Title Foreign banks and the Vienna Initiative : turning sinners into saints? / prepared by Ralph De Haas [and others]

Published [Washington, D.C.] : International Monetary Fund, ©2012

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Description 1 online resource (41 pages) Series IMF working paper ; WP/12/117 IMF working paper ; WP/12/117 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 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 Bibliography Includes bibliographical references 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 Form Electronic book Author De Haas, Ralph, 1976- author International Monetary Fund. Monetary and Capital Markets Department, issuing body ISBN 9781475542479 147554247X 9781475570687 1475570686

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