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Do Economists’ and Financial Markets’ Perspectives on the New Members of the EU differ?

In the past several years, the ten new Central and Eastern European members of the European Union have enjoyed rapid growth but frequently alongside growing external imbalances. Economists have pointed to rising vulnerabilities, but markets compressed sovereign bond yields. This paper examines the e...

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Bibliographic Details
Main Author: Schadler, Susan
Other Authors: Luengnaruemitchai, Pipat
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2007
Series:IMF Working Papers
Subjects:
International Finance
Government And The Monetary System
Payment Systems
Institutional Investors
International Liquidity
Pension Funds
Investments: Futures
Finance
Regimes
Monetary Economics
Financial Instruments
Monetary Policy, Central Banking, And The Supply Of Money And Credit: General
General Financial Markets: General (includes Measurement And Data)
Money
Derivative Securities
Non-bank Financial Institutions
Standards
Emerging And Frontier Financial Markets
Currencies
Monetary Systems
Financial Services Industry
Money And Monetary Policy
Portfolio Choice
Finance: General
Futures
Investment Decisions
Credit Ratings
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:In the past several years, the ten new Central and Eastern European members of the European Union have enjoyed rapid growth but frequently alongside growing external imbalances. Economists have pointed to rising vulnerabilities, but markets compressed sovereign bond yields. This paper examines the evidence from the perspective of economists' vulnerability analysis and markets' pricing of sovereign bonds. It finds that spread are lower than can be explained by "fundamentals" and speculates on the causes and permanence of this yield compression
Physical Description:31 pages
ISBN:9781451866292

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