Capital Flight In The 1990s – Lessons From E. Europe
AbstractWe analyze capital flight from Eastern Europe in the 1990s, a problem that although was as significant, and possibly as detrimental to economic growth, as its 1980s Latin American predecessor, has received scant attention in the literature so far. Specifically, we employ five capital-flight measures used in earlier studies and apply a “general to specific” modeling approach in a panel of seventeen E. European countries, trying to uncover the main determinants of the problem. Though these determinants differ across the estimated models, three appear consistently significant: real exchange rate appreciation, inflation and budget deficits. Lastly, we discuss the implications of the empirical findings for the IMFsponsored economic stabilization programs.
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Bibliographic InfoArticle provided by European Research Studies Journal in its journal European Research Studies Journal.
Volume (Year): VI (2003)
Issue (Month): 1-2 (January - June)
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Web page: http://www.ersj.eu/
Capital Flight; Eastern Europe;
Find related papers by JEL classification:
- C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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