Focus on European Economic Integration Q1/12

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• Focus on European Economic Integration Q1/12 (PDF, 3.3 MB) March 2013.

• Referees for Focus on European Economic Integration 2009?2011 (PDF, 704 kB) March 2013.

Studies and Analyses

• Olga Radzyner Award 2012 for Scientific Work on European Economic Integration (PDF, 707 kB) en Mar 31, 2013, 12:00:00 AM

• Visiting Research Program (PDF, 931 kB) en Mar 31, 2013, 12:00:00 AM

• Residential Property Markets in CESEE EU Member States (PDF, 1.5 MB) Hildebrandt, Martin, Steiner, Wagner. Hildebrandt, Martin, Steiner, Wagner – Focus on European Economic Integration Q1/12 This paper provides an overview of residential property market developments in ten Central, Eastern and Southeastern European (CESEE) EU Member States over the last 10 to 15 years, featuring price developments, housing conditions, affordability, housing financing and policy measures targeting residential property markets. The descriptive cross-country approach particularly focuses on the period of the economic and financial crisis by capturing the recent boom and bust of residential property prices across the whole region. We observe that high levels of home ownership and low costs of external housing financing were related to rising residential property prices. Besides the small size of the rental market, rising demand for affordable good-quality housing suggests that price developments during the forthcoming catching-up of residential property markets are likely to be dynamic. In this respect, policy action in different areas should increasingly attempt to keep a lid on housing market developments in CESEE. en Residential property market, housing finance, regulation of housing markets, CESEE countries E3, F36, P2, P5, R21, R31 Mar 31, 2013, 12:00:00 AM

• Spillovers of the Greek Crisis to Southeastern Europe: Manageable or a Cause for Concern? (PDF, 2.6 MB) Backé, Gardó. Backé, Gardó – Focus on European Economic Integration Q1/12 During the boom years in the run-up to the global financial and economic crisis, Greece established close economic ties with the Southeastern European (SEE) region. As a consequence, the current Greek sovereign debt crisis could potentially have adverse economic implications for SEE. Both real and financial transmission channels might have a bearing, though in most countries real economic linkages do not seem as strong as the degree of interconnectedness in the realms of banking and finance, where risks might materialize both directly and indirectly (i.e. via changes in expectations and risk perceptions). So far, the Greek crisis has only had a relatively limited impact on SEE. Available buffers and policy tools have helped SEE to cope with the related risks and also provide some more room for the region to address vulnerabilities caused by the Greek crisis that may materialize in the future. Possible challenges appear to be largest in the realm of banking, even though banking sector adjustment during the crisis has been fairly orderly so far. However, the recent intensification of the sovereign debt crisis in euro area countries may put the macrofinancial resilience of SEE countries to a much stiffer test, given its ramifications on external demand, potential negative feedback loops affecting European banks and a further rise in global risk aversion. en Financial stability, banking sector, sovereign debt crisis F36, G2, O52, P2 Mar 31, 2013, 12:00:00 AM

• CESEE -Related Abstracts from Other OeNB Publications (PDF, 691 kB) Focus on European Economic Integration Q1/12 en Mar 31, 2013, 12:00:00 AM

• EBRD Transition Report 2011: The Crisis from the Household Perspective (PDF, 495 kB) Eller, Hake. Eller, Hake – Focus on European Economic Integration Q1/12 en Mar 31, 2013, 12:00:00 AM

• Notes (PDF, 287 kB) en Mar 31, 2013, 12:00:00 AM

• Referees for Focus on European Economic Integration 2009−2011 (PDF, 704 kB) en Mar 31, 2013, 12:00:00 AM