Tytuł pozycji:
Joining the Euro Zone: From the Perspective of Emerging Europe Countries
- Tytuł:
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Joining the Euro Zone: From the Perspective of Emerging Europe Countries
- Autorzy:
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Sławiński, Andrzej
- Powiązania:
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https://bibliotekanauki.pl/articles/659612.pdf
- Data publikacji:
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2010
- Wydawca:
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Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
- Źródło:
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Acta Universitatis Lodziensis. Folia Oeconomica; 2010, 239
0208-6018
2353-7663
- Język:
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nieokreślony
- Prawa:
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Wszystkie prawa zastrzeżone. Swoboda użytkownika ograniczona do ustawowego zakresu dozwolonego użytku
- Dostawca treści:
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Biblioteka Nauki
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Przejdź do źródła  Link otwiera się w nowym oknie
There were the two main factors behind the recent boom-bust cycles in some of the euro-
zone countries. The first was the negative feedback loop between the high rate of growth in loans
and a fall in real interest rate. The second was the growing use of external funding by local
commercial banks. The same factors caused unsustainable lending booms in several CESEE
countries. The Baltic states could not suppress the negative feedback loop between a high rate of
credit growth and a fall in real interest rate because under the currency board regime they were not
able to rise interest rates. However, unsustainable lending booms occurred also in these CESEE
countries that had autonomy of setting interest rates, because effectiveness their monetary policy
was impaired by a rapidly growing volume of foreign exchange loans. The recent experiences with
unsustainable lending booms in several European countries demonstrate that the euro-zone
accession countries should be equipped with a set of effective macro-prudential tools that would
shield their economies from the risk of boom-bust cycles after joining the monetary union.