LEADER 04429oam 22010814 450 001 9910788233103321 005 20230721045619.0 010 $a1-4623-7093-4 010 $a1-4527-1275-1 010 $a9786612841248 010 $a1-282-84124-6 010 $a1-4518-7031-0 035 $a(CKB)3170000000055079 035 $a(EBL)1607962 035 $a(SSID)ssj0000944012 035 $a(PQKBManifestationID)11518469 035 $a(PQKBTitleCode)TC0000944012 035 $a(PQKBWorkID)10982914 035 $a(PQKB)11438416 035 $a(OCoLC)761994404 035 $a(MiAaPQ)EBC1607962 035 $a(IMF)WPIEE2008173 035 $a(EXLCZ)993170000000055079 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDeterminants of Foreign Currency Borrowing in the New Member States of the EU /$fChristoph Rosenberg, Marcel Tirpák 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (26 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/173 300 $aDescription based upon print version of record. 311 $a1-4519-1484-9 320 $aIncludes bibliographical references. 327 $aContents; 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 Tests 330 3 $aThe paper investigates the determinants of foreign currency borrowing by the private sector in the new member states of the European Union. We find that striking differences in patterns of foreign currency borrowing between countries are explained by the loan-to-deposit ratios, openness, and the interest rate differential. Joining the EU appears to have played an important role, by providing direct access to foreign funding, offering hedging opportunities through greater openness, lending credibility to exchange rate regimes, and raising expectations of imminent euro adoption. The empirical evidence suggests that regulatory policies to slow foreign currency borrowing have had only limited success. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/173 606 $aLoans, Foreign$zEurope, Central$xEconometric models 606 $aLoans, Foreign$zEurope, Eastern$xEconometric models 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aMonetary economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aCurrencies$2imf 606 $aExchange rates$2imf 606 $aExternal debt$2imf 606 $aDollarization$2imf 606 $aMoney$2imf 606 $aDebts, External$2imf 606 $aMonetary policy$2imf 607 $aCzech Republic$2imf 615 0$aLoans, Foreign$xEconometric models. 615 0$aLoans, Foreign$xEconometric models. 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aMoney and Monetary Policy 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aInternational Lending and Debt Problems 615 7$aMonetary economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aCurrencies 615 7$aExchange rates 615 7$aExternal debt 615 7$aDollarization 615 7$aMoney 615 7$aDebts, External 615 7$aMonetary policy 676 $a332.15 700 $aRosenberg$b Christoph$01485170 701 $aTirpák$b Marcel$01485171 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788233103321 996 $aDeterminants of Foreign Currency Borrowing in the New Member States of the EU$93704160 997 $aUNINA