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Ms. Susan M Schadler and Mr. Pipat Luengnaruemitchai
In the past several years, the ten new Central and Eastern European members of the European Union have enjoyed rapid growth but frequently alongside growing external imbalances. Economists have pointed to rising vulnerabilities, but markets compressed sovereign bond yields. This paper examines the evidence from the perspective of economists' vulnerability analysis and markets' pricing of sovereign bonds. It finds that spread are lower than can be explained by "fundamentals" and speculates on the causes and permanence of this yield compression.
Ms. Susan M Schadler and Mr. Pipat Luengnaruemitchai

five years, average per capita GDP growth has been at the strong side of the emerging market spectrum and inflation at the low end. Despite this strong performance, some economists point to relatively high conventionally-defined vulnerabilities on the emerging market spectrum. 3 These conventionally-defined vulnerabilities span the broad, but overlapping areas of reliance on foreign savings, vulnerability to sudden stops in capital inflows, debt exposures, and banks’ exposures to credit risk stemming from rapid credit growth much of which is foreign exchange indexed

Ms. Susan M Schadler and Mr. Pipat Luengnaruemitchai