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References Aiyar , S. – Duval , R. – Puy , D. – Wu , Y. – Zhang , L. ( 2013 ): Growth Slowdowns and the Middle-Income Trap. IMF , Working Paper , 13

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– 294 . IMF ( 2010 ): Inflation Targeting: Holding the Line. Retrieved from http://www.imf.org/external/pubs/ft/fandd/basics/target.htm Ito , T. – Hayashi

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. Belhocine , N. – Crivelli , E. – Geng , N. – Scutaru , T. – Wiegand , J. – Zhan , Z. ( 2016 ): Reassessing Monetary and Exchange Rate Regimes in Emerging Europe . IMF Presentation, Bucharest, May

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Abbas, A. — Christensen, J. (2010): The Role of Domestic Debt Markets in Economic Growth: An Empirical Investigation for Low-income Countries and Emerging Markets. IMFS Staff Papers , 57(1), Washington, D

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Interactions and Sequencing Matter ? IMF Working Paper , No. 14/89. De Grauwe , P. ( 2000 ): Economics of Monetary Union . Oxford University Press

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transition economies. IMF Working Paper, No. 151, October, 1-47. Pension developments and reforms in transition economies IMF Working Paper 1 47

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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

Sorsa, P. - Bakker, B. B. - Duenwald, C. - Maechler, A. M. - Tiffin, A. (2007): Vulnerabilities in Emerging Southeastern Europe. How Much Cause for Concern? IMF Working Paper WP/07/236. Tiffin A

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Berkmen, S. P. (2012): Bank of Japan’s Quantitative and Credit Easing: Are They Now More Effective? IMF Working Paper WP/12/2 . Berkmen S. P. IMF Working

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Uruguay . IMF Working Paper , WP/11/87. Aysun , U. – Brady , R. – Honig , A. ( 2013 ): Financial Frictions and the Strength of Monetary Transmission . Journal of International

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. ( 2014 ): Varieties of Capitalism and the Euro Crisis . Journal of West European Politics , 37 ( 6 ): 1223 – 1243 . IMF ( 2014 ): IMF Annual Report . Washington, D. C

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