164 research outputs found
Brief von Peter Mooslechner an Josef Steindl
No full textBRIEF VON PETER MOOSLECHNER AN JOSEF STEINDL
Brief von Peter Mooslechner an Josef Steindl ([1]
Regional Integration Challenges in South East Europe: Banking Sector Trends
Get PDFThis study reviews and evaluates a particular aspect of the institution building process in the transition countries of Southeast Europe. The focus is the development of the banking sector. It is argued that banking sector development plays an integral and pivotal role in the successful completion of the transition process. It functions as a very strong integrating force contributing to the broader institution building process and as a pillar of future growth and development in the new market environment of the Balkan economies. This study concentrates on three main issues. First, it undertakes a brief literature review of regional integration approaches in the Balkans. Second, it provides an overview of the most significant changes that have taken place in the banking sector. Third, it reviews some structural characteristics and performance indicators, all of which point to considerable advancements made in this sector in recent years. Empirical evidence is provided showing that a substantial harmonisation of ownership structures and performance indicators has been achieved in the banking sectors of these countries initiating a convergence process toward EU banking structures and functions. In this regard, this study complements the findings of other studies focusing on various sectors of economic activity, which clearly show that a de facto regional and, even more so, continental integration of the Southeast European countries is under way.Balkan banking; foreign banks; regional integration; transition policies
Philip Arestis, Peter Mooslechner and Karin Wagner: Housing market challenges in Europe and the United States
Get PDFReal Estate and HousingArchitectur
Eigenkapital im Finanzsystem: Die Lehren der letzten, der aktuellen und der nächsten Krise
No full textSome remarks on 'How to balance real and nominal convergence': an introductory statement
No full textIs Poland at Risk of a Boom-and-Bust Cycle in the Run-Up to Euro Adoption?
Get PDFWe ask whether Poland is at risk of the boom-bust problem that has afflicted economies around the time of euro adoption. Our answer, inevitably, is mixed. On the one hand the fact that Poland is an outlier, credit-growth wise, accentuates the danger of a boom if one believes in mean reversion. Our econometrics indicate that the fall in interest rates that will flow from expectations of euro adoption will further feed that boom. On the other hand the fact that interest rates have already converged part way to euro-area levels (and more extensively than in earlier adopters that experienced a sharp fall in rates and a pronounced credit boom), especially in the case of lending to firms, suggests that this shock may be less intense in Poland. And it is certainly conceivable that the same policies and country characteristics (not always visible to the econometrician) that have restrained credit growth in the past may continue to do so in the future. The broader literature also points to two set of factors, the first of which makes the danger of an unsustainable credit boom more immediate, the second of which makes it more remote. In the first category are the continuing limitations of the supervisory framework and the weakness of the finance minister in the budget-making process. In the second are a record of rigorous prudential supervision and the existence of relatively competitive labor markets.
10 Years of Austrian EU Membership: Elements of an Overall Economic Assessment
No full textAustria has been a member of the EU for ten years now. Although accession to the EU would have been economically feasible much sooner, for political reasons, in particular, it had to wait until the end of the Soviet era. On balance, this has been quite a positive decade, though so many relevant changes took place simultaneously — worldwide liberalization trends, the opening up of Central and Eastern Europe, and the establishment of monetary union, to name a few — that it is hardly possible to identify which effects stem solely from EU accession. It is equally inadvisable to see the process of European integration, in its all-inclusiveness, purely under economic aspects. Accession to the EU has fundamentally changed the institutional landscape, which today is dominated by Europe. It has also left its imprint on financial markets and foreign trade as well as the labor market and the regulatory framework. Many of those changes would have been unavoidable even without EU accession. However, in many cases accession was the catalyst for a renewal; in its absence, many structural adjustments would have probably occurred either later or not at all.Austria, EU membership, 10 Years, Economic Assessment
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