View this email in your browser [https://wiiw.ac.at/files/mailings/event-201803141441-en.html]   _in cooperation with _ [Research Centre International Economics (FIW)] [http://fiw.ac.at/index.php?id=1&L=3] Dear colleague, we cordially invite you to the following event: CREDIT DYNAMICS IN CESEE SINCE THE GLOBAL FINANCIAL CRISIS: ADJUSTMENT BACK TO EQUILIBRIUM LEVELS? MARIAROSARIA COMUNALE Bank of Lithuania MONDAY, 26 MARCH 2018, 3:00 PM (15:00 CEST) wiiw, Rahlgasse 3, 1060 Vienna FIW-wiiw Seminars in International Economics [https://wiiw.ac.at/fiw-wiiw-seminars-in-international-economics-es-6.html] During the period of rapid credit expansion that was observed in most Central, Eastern and Southeastern European (CESEE) countries before the 2008/2009 global financial crisis (GFC) several papers had addressed the question whether these dynamics are still sustainable or constitute overshooting compared to equilibrium levels, raising concerns with regard to macrofinancial stability. With the benefit of hindsight, a consensus has emerged that pre-crisis credit developments had been on an excessive path in several CESEE countries. In particular, the substantial increases of nonperforming loans (NPLs) in the years after 2008 suggest that credit dynamics had been too much of a good thing in many CESEE countries. In the wake of the GFC, credit growth slowed down remarkably or even turned negative in CESEE, before recovering or accelerating again more recently. Against this background, the question arises whether credit levels have eventually turned back to equilibrium levels or whether under- or overshooting tendencies can be identified. ...more [https://wiiw.ac.at/credit-dynamics-in-cesee-since-the-global-financial-crisi...] WE KINDLY ASK YOU TO REGISTER [https://wiiw.ac.at/bc-e-er-375.html] for the event. Participation is free of charge. Best regards, Julia Grübler [https://wiiw.ac.at/julia-gruebler-s-866.html] _Organiser_            Robert Stehrer [https://wiiw.ac.at/robert-stehrer-s-16.html] _Scientific Director_ wiiw The Vienna Institute for International Economic Studies Rahlgasse 3, 1060 Vienna, Austria wiiw@wiiw.ac.at, wiiw.ac.at [https://wiiw.ac.at] T: +43 1 533 66 10 [tel:+4315336610] [http://www.facebook.com/wiiw.economic.studies] [http://www.twitter.com/wiiw_news] [http://www.linkedin.com/company/vienna-institute-for-international-economic-...] [http://www.youtube.com/channel/UCyNuSfsgzgBsIf7AaH8Vk-Q] [https://wiiw.ac.at/rss.php] Copyright ©2018 wiiw, all rights reserved.