By R. Matousek
This ebook presents a deep perception into the industry adjustments and coverage demanding situations that transition economies have passed through within the final 20 years. It not just reviews on and evaluates the improvement of economic markets in transition economies, but additionally highlights the most important hindrances to complete integration of monetary markets into the european marketplace.
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Extra info for Banking and Financial Markets in Central and Eastern Europe: 20 Years of Transition (Palgrave Macmillan Studies in Banking and Financial Institutions)
24 The Spread of the Crisis to CEE Over the past decade, western European banks have greatly expanded their operations in CEE, with their market shares now ranging from 65 per cent to 98 per cent of total banking sector assets in individual countries. 6). In contrast to other emerging market regions, currency mismatches in CEE have increased. In addition, some foreign banks have relied heavily on international wholesale markets to finance their lending in CEE, so the proportion of aggregate debt denominated in foreign currency has risen to unusually high levels in many CEE countries.
G. g. Romania and Serbia). However, as early as Q2:2009, foreign bank affiliates resumed local currency lending to CEE residents. With the exception of Hungary and Romania, this trend continued in Q3:2009. 6 Cross-border loans and foreign bank ownership Note: Horizontal axis: share of foreign-owned banks in total assets of the banking system in 2008, in percent. Vertical axis: change in cross-border loans from Q3:2008 through Q3:2009 (exchange-rate adjusted changes), as a share of domestic private sector credit, in percentage points.
Depreciation pressures also brought to light large non-linear foreign exchange exposures, in particular in Poland, where many companies entered the hedging contracts in mid-2008 to protect their export earnings against the sharp appreciation of the zloty and, in some cases, to speculate on a continuing appreciation. As banks called these options, they triggered a self-reinforcing downward spiral of depreciation – the zloty weakened the more the demand for the euro increased. 2 Dubravko Mihaljek 13 The foreign exchange markets in CEE were also affected by the fact that the operation of international currency swap markets became severely impaired.