Download Opportunities and Risks in Central European Finances by World Bank PDF
By World Bank
The new rising marketplace crises in Asia and different areas means that whereas overseas capital inflows could make recipient economies enhanced, they could almost certainly additionally bring up the vulnerability of those economies to monetary industry crises. of the main striking assets of vulnerability are the standard of family monetary intermediation and the speculative nature of a few funding flows. 'Opportunities and hazards in imperative eu funds' examines the character of capital flows within the quarter, looking to clarify its dynamics, and power resources of vulnerability. The ebook additionally appraises a few power bills that may be linked to a monetary quandary. ultimately, it offers perspectives on the way to deal with those hazards extra successfully.
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It leads to excessive risk taking, including increased exposure to sectors susceptible to asset price bubbles, such as real estate and the stock market. During the 16 OPPORTUNITIES AND RISKS IN CENTRAL EUROPEAN FINANCES lending boom, profitability of banks may even improve in the short run hiding the implied risks, which would appear when growth slows down or negative shocks occur. We have focused on a few macro indicators, but a full assessment of these sources of vulnerability would require more detailed analysis of the various factors.
More specifically, a number of lessons may be drawn from the experiences of the three countries. First, in areas where they failed to pursue structural reforms, impediments to growth lingered, serving to mute the simulative effects of opening to the EU. In the case of Spain, substantial labor market rigidities continue, and expose the country to high unemployment rates. The weak performance in employment creation in Greece may also be traced to poor fiscal and monetary management, as the public sector’s role in the economy actually expanded following accession.
Four of the EA5 countries had significant or major banking problems in the mid-1980s, most of which were resolved by the early 1990s. Indonesia, however, was experiencing a banking crisis in 1994, comparable to the situation in the CE5. Among the SM3, Spain had a major banking crisis during the period 1977–85 preceding accession, while Portugal and Greece were able to avoid any major banking crises. Unlike most of the comparison countries (excluding Indonesia) the CE5 were having significant banking problems at the time of the surge in capital flows.