| Description |
1 online resource (31 pages) : illustrations |
| Series |
IMF working paper ; WP/07/65 |
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IMF working paper ; WP/07/65.
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| Contents |
I. Introduction; II. Macroeconomic performance and vulnerabilities; Figures; 1. Growth of Real GDP per Capita, 2001-07; 2. Average CPI Inflation; 3. Average Current Account Balance; 4. Emerging Markets: Investment and Saving, Average 2004-06; 5. Investment-Saving Gap and Current Account Deficit; 6. Net Capital Flows to Emerging Markets; 7. Average Gross and Net External Debt; 8. Official Reserves in Percent of Short-term Debt; 9. Selected Banking Indicators; 10. CECs and Other Emerging Markets-Financial Market Development, 2001-07 |
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III. Measuring the CEC Advantage: What fundamentals cannot explain11. Financial Market Developments, Jan 2006-Feb 2007; A. Methodology; B. Data; C. Estimation; IV. Results; 12. Residuals from country-fixed effects model; 13. Reuters Poll on Euro Adoption Dates; 14. Residuals from 2SLS model; 15. Residuals from Country-Fixed Effects Model with Credit Ratings as an Explanatory Variable; V. Conclusions; Tables; 1. Baseline Regression Results; 2. Robustness Checks; References; Appendix; Theoretical Motivation; Total Credit Rating-Outlook Index (CROI) |
| Summary |
In the past several years, the ten new Central and Eastern European members of the European Union have enjoyed rapid growth but frequently alongside growing external imbalances. Economists have pointed to rising vulnerabilities, but markets compressed sovereign bond yields. This paper examines the evidence from the perspective of economists' vulnerability analysis and markets' pricing of sovereign bonds. It finds that spread are lower than can be explained by "fundamentals" and speculates on the causes and permanence of this yield compression |
| Bibliography |
Includes bibliographical references (pages 28-29) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
European Union -- Membership.
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| SUBJECT |
European Union fast |
| Subject |
Finance -- Europe, Central
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Finance -- Europe, Eastern
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Bond market -- Europe, Central
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Bond market -- Europe, Eastern
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Capital market -- Developing countries
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Bond market
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Finance
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Membership requirements
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Central Europe
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Eastern Europe
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| Form |
Electronic book
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| Author |
Schadler, Susan, author.
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International Monetary Fund. European Department.
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| ISBN |
1283515377 |
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9781283515375 |
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