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Autor
Stanek Piotr (Cracow University of Economics, Poland / Wydział Ekonomii i Stosunków Międzynarodowych)
Tytuł
Transmission of the Global Crisis to the Baltic States : Implications for Their Accession to the EMU
Źródło
Cracow University of Economics Discussion Papers Series (CUE DP), 2009, nr 1(1), 16 s., rys., tab., bibliogr. 24 poz.
Słowa kluczowe
Kryzys finansowy, Strefa euro, Unia Gospodarcza i Walutowa (UGW)
Financial crisis, Eurozone, Economic and Monetary Union (EMU)
Uwagi
summ.
Kraj/Region
Kraje bałtyckie
Baltic countries
Abstrakt
W artykule przedstawiono różne mechanizmy transmisji, które spowodowały lub mogłyby spowodować obecny kryzys w krajach bałtyckich: Litwy, Łotwy i Estonii. Przeanalizowano wpływ kryzysu w tych krajach na ich gospodarki. Oceniono również perspektywę przystąpienia do strefy euro w świetle spełnienia kryteriów z Maastricht.

The article presents various transmission mechanisms, which brought (or could have brought) the present global crisis into the Baltic States: Lithuania, Latvia and Estonia. Then, it reviews the consequences of the crisis on the these economies. The prospects of their accession to the euro area is also assessed in the light of the projected fulfillment of the Maastricht criteria. (original abstract)
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Bibliografia
Pokaż
  1. Almeida H., Campello M., Laranjeira B., & Weisbenner S., (2009). Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis. NBER Working Paper No. 14990.
  2. Bartram S., & Bodnar G.M., (2009). No place to hide: the global crisis in equity markets in 2008/09. Journal of International Money and Finance (forthcoming).
  3. Bernanke B., (2009). The crisis and the policy response. Bank of International Settlements Review, no. 03/2009, 1-9.
  4. Bernanke, Ben, Mark Gertler, and Simon Gilchrist, 1996, “The Financial Accelerator and the Flight to Quality,” The Review of Economics and Statistics, Vol. 78, No. 1, (Feb.), 1- 15.
  5. Blanchard O., (2009). The Crisis: Basic Mechanisms, and Appropriate Policies. IMF Working Paper WP/09/80.
  6. Bordo M., (2008). A Historical Perspective on the Crisis of 2007-2008. NBER Working Paper no. 14569.
  7. Borio C, (2008). The financial turmoil of 2007-?: a preliminary assessment and some policy considerations, Bank of International Settlements Working Papers no. 251.
  8. Brunnermeier M. K., (2009), Deciphering the Liquidity and Credit Crunch 2007-08, Journal of Economic Perspectives, 23(1), 77–100.
  9. Claessens S., Kose M.A., & Terrones M.E., (2008). What Happens During Recessions, Crunches and Busts? IMF Working Paper WP/08/274.
  10. Clark A., & Teanor J., (2008, November 24). Greenspan – I was wrong about the economy. Sort of, The Guardian.
  11. Committee on the Global Financial System, (2008). Central bank operations in response to the financial turmoil. CGFS Papers no. 31.
  12. Dooley M.P., & Hutchison M.M., (2009). Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis. NBER Working Paper no. 15120.
  13. European Bank for Reconstructing and Development, (2008). Transition Report 2008: Growth in Transition. London.
  14. European Commission, Directorate-General for Economic and Financial Affairs, 2008, Convergence Report 2008. European Economy 3/2008.
  15. European Commission, Directorate-General for Economic and Financial Affairs, 2009. Economic Forecast. Spring 2009. European Economy 3/2009.
  16. Ghosh A.R., Chamon M., Crowe C., Kim J.I., & Ostry J.D., (2009). Coping with the Crisis: Policy Options for Emerging Market Countries. IMF Staff Position Note SPN/09/08
  17. Krishnamurthy A., (2009). Amplification Mechanisms in Liquidity Crises. NBER Working Paper no. 15040.
  18. Marton K., & McCarthy C.H., (2008). From State to Foreign Ownership: The Banking Sector in Eastern and Central Europe. Global Economy Journal. Vol. 8, Iss. 3, Art. 8 (1 – 14).
  19. Masson P, (1999). Contagion: monsoonal effects, spillovers, and jumps between multiple equilibria., in Agenor, P R, M Miller, D Vines and A Weber: (eds), The Asian financial crisis: causes, contagion and consequences, Cambridge University Press, Cambridge, UK.
  20. Mian A., & Sufi A., (2008). The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis. NBER Working Paper no. 13936.
  21. Mian A., Sufi A., & F. Trebbi, (2008). The Political Economy of the U.S. Mortgage Default Crisis. NBER Working Paper no. 14468.
  22. Mishkin F.S. (2004). The Economics of Money, Banking and Financial Markets. Seventh edition. Pearson/Addison Wesley Ed.
  23. Obiora K.I., (2009). Decoupling from the East Toward the West? Analyses of Spillovers to the Baltic Countries. IMF Working Paper WP/09/125.
  24. Shin, H. S., (2008). Reflections on Modern Bank Runs: A Case Study of Northern Rock, mimeo, Princeton University, http://www.princeton.edu/~hsshin/www/nr.pdf, retrieved July 15, 2009.
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ISSN
2081-3848
Język
eng
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