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How did rapid credit growth cause non-performing loans in the CEE Countries?

How did rapid credit growth cause non-performing loans in the CEE Countries? REFERENCESAgoraki, M.-E. K., Delis, M. D. and Pasiouras, F. 2011. Regulations, competition and bank risk-taking in transition countries. Journal of Financial Stability 7 (1): 38–48.Arellano, M. and Bond, S. 1991. Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies 58 (2): 277–297.10.2307/2297968Arellano, M. and Bover, O. 1995. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics 68 (1): 29–51.Aydin, B. 2008. Banking Structure and Credit Growth in Central and Eastern European Countries. International Monetary Fund. IMF Working Paper No. 08/215.Backé, P. and Égert, B. 2006. Credit Growth in Central and Eastern Europe: New (Over)Shooting Stars? Focus on European Economic Integration (1): 112–139.Backé, P., Égert, B. and Walko, Z. 2007. Credit Growth in Central and Eastern Europe Revisited. Focus on European Economic Integration (2): 69–77.Basel Committee on Banking Supervision (2010). Guidance for national authorities operating the countercyclical capital buffer. Bank for International Settlements: Basel.Blundell, R. and Bond, S. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87 (1): 115–143.Blundell, R. and Bond, S. 2000. GMM Estimation with persistent panel data: an application to production functions. Econometric Reviews 19 (3): 321–340.10.1080/07474930008800475Bond, S. R. 2002. Dynamic panel data models: a guide to micro data methods and practice. Portuguese Economic Journal 1 (2): 141–162.Bonin, J., Hasan, I. and Wachtel, P. 2013. Banking in transition countries. Wesleyan University. Wesleyan Economic Working Papers No. 2013-008.Bonin, J. P. and Schnabel, I. 2011. The great transformation: From government-owned to foreign-controlled banking sectors. Economics of Transition 19 (3): 397–405.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000292102100001&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f3Bonin, J. P., Hasan, I. and Wachtel, P. 2005. Privatization matters: Bank efficiency in transition countries. Journal of Banking & Finance 29 (8-9): 2155–2178.10.1016/j.jbankfin.2005.03.012Cerutti, E., Ilyina, A., Makarova, Y. and Schmieder, C. 2010. Bankers Without Borders? Implications of Ring-Fencing for European Cross-Border Banks. International Monetary Fund, IMF Working Paper No. 10/247.Degryse, H. A., Havrylchyk, O., Jurzyk, E. and Kozak, S. 2012. Foreign Bank Entry and Credit Allocation in Emerging Markets. Journal of Banking & Finance 36 (11): 2949–2940.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000309568800007&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f310.1016/j.jbankfin.2011.12.006Drehmann, M., and Gambacorta, L. 2012. The effects of countercyclical capital buffers on bank lending. Applied economics letters 19 (7): 603-608.10.1080/13504851.2011.591720http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000301656900001&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f3Foos, D., Norden, L. and Weber, M. 2010. Loan growth and riskiness of banks. Journal of Banking & Finance 34 (12): 2929–2940.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000283411300009&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f310.1016/j.jbankfin.2010.06.007Glogowski, A. 2008. Macroeconomic Determinants of Polish Banks’ Loan Losses – Results of a Panel Data Study. National Bank of Poland, Working paper No. 53.de Haas, R. and van Lelyveld, I. 2006. Foreign banks and credit stability in Central and Eastern Europe. A panel data analysis. Journal of Banking & Finance 30 (7): 1927–1952.10.1016/j.jbankfin.2005.07.007Havrylchyk, O. and Jurzyk, E. 2011. Inherited or earned? Performance of foreign banks in Central and Eastern Europe. Journal of Banking & Finance 35 (5): 1291–1302.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000289389900021&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f310.1016/j.jbankfin.2010.10.007Iossifov, P. and Podpiera, J. 2014. Are Non-Euro Area EU Countries Importing Low Inflation from the Euro Area? International Monetary Fund. IMF Working Paper No.14/191.Jakubík, P. and Reininger, T. 2013. Determinants of Nonperforming Loans in Central, Eastern and Southeastern Europe. Focus on European Economic Integration (3): 48–66.Jiménez, G. and Saurina, J. 2006. Credit Cycles, Credit Risk, and Prudential Regulation. International Journal of Central Banking (IJCB) 2: 65–98.Judson, R. A., and Owen, A. L. 1999. Estimating dynamic panel data models: a guide for macroeconomists. Economics Letters 65(1): 9–15.Kiviet, J. F. 1995. On bias, inconsistency, and efficiency of various estimators in dynamic panel data models. Journal of Econometrics 68(1): 53–78.Klein, N. 2013. Non-Performing Loans in CESEE: Determinants and Impact on Macroeconomic Performance. International Monetary Fund. IMF Working Paper No.13/72.Kraft, E. 2002. Foreign banks in Croatia: Another look. Croatian National Bank: Zagreb.Pazarbasioglu, C., Johnsen, G., Hilbers, M. P. L. C. and Ötker, M. I. 2005. Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies. International Monetary Fund. Working Paper No.05/151.Repullo, R. and Saurina, J. 2011. The countercyclical capital buffer of Basel III: A critical assessment, mimeo, CEMFI. Working Paper No. 1102.Roodman, D. 2009. A Note on the Theme of Too Many Instruments. Oxford Bulletin of Economics and Statistics 71 (1): 135–158.Saurina, J. and Jiménez, G. 2006. Credit Cycles, Credit Risk, and Prudential Regulation. International Journal of Central Banking 2(2):65-98.Skarica, B. 2014. Determinants of non-performing loans in Central and Eastern European countries. Financial Theory and Practice 38 (1): 37–59.Škrabić Perić, B. 2012. The impact of foreign ownership of bank on bank credit risk in the countries of Central and Eastern Europe: a dynamic panel models. Faculty of Economics, University of SplitTanasković, S. and Jandrić, M. 2015. Macroeconomic and Institutional Determinants of Non-Performing Loans. Journal of Central Banking Theory and Practice 4 (1):47-62.Windmeijer, F. 2005. A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics 126 (1): 25–51. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png South East European Journal of Economics and Business de Gruyter

How did rapid credit growth cause non-performing loans in the CEE Countries?

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de Gruyter
Copyright
© 2017 South East European Journal of Economics and Business
ISSN
2233-1999
eISSN
2233-1999
DOI
10.1515/jeb-2017-0019
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Abstract

REFERENCESAgoraki, M.-E. K., Delis, M. D. and Pasiouras, F. 2011. Regulations, competition and bank risk-taking in transition countries. Journal of Financial Stability 7 (1): 38–48.Arellano, M. and Bond, S. 1991. Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies 58 (2): 277–297.10.2307/2297968Arellano, M. and Bover, O. 1995. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics 68 (1): 29–51.Aydin, B. 2008. Banking Structure and Credit Growth in Central and Eastern European Countries. International Monetary Fund. IMF Working Paper No. 08/215.Backé, P. and Égert, B. 2006. Credit Growth in Central and Eastern Europe: New (Over)Shooting Stars? Focus on European Economic Integration (1): 112–139.Backé, P., Égert, B. and Walko, Z. 2007. Credit Growth in Central and Eastern Europe Revisited. Focus on European Economic Integration (2): 69–77.Basel Committee on Banking Supervision (2010). Guidance for national authorities operating the countercyclical capital buffer. Bank for International Settlements: Basel.Blundell, R. and Bond, S. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87 (1): 115–143.Blundell, R. and Bond, S. 2000. GMM Estimation with persistent panel data: an application to production functions. Econometric Reviews 19 (3): 321–340.10.1080/07474930008800475Bond, S. R. 2002. Dynamic panel data models: a guide to micro data methods and practice. Portuguese Economic Journal 1 (2): 141–162.Bonin, J., Hasan, I. and Wachtel, P. 2013. Banking in transition countries. Wesleyan University. Wesleyan Economic Working Papers No. 2013-008.Bonin, J. P. and Schnabel, I. 2011. The great transformation: From government-owned to foreign-controlled banking sectors. Economics of Transition 19 (3): 397–405.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000292102100001&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f3Bonin, J. P., Hasan, I. and Wachtel, P. 2005. Privatization matters: Bank efficiency in transition countries. Journal of Banking & Finance 29 (8-9): 2155–2178.10.1016/j.jbankfin.2005.03.012Cerutti, E., Ilyina, A., Makarova, Y. and Schmieder, C. 2010. Bankers Without Borders? Implications of Ring-Fencing for European Cross-Border Banks. International Monetary Fund, IMF Working Paper No. 10/247.Degryse, H. A., Havrylchyk, O., Jurzyk, E. and Kozak, S. 2012. Foreign Bank Entry and Credit Allocation in Emerging Markets. Journal of Banking & Finance 36 (11): 2949–2940.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000309568800007&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f310.1016/j.jbankfin.2011.12.006Drehmann, M., and Gambacorta, L. 2012. The effects of countercyclical capital buffers on bank lending. Applied economics letters 19 (7): 603-608.10.1080/13504851.2011.591720http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000301656900001&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f3Foos, D., Norden, L. and Weber, M. 2010. Loan growth and riskiness of banks. Journal of Banking & Finance 34 (12): 2929–2940.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000283411300009&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f310.1016/j.jbankfin.2010.06.007Glogowski, A. 2008. Macroeconomic Determinants of Polish Banks’ Loan Losses – Results of a Panel Data Study. National Bank of Poland, Working paper No. 53.de Haas, R. and van Lelyveld, I. 2006. Foreign banks and credit stability in Central and Eastern Europe. A panel data analysis. Journal of Banking & Finance 30 (7): 1927–1952.10.1016/j.jbankfin.2005.07.007Havrylchyk, O. and Jurzyk, E. 2011. Inherited or earned? Performance of foreign banks in Central and Eastern Europe. Journal of Banking & Finance 35 (5): 1291–1302.http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000289389900021&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=b7bc2757938ac7a7a821505f8243d9f310.1016/j.jbankfin.2010.10.007Iossifov, P. and Podpiera, J. 2014. Are Non-Euro Area EU Countries Importing Low Inflation from the Euro Area? International Monetary Fund. IMF Working Paper No.14/191.Jakubík, P. and Reininger, T. 2013. Determinants of Nonperforming Loans in Central, Eastern and Southeastern Europe. Focus on European Economic Integration (3): 48–66.Jiménez, G. and Saurina, J. 2006. Credit Cycles, Credit Risk, and Prudential Regulation. International Journal of Central Banking (IJCB) 2: 65–98.Judson, R. A., and Owen, A. L. 1999. Estimating dynamic panel data models: a guide for macroeconomists. Economics Letters 65(1): 9–15.Kiviet, J. F. 1995. On bias, inconsistency, and efficiency of various estimators in dynamic panel data models. Journal of Econometrics 68(1): 53–78.Klein, N. 2013. Non-Performing Loans in CESEE: Determinants and Impact on Macroeconomic Performance. International Monetary Fund. IMF Working Paper No.13/72.Kraft, E. 2002. Foreign banks in Croatia: Another look. Croatian National Bank: Zagreb.Pazarbasioglu, C., Johnsen, G., Hilbers, M. P. L. C. and Ötker, M. I. 2005. Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies. International Monetary Fund. Working Paper No.05/151.Repullo, R. and Saurina, J. 2011. The countercyclical capital buffer of Basel III: A critical assessment, mimeo, CEMFI. Working Paper No. 1102.Roodman, D. 2009. A Note on the Theme of Too Many Instruments. Oxford Bulletin of Economics and Statistics 71 (1): 135–158.Saurina, J. and Jiménez, G. 2006. Credit Cycles, Credit Risk, and Prudential Regulation. International Journal of Central Banking 2(2):65-98.Skarica, B. 2014. Determinants of non-performing loans in Central and Eastern European countries. Financial Theory and Practice 38 (1): 37–59.Škrabić Perić, B. 2012. The impact of foreign ownership of bank on bank credit risk in the countries of Central and Eastern Europe: a dynamic panel models. Faculty of Economics, University of SplitTanasković, S. and Jandrić, M. 2015. Macroeconomic and Institutional Determinants of Non-Performing Loans. Journal of Central Banking Theory and Practice 4 (1):47-62.Windmeijer, F. 2005. A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics 126 (1): 25–51.

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South East European Journal of Economics and Businessde Gruyter

Published: Dec 1, 2017

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