Focus on European Economic Integration Q4/10

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• Focus on European Economic Integration Q4/10 (PDF, 1.3 MB) December 2010.

Studies and Analyses

• Developments in Selected CESEE Countries (PDF, 1.2 MB) en Dec 31, 2010, 12:00:00 AM

• Crisis Response Policies in Russia, Ukraine, Kazakhstan and Belarus – Stock-Taking and Comparative Assessment (PDF, 589 kB) Barisitz, Holzhacker, Lytvyn, Sabyrova. Barisitz, Holzhacker, Lytvyn, Sabyrova – Focus on European Economic Integration Q4/10 This study focuses on comparing and assessing the policy measures Russia, Ukraine, Kazakhstan and Belarus took in response to the impact of the U.S. subprime crisis (2007) and of the Great Recession (2008–2009). Being most dependent on cross-border capital inflows, Kazakhstan was most affected by, and reacted most intensively to, the subprime turmoil, followed by Russia. In contrast, all four countries responded to the second crisis with a panoply of fiscal, monetary, exchange rate and other measures. After sharp across-the-board devaluations in late 2008 and early 2009, and accompanying the recovery of the oil price, the currencies of the oil exporters Russia and Kazakhstan soon stabilized, whereas the currencies of the oil importers Ukraine and Belarus stayed under pressure – giving rise to intermittent interventions. Opposing – if hitherto successful – macrofinancial restabilization strategies have been conducted: Oil exporters employed their oil stabilization funds to deliver generous fiscal stimuli, whereas oil importers took recourse to IMF Stand-By Arrangements and exchange controls. With respect to the banking turmoil and restructuring since late 2007, the following can be concluded: Although measuring recapitalization costs is not unproblematic, systems dominated by state-owned banks (Russia, Belarus) appear to have fared better in precisely this time span in the sense that they have incurred less crisis-triggered recapitalization spending than systems dominated by private domestic or even foreign-owned capital (Kazakhstan, Ukraine). One of the reasons that might explain this result is the (with hindsight) excessive pre-crisis credit booms in the privately dominated banking systems, financed largely from abroad, coupled with the possibly even weaker rule of law outside the sphere of direct state control in the CIS region. en Crisis response policies, fiscal stimulus, quasi-fiscal policy, Russia, Ukraine, Kazakhstan, Belarus, oil stabilization fund, macrofinancial stabilization, directed lending, related-party lending, banking regulation, recapitalization, rule of law E52, G21, H30, P34 Dec 31, 2010, 12:00:00 AM

• Euro Survey of Spring 2010: Sovereign Debt Crisis Left Traces in CESEE Households' Sentiment, Foreign Currency Portfolios Broadly Unchanged (PDF, 656 kB) Dvorsky, Scheiber, Stix. Dvorsky, Scheiber, Stix – Focus on European Economic Integration Q4/10 The OeNB Euro Survey’s spring wave was conducted in May and June 2010 at a time of highly exceptional circumstances in the EU and in the euro area, which appear to have had a significant effect on CESEE households’ trust in the euro. However, it can be assumed that the reported low trust levels were extraordinary and of only temporary nature. Nevertheless, confidence in the euro was still “ahead” of that in the respective local currencies. By contrast, trust in the EU as an institution remained rather high in almost all countries surveyed and continued to be substantially higher than trust in domestic governments. Despite worsened results from some sentiment-related questions, people did not adjust their foreign currency portfolios. The deposit substitution index (DSI) as well as the projected amount of euro cash holdings per capita remained broadly unchanged throughout the region. en Euroization, global financial crisis, portfolio decision, survey data, Central, Eastern and Southeastern Europe D14, E41, E50, G01 Dec 31, 2010, 12:00:00 AM

• Selected Abstracts (PDF, 150 kB) Focus on European Economic Integration Q4/10 en Dec 31, 2010, 12:00:00 AM

• OeNB Conference on European Economic Integration 2010 – Catching-Up Strategies after the Crisis (PDF, 212 kB) Focus on European Economic Integration Q4/10 en Dec 31, 2010, 12:00:00 AM

• Olga Radzyner Award Winners 2010 (PDF, 576 kB) Focus on European Economic Integration Q4/10 en Dec 31, 2010, 12:00:00 AM

• IMF Regional Economic Outlook: Europe – Building Confidence (PDF, 545 kB) Focus on European Economic Integration Q4/10 en Dec 31, 2010, 12:00:00 AM

• Statistical Annex (PDF, 1.2 MB) en Dec 31, 2010, 12:00:00 AM

• Notes (PDF, 224 kB) en Dec 31, 2010, 12:00:00 AM