detailedselected

FOCUSONEUROPEANECONOMICINTEGRATION2/08143SelectedAbstractsTheselectedabstractsbelowalertreaderstostudiesonCESEEtopicsinotherOeNBpublications.
Youmayfindthefull-lengthcontributionsatwww.
oenb.
at.
EconomicCountryRisksEmanatingfromAustria'sInternationalExposureAustria'sspecialroleasoneoftheleadinginvestorsinEasternandSoutheasternEuropeangrowthmarketsincreasinglyraisesquestionsontheriskcapacityofAustria'sforeignportfolio.
Usingselectedmacroeconomicindicators,thisarticleassessestheeconomiccountryriskattachedtoAustria'sexternalassets.
Ascoringmodelfacilitatesthecalculationofindividualcountryrisks,whicharelinkedtodetailedregionaldatafromtheexternalstatisticsoftheOesterreichischeNational-bank(OeNB),thusenablingustodrawconclusionsontheregionalandfunctionalriskstructureofAustrianinternationalinvestment.
Thisrevealsthat,incapital-weightedterms,thedevelopedandleadingfinancialmarketsofEuropeandtheU.
S.
A.
haveafarstrongerinfluenceontotalriskthanthatofthe12EUentrantssince2004(EU-12)ortheEasternandSoutheasternEuropeancountries.
DespiteitsintensiveinvestmentinEasternEurope,Austria'sinternationalrisklargelystemsfromsecuritiesholdingsindevelopedindustrializedcountries.
TheEU-12accountfornomorethanafifthofcapital-weightedrisk,whiletheregionofEasternandSoutheasternEuroperepresentsjustatenthoftotalexposure.
Nevertheless,somegrowthmarkets,suchasHungary,Poland,theCzechRepublicorRussia,alreadyhavemoreimpactonAustria'stotalriskthansomeWesternEuropeanmarkets.
Theprojectionupto2009suggestsalevelingoffinthetotalriskpresentedbyAustria'sexternalassets.
AgenerallystabledevelopmentintheEU-27issomewhatoffsetbyamoreunfavorableriskenvironmentinsomeEuropeangrowthmarketsandintheU.
S.
A.
PublishedinMonetaryPolicy&theEconomy3/2008.
TheRefinancingStructureofBanksinSelectedCESEECountriesSincetheonsetoftheglobalfinancialmarketturbulenceinmid-2007therehavebeenconcernswhetherandtowhatextenttheunfoldingliquiditysqueezemayaffectbanksinCentral,EasternandSoutheasternEurope(CESEE).
Inthisnote,wepresentsystematicregionalandcross-countryinformationabouttherefinanc-ingstructureofthebankingsectorinselectedCESEEcountriesasatend-2007andmid-2008(mostrecentdata,dependingondataavailability).
Thus,wefocusonthesituationofbanksinthesecountriesbeforeexternalfundingconditionsdeterioratedsignificantlyforsomeofthem,whichhappenedinthesecondhalfof2008andhasbecomeparticularlyevidentsincemid-September.
Webenchmarktheregionagainsttheeuroarea,and–whereappropriate–againstnon-Europeanemergingmarketeconomies.
Thisexerciseistocontributetoabetterunderstand-ingoftheriskstothesecountriesemanatingfromthegloballiquiditysqueeze,whichmayturnouttobemorepersistentandmorerelevantfortheCESEEregionthanassumedwhentheturbulencebegantounfoldinmid-2007.
PublishedinFinancialStabilityReport16.
MatthiasFuchsMatthiasFuchsZoltanWalkoZoltanWalko