Economic and Financial Integration of CEECs: The Impact of Financial Instability

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Title:Economic and Financial Integration of CEECs: The Impact of Financial Instability
Creators:
Albulescu, Claudiu
Journal or Publication Title:
AUCO Czech Economic Review, 5, 1, pp. 27-46
Uncontrolled Keywords:Financial instability, financial instability index, economic and financial integration, Central and Eastern Europe

Abstract

The recent financial crisis had a powerful impact upon the European countries' economies, in particular on those from Central and Eastern Europe, with some small exceptions. Thus, applying a panel data approach for a large sample of CEECs, we demonstrate that financial instability negatively influences these countries economic and financial integration. If instability is measured by means of a financial instability index, we have used two classical indicators for the economic integration, namely trade openness and trade intensity index. Indicators such as the interest rates co-movement and the asset share of foreign-owned banks were chosen to calculate financial integration. We highlight the fact that the crisis events hinder the process of CEECs' integration into the EU, deepening the economic gaps between more and less developed EU members.

Official URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=57B5F853-06A7-48F2-B60F-167EA4E75E73&articleid=4AA92FD5-E33E-46BF-BB50-82452456C91F

Title:Economic and Financial Integration of CEECs: The Impact of Financial Instability
Creators:
Albulescu, Claudiu
Uncontrolled Keywords:Financial instability, financial instability index, economic and financial integration, Central and Eastern Europe
Subjects:H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
H Social Sciences > HF Commerce
Divisions:Section of external journals > AUCO Czech Economic Review
Journal or Publication Title:AUCO Czech Economic Review
Volume:5
Number:1
Page Range:pp. 27-46
ISSN:1802-4696
Publisher:Charles University
Related URLs:
URLURL Type
http://auco.cuni.czPublisher
http://avi.lib.cas.cz/node/183Publisher
ID Code:6516
Item Type:Article
Deposited On:05 Apr 2011 17:05
Last Modified:05 Apr 2011 15:05

Citation

Albulescu, Claudiu (2011) Economic and Financial Integration of CEECs: The Impact of Financial Instability. AUCO Czech Economic Review, 5 (1). pp. 27-46. ISSN 1802-4696

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