Published in:European Bank for Reconstruction and Development Working Paper ; No. 109
Extent:
1 Online-Ressource (24 p)
Language:
English
DOI:
10.2139/ssrn.1536645
Identifier:
Origination:
Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 15, 2009 erstellt
Description:
Despite the large output declines suffered by emerging Europe in 2008-09, a major currency and banking crisis was avoided. This paper argues that European economic and political integration was a mitigating factor in this. Cross-border banking groups, in particular, seem to have forestalled a sharp reversal in capital flows. Cross-country variations in output decline can be explained by a small set of macroeconomic vulnerabilities