01949cas a2200277 a 4500 AALejournalIMF011848 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475503463 1018-5941 BD-DhAAL BD-DhAAL De Haas, Ralph. Foreign Banks and the Vienna Initiative : Turning Sinners Into Saints? / Ralph De Haas, Yevgeniya Korniyenko, Alexander Pivovarsky, Elena Loukoianova. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (41 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We use data on 1,294 banks in Central and Eastern Europe to analyze how bank ownership and creditor coordination in the form of the Vienna Initiative affected credit growth during the 2008-09 crisis. As part of the Vienna Initiative western European banks signed country-specific commitment letters in which they pledged to maintain exposures and to support their subsidiaries in Central and Eastern Europe. We show that both domestic and foreign banks sharply curtailed credit during the crisis, but that foreign banks that participated in the Vienna Initiative were relatively stable lenders. We find no evidence of negative spillovers from countries where banks signed commitment letters to countries where they did not. Mode of access: Internet Korniyenko, Yevgeniya. Loukoianova, Elena. Pivovarsky, Alexander. IMF Working Papers; Working Paper ; No. 2012/117 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/117/001.2012.issue-117-en.xml IMF e-Library