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Bubbling under the surface: The role of western public finance in the crisis hitting central and eastern Europe

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Bubbling under the surface: The role of western public finance in the crisis hitting central and eastern Europe An assessment of the policy responses, and the dangers



Publisher: CEE Bankwatch Network

Date: November, 2009

Volume: 21 pages, pdf

Description

The liberalisation of financial markets and the entry of foreign banks have played a central role in the extension of the current crisis to central and eastern European (CEE) economies. They contributed directly to the increased reliance on cross-border borrowing, foreign currency lending, a boom in lending to households for consumption and mortgages, and related real estate booms in many economies.