LEADER 03963nam 2200589Ia 450 001 9910464070703321 005 20181115032743.0 010 $a1-4623-5779-2 010 $a1-4527-6823-4 010 $a9786612842894 010 $a1-282-84289-7 010 $a1-4518-7215-1 035 $a(CKB)3170000000055238 035 $a(EBL)1608238 035 $a(SSID)ssj0001475955 035 $a(PQKBManifestationID)11788004 035 $a(PQKBTitleCode)TC0001475955 035 $a(PQKBWorkID)11491439 035 $a(PQKB)10927972 035 $a(OCoLC)586104395 035 $a(MiAaPQ)EBC1608238 035 $a(EXLCZ)993170000000055238 100 $a20041202d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFive years after$b[electronic resource] $eEuropean Union membership and macro-financial stability in the mew member states /$fprepared by Martin C?iha?k and Wim Fonteyne 210 $a[Washington D.C.] $cInternational Monetary Fund$d2009 215 $a1 online resource (69 p.) 225 1 $aIMF working paper ;$vWP/09/68 300 $aDescription based upon print version of record. 311 $a1-4519-1650-7 320 $aIncludes bibliographical references. 327 $aContents; 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 Stability 327 $a3. 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; Figures 327 $a1. Growth Performance in the NMS and Other Economies 2. Financial Market Vulnerability Indicators in the NMS, 2006-08; 3. Performance vis-a?-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 Larosie?re Proposals-What is at Stake for the NMS?; References 330 $aThe proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening 410 0$aIMF working paper ;$vWP/09/68. 606 $aFinance$zEuropean Union countries 608 $aElectronic books. 615 0$aFinance 700 $aC?iha?k$b Martin$0873075 701 $aFonteyne$b Wim$0873076 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910464070703321 996 $aFive years after$91948847 997 $aUNINA