The Financial Crisis and European Emerging Economies

  title={The Financial Crisis and European Emerging Economies},
  author={Martin {\`E}ih{\'a}k and Srobona Mitra},
The crisis has affected all European economies, but it has also brought into relief the substantial differentiation across the region. We demonstrate that it has put an increased premium on sound macroeconomic and macroprudential policies: economies with lower inflation, smaller current account deficits, and lower dependence on bank-related capital inflows have fared significantly better. We also show that the crisis has led to the disappearance of the so-called “halo effect”, which was the… CONTINUE READING

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