Foreign banks and the Vienna Initiative : turning sinners into saints? /

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Bibliographic Details
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2012.
Description:	1 online resource (41 pages)
Language:	English
Series:	IMF working paper ; WP/12/117 IMF working paper ; WP/12/117.
Subject:	Banks and banking, Foreign -- Europe, Central. Banks and banking, Foreign -- Europe, Eastern. Credit -- Europe, Central -- Econometric models. Credit -- Europe, Eastern -- Econometric models. Global Financial Crisis, 2008-2009. Banks and banking, Foreign. Credit -- Econometric models. Central Europe. Eastern Europe.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12500231

Hidden Bibliographic Details
Other authors / contributors:	De Haas, Ralph, 1976- author. International Monetary Fund. Monetary and Capital Markets Department, issuing body.
ISBN:	9781475542479 147554247X 9781475570687 1475570686
Notes:	Includes bibliographical references.
Summary:	We use data on 1,294 banks in Central and Eastern Europe to analyze how bank ownership and creditor coordination in the form of the Vienna Initiative affected credit growth during the 2008-09 crisis. As part of the Vienna Initiative western European banks signed country-specific commitment letters in which they pledged to maintain exposures and to support their subsidiaries in Central and Eastern Europe. We show that both domestic and foreign banks sharply curtailed credit during the crisis, but that foreign banks that participated in the Vienna Initiative were relatively stable lenders. We find no evidence of negative spillovers from countries where banks signed commitment letters to countries where they did not.
Other form:	Print version: De Haas, Ralph. Foreign Banks and the Vienna Initiative: Turning Sinners into Saints? Washington : International Monetary Fund, ©2012 9781475503463

Table of Contents:

Cover; Foreign Banks and the Vienna Initiative: Turning Sinners into Saints?; I. INTRODUCTION; II. MAIN FINDINGS; III. THE VIENNA INITIATIVE; IV. DATA AND DESCRIPTIVE STATISTICS; Figure; Figure 1. Credit Growth before and during the Vienna Initiative; Tables; Table 1. Credit Growth across the ECA Region; V. EMPIRICAL METHODOLOGY; VI. EMPIRICAL RESULTS; Table 2. The Vienna Initiative, commitment letters, and bank lending in 2009; Table 3. Bank ownership and credit growth during the 2008-09 crisis; Table 4. The Vienna Initiative and credit growth; Table 5. Robustness tests; VII. CONCLUSIONS.
Table 6. Variable descriptionsTable 7. Descriptive statistics; Table 8. Pairwise correlations; Table 9. Overview of government support to parent banks and participation in the Vienna Initiative; Table 10. Banks participating in the Vienna Initiative and horizontal meetings; Table 11. Selection into the Vienna Initiative; Appendix; Appendix 1. A timeline of the Vienna Initiative; References.

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