References Backé, P. and C. Wójcik, (2008): “Credit Booms, Monetary Integration and the New Neoclassical Synthesis”, Journal of Banking & Finance, 32, 458–470. Dvorsky, S., Scheiber, T. and H. Stix (2010): “Real Effects of Crisis Have Reached CESEE Households: Euro Survey Shows Dampened Savings and Changes in Borrowing Behavior.” Focus on European Economic Integration, Oesterreichische Nationalbank, No. 2, 79–90.
The main negative shock was to the mining sector, but the transmission to the rest of the economy was muted, helped by government drawing on its financial savings to maintain public spending. For the financial sector, the predominantly "plain vanilla" characteristics and limited international linkages provided a shield against the 7  worst effects, buttressed further by effective regulation and prudential supervision.