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The catching-up of the banking sector in South-Eastern Europe

A fragile development model dominated by credit growth

Society and Economy
Author: Eszter Kazinczy

The paper reviews the commercial banking sector’s development during the booming years before the current global crisis in Southeast Europe. Based on the analysis of a comprehensive dataset, a common, simplified economic model could be outlined for this period, where GDP growth has been fuelled by rapid credit growth. The latter was boosted both by foreign funding and swift deposit growth volumes. Nevertheless, beside the favourable catch-up process, the level of external imbalances, credit growth and currency mismatches raised sustainability concerns and the risk of overheating.

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dealing with this issue. Studies before the financial crisis do not treat institutions operating in the banking sector in any particular way. The theoretical basis of most research is the agency problem and the need for the construction of incentive

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. – Papanikolaou , N. I. ( 2008 ): Exploring the Nexus between Banking Sector Reform and Performance: Evidence from Newly Acceded EU Countries . Journal of Banking and Finance , 32 ( 12 ): 2674 – 2683

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in terms of the collected fund amount and asset size, furthermore the third in gold banking sector which means that its trading in gold reaches 20 tons per year. Turkiye Bank has the longest tradition among Turkish banks, it was founded in 1924. In

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References Aysan , A. F. — Ceyhan , S. P. ( 2008 ): What Determines the Banking Sector Performance in Globalized Financial Markets? The Case of Turkey. Physica A

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9 41 55 VÁrhegyi, é. (2002): Hungary's Banking Sector: Achievements and Challenges. EIB Papers, 7(1). Hungary's Banking

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): Lithuanian Banks Liquidity Creation in 2000–2008 . Economics and Management 15 : 986 – 991 . Laštuvková , J. ( 2014 ): Liquidity Management Strategies in the Czech Banking

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slowly that is why GDP is the first in the order. Inflation reacts quicker but still not as fast as financial variables, the banking sectors' reaction is fairly quick, while the financial markets react instantly. (3) [ 1 0 0 0 a 21 1 0 0 a 31 a 32 1 0 a

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This article attempts to offer a picture of the state of the economic reform in Ukraine in the summer of 2015, assessing what has been done. It offers a periodisation of Ukraine’s economic policy since its independence in 1991, suggesting that Ukraine has seen three periods of significant reform and this is by far the most important. The main cause of Ukraine’s current economic decline is Russian warfare. The present situation differs greatly from that after the Orange Revolution in late 2004. These reform efforts are more far-reaching than earlier attempts, especially in the energy and banking sectors. Finally, four risks to the present reform wave are discussed. The four big risks to this reform wave lie in Russian warfare, insufficient international funding, lagging reforms in the judicial sector, and the wearing out of the coalition because of economic hardship.

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This study explores cross-country variations in the size of the effects of a monetary policy shock on output using the sample of 48 developed and developing countries. The structural vector autoregression model is used to estimate monetary policy effects for each country separately. Based on the estimated impulse responses, we construct a measure of the short-run monetary policy effect on output, which is used as the dependent variable in a cross-country regression. Our results suggest that the effects of monetary policy shock on output are significantly influenced by trade openness, exchange rate regime, correlation with the US and for European countries with the German economy, and the development of the banking sector.

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