Focus on European Economic Integration Q2/13

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• Focus on European Economic Integration Q2/13 (PDF, 1.4 MB) June 2013.

Studies and Analyses

• Call for Entries (PDF, 1.2 MB) en Jun 30, 2013, 12:00:00 AM

• Call for Applications (PDF, 1.2 MB) en Jun 30, 2013, 12:00:00 AM

• Developments in Selected CESEE Countries (PDF, 1.6 MB) en Jun 30, 2013, 12:00:00 AM

• Outlook for Selected CESEE Countries (PDF, 1.2 MB) en Jun 30, 2013, 12:00:00 AM

• Residential Property Prices in Central, Eastern and Southeastern European Countries (PDF, 1.5 MB) Hildebrandt, Huynh-Olesen, Steiner, Wagner. Duy T. Huynh-Olesen, Katharina Steiner, Antje Hildebrandt & Karin Wagner – Focus on European Economic Integration Q2/13 The large movements in residential property prices in emerging markets observed over the past decade have raised interest in housing market developments. Within a cointegration framework applied to an unbalanced panel, we assess the relationship between residential property price developments, economic fundamentals and transition-specific factors in Central, Eastern and Southeastern European (CESEE) EU countries from 1999 to 2011.2 Our results show that demand-side fundamentals (disposable income, population, interest rates) and transition-specific factors related to housing demand (such as funding through remittances and credit growth) as well as construction costs on the supply side have been particularly important in residential property price movements. Nevertheless, these factors cannot fully explain residential property price movements, i.e. we find evidence that house prices moved above the level indicated by those factors in the years preceding the crisis. The sharp correction of residential property prices that took place following the outbreak of the financial crisis reversed these overshoots and brought house prices back to – and in some countries even below – the level indicated by the explanatory factors. This suggests that residential property prices are likely to rebound somewhat when economic conditions improve. en Housing markets, residential property prices, Central, Eastern and Southeastern Europe, cointegration framework C23, P20, R3 Jun 30, 2013, 12:00:00 AM

• Trust in the EU in CESEE (PDF, 1.6 MB) Beckmann, Dvorsky, Scheiber. Elisabeth Beckmann, Sandra Dvorsky & Thomas Scheiber – Focus on European Economic Integration Q2/13 The economic and financial crisis of 2008–09 and the ongoing sovereign debt crisis since 2010 have undermined EU citizens’ trust in national and European government institutions in many European countries. Against this background we look at trust in the EU in Central, Eastern and Southeastern Europe (CESEE) on the basis of results obtained from the OeNB Euro Survey. While we find that trust in the EU differs largely across the CESEE countries of the sample, the results are broadly comparable to average levels obtained for euro area countries over the same period. A comparison of pre-crisis and post-crisis levels of citizens’ trust in the EU reveals a certain divide: While trust in the EU declined significantly in the EU Member States of the sample during the sovereign debt crisis, an increase was found for most of the non-EU countries over the same period. A number of major EU integration steps in the latter group of countries may explain this increase. We conclude that prudent communication policies remain key in fostering not only citizens’ general trust in European institutions, but also their understanding of necessary policy measures both in normal times and in particular in crisis times. en Trust in the European Union, sovereign debt crisis, survey data; Central, Eastern and Southeastern Europe D02, E65, G01, H12, Z13 Jun 30, 2013, 12:00:00 AM

• CESEE-Related Abstracts from Other OeNB Publications (PDF, 751 kB) en Jun 30, 2013, 12:00:00 AM

• Turkish-Austrian Economic Relations in a European and International Context (PDF, 1.4 MB) Compiled by Julia Wörz – Focus on European Economic Integration Q2/13 en Jun 30, 2013, 12:00:00 AM

• IMF April 2013 World Economic Outlook: Hopes, Realities and Surveys (PDF, 1.4 MB) Compiled by Christina Lerner – Focus on European Economic Integration Q2/13 en Jun 30, 2013, 12:00:00 AM

• Statistical Annex (PDF, 709 kB) en Jun 30, 2013, 12:00:00 AM

• Notes (PDF, 344 kB) en Jun 30, 2013, 12:00:00 AM