Regional Financial Interlinkages and Financial Contagion within Europe

Regional Financial Interlinkages and Financial Contagion within Europe

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This paper focuses on financial interlinkages within Europe and potential contagion channeled through these interlinkages. It discusses the increased role of external financing as a source of funding for credit growth; analyzes potential channels of contagion through financial linkages; and assesses the magnitude of cross-border exposures between emerging and western European countries. Based on the stylized facts on these exposures, the paper provides simple indices of exposure to regional contagion that could help identify the likely pressure points and capture potential spillover effects and propagation channels of a regional shock originating from a given country.The impact of such a credit crunch would be amplified if funding from other ( nonbank) sources were also limited. ... Eurobond issuance by the Russian and Ukrainian financial sectors) and some banks in CESE reportedly postponed their planned bond issues ... This section discusses the various channels through which a financial shock can be transmitted between home and host countries ( Diagram 1).

Title:Regional Financial Interlinkages and Financial Contagion within Europe
Author: Ms. Inci Ötker, Karl Driessen, Zsófia Árvai
Publisher:International Monetary Fund - 2009-01-01

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