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Walking the Tightrope: A First Glance on the Impact of the Recent Global Financial Market Turbulence on Central, Eastern and Southeastern Europe

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Abstract

The Central, Eastern and Southeastern European (CESEE) countries have, to some extent, felt the impact of the international financial market turbulence observed since July 2007. While CESEE markets tended to follow the negative global investor sentiment in general, they performed relatively well compared to other emerging markets. Overall, increases in risk premiums and asset price losses were rather contained in the region, which may reflect a positive impact on investor judgment induced by EU convergence. However, the fact that the financial turmoil had a stronger impact on countries with weaker economic fundamentals and/or insufficient policy credibility shows that correcting overly large economic imbalances remains imperative in a relatively fragile international environment.

Suggested Citation

  • Sándor Gardó & Antje Hildebrandt & Zoltan Walko, 2008. "Walking the Tightrope: A First Glance on the Impact of the Recent Global Financial Market Turbulence on Central, Eastern and Southeastern Europe," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 15, pages 119-140.
    • Handle: RePEc:onb:oenbfs:y:2008:i:15:b:4
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    File URL: https://www.oenb.at/dam/jcr:a06e8a85-0fd9-4925-b74a-60f4f5f0c21c/fsr_15_special_topics_04_tcm16-87340.pdf
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    Cited by:

    1. Ana Maria Ceh & Ivo Krznar, 2008. "Optimal Foreign Reserves: The Case of Croatia," Financial Theory and Practice, Institute of Public Finance, vol. 32(4), pages 421-460.

    More about this item

    Keywords

    Financial markets; economic vulnerabilities; Central; Eastern and Southeastern Europe; CESEE;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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