06092oam 22012374 450 991097383180332120250426110926.0978661284289497814623577961462357792978145276823614527682349781282842892128284289797814518721561451872151(CKB)3170000000055238(EBL)1608238(SSID)ssj0001475955(PQKBManifestationID)11788004(PQKBTitleCode)TC0001475955(PQKBWorkID)11491439(PQKB)10927972(OCoLC)586104395(IMF)WPIEE2009068(MiAaPQ)EBC1608238(IMF)WPIEA2009068WPIEA2009068(EXLCZ)99317000000005523820020129d2009 uf 0engurcn|||||||||txtccrFive Years After : European Union Membership and Macro-Financial Stability in the New Member States /Martin Cihak, Wim Fonteyne1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (69 p.)IMF Working PapersDescription based upon print version of record.9781451916508 1451916507 Includes bibliographical references.Contents; I. Introduction; II. Macro-Financial Performance and Vulnerabilities; A. Economic and Financial Integration; B. Rapid Economic Growth; C. Exchange Rates and Prices; D. Risks and Vulnerabilities; III. Impact of EU Membership: Preliminary Evidence; A. EU Membership and Economic Growth; Boxes; 1. Estimating the Impact of EU Membership on Output Growth; B. EU Membership and Macroeconomic Stability; 2. Euro Area Accession: Experiences of Slovenia and Slovakia; C. EU Membership and Structural Policies; D. EU Membership, Financial Integration, and Financial Stability3. Quality of Regulatory and Supervisory Frameworks in NMSE. EU Membership and Macroeconomic Crisis Management; IV. Conclusions; 4. EU and Balance of Payments Support to Hungary and Latvia; Tables; 1. Macroeconomic Performance in the NMS and Other Emerging Market Economies; 2. Explaining Spreads on Sovereign Bonds; 3. Explaining Inflation Performance; 4. Explaining Fiscal Performance; 5. Explaining Structural Reforms; 6. Lisbon Scorecards; 7. Prudential Supervision in NMS and Other Countries; 8. Financial Soundness Indicators in NMS and Other Countries; Figures1. Growth Performance in the NMS and Other Economies 2. Financial Market Vulnerability Indicators in the NMS, 2006-08; 3. Performance vis-à-vis Maastricht Criteria, 2004-08; 4. NMS: Export Share in the World Market, 2000-07; 5. Emerging Europe: Market Indicators in the Crisis; Appendixes; I. Analyzing the 'Halo Effect' in NMS Countries; II. Crisis Response Measures in Selected NMS Countries; III. The De Larosière Proposals-What is at Stake for the NMS?; ReferencesThe proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.IMF Working Papers; Working Paper ;No. 2009/068FinanceEuropean Union countriesBankingimfBanks and BankingimfBanks and bankingimfBanksimfDeflationimfDepository InstitutionsimfEconomic & financial crises & disastersimfEmerging and frontier financial marketsimfFinanceimfFinance: GeneralimfFinancial CrisesimfFinancial integrationimfFinancial services industryimfGeneral Financial Markets: General (includes Measurement and Data)imfGlobal financial crisis of 2008-2009imfGlobal Financial Crisis, 2008-2009imfInflationimfInternational financeimfMacroeconomicsimfMicro Finance InstitutionsimfMortgagesimfPrice LevelimfPricesimfHungaryimfFinanceBankingBanks and BankingBanks and bankingBanksDeflationDepository InstitutionsEconomic & financial crises & disastersEmerging and frontier financial marketsFinanceFinance: GeneralFinancial CrisesFinancial integrationFinancial services industryGeneral Financial Markets: General (includes Measurement and Data)Global financial crisis of 2008-2009Global Financial Crisis, 2008-2009InflationInternational financeMacroeconomicsMicro Finance InstitutionsMortgagesPrice LevelPrices332.152Cihak Martin1106217Fonteyne Wim1810673DcWaIMFBOOK9910973831803321Five Years After4371922UNINA