of its GDP, (iii) the domestic real estate market does not entail an additional risk as it did not show any signs of overheating, it is not deteriorating drastically, and (iv) lastly, Austria’s public debt will stand at 65% of GDP in 2010, and this was its level in 2002 when it was trading at the same price as the Bund.

Suggested Citation

  • Rıza Kadılar, 2009. "Austria: A New Iceland Example for Markets?," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 24(84), pages 79-104, July.
    • Handle: RePEc:acc:malfin:v:24:y:2009:i:84:p:79-104
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