IMF research identifies ‘strong macro-financial linkages’ in eastern Europe


A working paper published by the IMF seeks to explain the factors behind "high and rising" levels of non-performing loans (NPLs) in central, eastern and southeast Europe (CESEE).

The paper, Non-Performing Loans in CESEE: Determinants and Macroeconomic Performance, by Nir Klein, uses both bank-level and macroeconomic indicators from 1998 to 2011 to study the factors behind poor loan performance.

"The results suggest that NPLs are indeed affected by both macroeconomic and bank-level factors,"

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