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This paper focuses on financial interlinkages within Europe and potential contagion channeled through these interlinkages. It discusses the increased role of external financing as a source of funding for credit growth; analyzes potential channels of contagion through financial linkages; and assesses the magnitude of cross-border exposures between emerging and western European countries. Based on the stylized facts on these exposures, the paper provides simple indices of exposure to regional contagion that could help identify the likely pressure points and capture potential spillover effects and propagation channels of a regional shock originating from a given country.

Finance --- Business & Economics --- Credit, Debt & Loans --- Credit control --- International economic relations. --- Credit --- Credit allocation --- Credit policy --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Government policy --- Monetary policy --- Economic policy --- International relations --- Economic sanctions --- Banks and Banking --- Money and Monetary Policy --- Finance: General --- International Lending and Debt Problems --- Financial Aspects of Economic Integration --- International Financial Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- General Financial Markets: Government Policy and Regulation --- Banking --- Monetary economics --- Commercial banks --- Foreign currency exposure --- Foreign banks --- Financial institutions --- Money --- Financial contagion --- Financial sector policy and analysis --- Banks and banking --- Foreign exchange market --- Banks and banking, Foreign --- Financial risk management --- Austria