In this study, we seek to better understand the interest rate pass-through in fi ve Central and Eastern European countries – the Czech Republic, Hungary, Poland, Slovakia and Slovenia, the CEE-5 – and compare it with the pass-through in selected euro area countries – Austria, Germany and...

In this paper we examine macroeconomic, external and financial vulnerabilities of 22 Central, Eastern and Southeastern European (CESEE) economies. Our assessment is based on a nonparametric signaling or threshold approach, which involves monitoring selected indicators that show unusual behavior...

On May 1, 2004, ten new Member States (NMS) entered the European Union (EU). Since the NMS are still in the midst of a transition and catching-up process, not only will they face asymmetric shocks, but; these shocks will be largely uncorrelated with those prevailing in EMU. Upon EU accession the...

This study discusses issues that can be expected to arise in the context of preparations for the euro changeover in the new Member States. In doing so, it draws on the experiences of those 12 countries that have already introduced the single European currency, with a specific focus on the case...

This paper focuses on the private credit flow-to-GDP ratio for measuring and comparing the degree of banking intermediation, which complements the widely used stock-flow measure. The authors find that, on the basis of this flow-flow measure, the current degree of banking intermediation in most...

This paper provides a fi rst stocktaking of the available data on the fi nancial situation and the fi nancing of nonfi nancial corporations (NFCs) in the ten new EU Member States (NMS-10). It focuses on comparing the situation in the NMS-10 with the status quo in the euro area. For most...

Credit risk assessment is a crucial part of macroprudential analysis, with the aggregate nonperforming loan (NPL) ratio serving as a proxy for the economy-wide probability of default of the banking sector’s overall loan exposure. Therefore, the factors driving the NPL ratio deserve a lot of...

This study presents estimates of both country-specific and panel long-run import elasticities for EU Member States from Central, Eastern and Southeastern Europe and for Croatia and Turkey. The results confirm (1) the existence of a strong export-import link in most of the countries, (2) the...

This paper investigates the equilibrium exchange rates of three Southeastern European countries, namely Bulgaria, Croatia and Romania, of two CIS economies, namely Russia and Ukraine, and of Turkey. A systematic approach in terms of different time horizons at which the equilibrium exchange rate...