03014nam 2200637 450 991046362290332120170817212625.01-4623-7093-41-4527-1275-197866128412481-282-84124-61-4518-7031-0(CKB)3170000000055079(EBL)1607962(SSID)ssj0000944012(PQKBManifestationID)11518469(PQKBTitleCode)TC0000944012(PQKBWorkID)10982914(PQKB)11438416(OCoLC)761994404(MiAaPQ)EBC1607962(EXLCZ)99317000000005507920140227h20082008 uy 0engur|n|---|||||txtccrDeterminants of foreign currency borrowing in the new member states of the EU /Christoph B. Rosenberg and Marcel Tirpák ; authorized for distribution by Christoph B. Rosenberg[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (26 p.)IMF Working PapersIMF working paper ;WP/08/173Description based upon print version of record.1-4519-1484-9 Includes bibliographical references.Contents; I. Introduction; II. Stylized Facts; III. Reasons for Foreign Currency Borrowing-Some Hypotheses; IV. Empirical Estimation; A. Model Structure and Data; B. Estimation Results; V. Conclusions; VI. References; APPENDIX I. Data Sources and Transformations; APPENDIX II. Model Specification and Robustness TestsThe paper investigates the determinants of foreign currency borrowing by the private sector in the new member states of the European Union. We find that striking differences in patterns of foreign currency borrowing between countries are explained by the loan-to-deposit ratios, openness, and the interest rate differential. Joining the EU appears to have played an important role, by providing direct access to foreign funding, offering hedging opportunities through greater openness, lending credibility to exchange rate regimes, and raising expectations of imminent euro adoption. The empirical evIMF Working PapersLoans, ForeignEurope, CentralEconometric modelsLoans, ForeignEurope, EasternEconometric modelsElectronic books.Loans, ForeignEconometric models.Loans, ForeignEconometric models.332.15Rosenberg Christoph B869962Tirpák Marcel869963Rosenberg Christoph B869962MiAaPQMiAaPQMiAaPQBOOK9910463622903321Determinants of foreign currency borrowing in the new member states of the EU1942262UNINA