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Title:Financial Liberalization and Business Cycles: The Experience of Countries in the Baltics and Central Eastern Europe PDF Logo
Authors:Vinhas de Souza, Lúcio
Issue Date:2004
Series/Report no.:Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2004,23
Abstract:This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of ?emerging markets?. This work finds some signs that, contrary to other emerging markets, this does not happen: for the future Member States, financial integration, similarly to the outcome observed in mature market economies, reduces cyclical volatility both in the short and in the long run. Weak indications are found that this may happen partially due to the anchoring of expectations provided by the EU Accession, and to the more robust institutional framework imposed by this process onto the countries in question.
Subjects:Enlargement
European Union
financial liberalization
booms
busts
cycles
Bry-Boschan
volatility
JEL:F34
F02
F30
F33
F32
F36
G15
P20
Document Type:Working Paper
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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