04429oam 22010814 450 991078823310332120230721045619.01-4623-7093-41-4527-1275-197866128412481-282-84124-61-4518-7031-0(CKB)3170000000055079(EBL)1607962(SSID)ssj0000944012(PQKBManifestationID)11518469(PQKBTitleCode)TC0000944012(PQKBWorkID)10982914(PQKB)11438416(OCoLC)761994404(MiAaPQ)EBC1607962(IMF)WPIEE2008173(EXLCZ)99317000000005507920020129d2008 uf 0engur|n|---|||||txtccrDeterminants of Foreign Currency Borrowing in the New Member States of the EU /Christoph Rosenberg, Marcel TirpákWashington, D.C. :International Monetary Fund,2008.1 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 evidence suggests that regulatory policies to slow foreign currency borrowing have had only limited success.IMF Working Papers; Working Paper ;No. 2008/173Loans, ForeignEurope, CentralEconometric modelsLoans, ForeignEurope, EasternEconometric modelsExports and ImportsimfForeign ExchangeimfMoney and Monetary PolicyimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfInternational Lending and Debt ProblemsimfMonetary economicsimfCurrencyimfForeign exchangeimfInternational economicsimfCurrenciesimfExchange ratesimfExternal debtimfDollarizationimfMoneyimfDebts, ExternalimfMonetary policyimfCzech RepublicimfLoans, ForeignEconometric models.Loans, ForeignEconometric models.Exports and ImportsForeign ExchangeMoney and Monetary PolicyMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsInternational Lending and Debt ProblemsMonetary economicsCurrencyForeign exchangeInternational economicsCurrenciesExchange ratesExternal debtDollarizationMoneyDebts, ExternalMonetary policy332.15Rosenberg Christoph1485170Tirpák Marcel1485171DcWaIMFBOOK9910788233103321Determinants of Foreign Currency Borrowing in the New Member States of the EU3704160UNINA