Focus on European Economic Integration Q2/12

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• Focus on European Economic Integration Q2/12 (PDF, 2.5 MB) June 2013.

Studies and Analyses

• Olga Radzyner Award 2012 for Scientific Work on European Economic Integration (PDF, 1.6 MB) en Jun 30, 2013, 12:00:00 AM

• Visiting Research Program (PDF, 1.6 MB) en Jun 30, 2013, 12:00:00 AM

• Developments in Selected CESEE Countries: Heterogeneous Growth Performance, Improving Fiscal and External Accounts (PDF, 2.7 MB) Schreiner – Focus on European Economic Integration Q2/12 en Jun 30, 2013, 12:00:00 AM

• Outlook for Selected CESEE Countries: Mixed External Environment Compounds Weak Domestic Demand (PDF, 2.7 MB) Wörz – Focus on European Economic Integration Q2/12 en Jun 30, 2013, 12:00:00 AM

• Drivers of Output Loss during the 2008–09 Crisis: A Focus on Emerging Europe (PDF, 2.6 MB) Cuaresma, Feldkircher. Cuaresma, Feldkircher – Focus on European Economic Integration Q2/12 We study empirically the role that initial conditions played in the emergence of cross-country heterogeneity in real output loss during the recent global financial crisis. We use a global sample covering over 150 countries and focus on the differences in the determinants of the crisis in emerging Europe compared to those in the rest of the world. We find that the differences in crisis severity in emerging Europe can only partly be explained by the factors that appear to be important for the global sample. Our results indicate that for the European emerging economies, growth above potential before the crisis coupled with external disequilibria as well as financial openness were particularly important mechanisms that increased the severity of the crisis in terms of output loss. We also find some evidence that pre-crisis FDI inflows softened the negative real output effects of the crisis in the region. en financial crisis, cross-country analysis, Bayesian model averaging C11, C15, E01, O47 Jun 30, 2013, 12:00:00 AM

• Not So Trustworthy Anymore? The Euro as a Safe Haven Asset in Central, Eastern and Southeastern Europe (PDF, 2.9 MB) Beckmann, Scheiber. Beckmann, Scheiber – Focus on European Economic Integration Q2/12 The euro has been the predominant safe haven currency for households in Southeastern Europe (SEE). Recent results of the OeNB Euro Survey show that the sovereign debt crisis had a substantial impact on households’ trust in the euro but nevertheless suggest that the euro has not been displaced as a safe haven currency. The euro remains more trusted than the local currencies, and households’ preferences and decisions with regard to the currency denomination of their savings indicate that larger portfolio shifts are at present unlikely. en Trust, portfolio choice, sovereign debt crisis, survey data, Central, Eastern and Southeastern Europe D14, G01, G11 Jun 30, 2013, 12:00:00 AM

• CESEE-Related Abstracts from Other OeNB Publications (PDF, 2.3 MB) en Jun 30, 2013, 12:00:00 AM

• 70th East Jour Fixe – Forecasting CESEE Growth in Turbulent Times (PDF, 2.2 MB) Feldkircher, Wörz. Feldkircher, Wörz – Focus on European Economic Integration Q2/12 en Jun 30, 2013, 12:00:00 AM

• World Economic Outlook April 2012: Growth Resuming, Dangers Remain (PDF, 2 MB) Lerner. Lerner – Focus on European Economic Integration Q2/12 en Jun 30, 2013, 12:00:00 AM

• Statistical Annex (PDF, 2 MB) en Jun 30, 2013, 12:00:00 AM

• Notes (PDF, 1.7 MB) en Jun 30, 2013, 12:00:00 AM