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wiiw Seminar Series
'Integration in a Wider Europe' |
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Dubravko
Mihaljek, Monetary and Economic Department, Bank for International
Settlements (BIS)
The Financial Stability Implications of Capital Flows to
Emerging Markets: Focus on Emerging Europe
30 September 2008, 4 p.m. |
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Recent
trends in private sector capital flows clearly point to the
growing financial integration of emerging market economies.
What merits attention from the financial stability viewpoint
is especially the large increase in inflows to emerging market
banks and the non-bank private sector, and the large increase
in outflows to foreign debt securities. This presentation will
examine the solvency, credit and contagion risks stemming from
cross-border banking flows, as well as the policy responses
to these risks, focusing on recent developments in Central and
Eastern Europe.
Dr. Mihaljek is Senior Economist in the Monetary and Economic
Department of the Bank for International Settlements (BIS) in
Basel, Switzerland. He joined the BIS in 1999. His current responsibilities
include assessing macroeconomic policies and financial stability
in emerging Asia and Central and Eastern Europe, organizing
working parties on monetary policy and meetings of central banks
from these regions; and research on emerging markets. His previous
assignments included macroeconomic monitoring of the United
States, the euro area and Japan (2005-2007); and of the emerging
markets for the Committee on the Global Financial System (1999-2004).
From 1990 to 1999 Dr. Mihaljek worked at the IMF in Washington
DC, as Economist and Senior Economist in Fiscal Affairs, European
and Asian Departments. He started his career at the Economics
Institute in Zagreb, Croatia, where he was Assistant Research
Fellow from 1982 to 1989. |
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