Capital Flows to Central and Eastern Europe

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Capital Flows to Central and Eastern Europe

Author Info

Gian Maria Milesi-Ferretti
Philip R. Lane

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Abstract

We examine the evolution of the net external asset positions of Central and Eastern Europe (CEEC) countries over the past decade, with a strong emphasis on the composition of their international balance sheets. We assess the extent of their international financial integration, compared with the advanced economies and other emerging markets, and highlight the salient features of their external capital structure in terms of the relative importance of FDI, portfolio equity, and external debt. In addition, we briefly describe the country and currency composition of their external liabilities. Finally, we explore the implications of the accumulated stock of external liabilities for future trade and current account balances.

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Publisher Info
Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/188.

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Length: 31 pages
Date of creation: 15 Aug 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/188

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Other versions of this item:

Article
- Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2007. "Capital flows to central and Eastern Europe," Emerging Markets Review, Elsevier, vol. 8(2), pages 106-123, May. [Downloadable!] (restricted)
Paper
- Philip R. Lane & Gian Maria Milesi-Ferretti, 2006. "Capital Flows to Central and Eastern Europe," The Institute for International Integration Studies Discussion Paper Series iiisdp161, IIIS. [Downloadable!]

This paper has been announced in the following NEP Reports:

NEP-ACC-2006-11-25 (Accounting & Auditing)
NEP-ALL-2006-11-25 (All new papers)
NEP-CBA-2006-11-25 (Central Banking)
NEP-EEC-2006-11-25 (European Economics)
NEP-INT-2006-11-25 (International Trade)
NEP-MON-2006-11-25 (Monetary Economics)
NEP-TRA-2006-11-25 (Transition Economics)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

AndrÃ© Lince de Faria & Paolo Mauro, 2005. "Institutions and the External Capital Structure of Countries," IMF Working Papers 04/236, International Monetary Fund. [Downloadable!]
Maurice Obstfeld, 2004. "External Adjustment," NBER Working Papers 10843, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Maurice Obstfeld, 2006. "External Adjustment," Center for International and Development Economics Research, Working Paper Series 1052, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
- Maurico Obstfeld, 2004. "External adjustment," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 127(4), pages 541-568, December. [Downloadable!] (restricted)
Devereux, Michael B. & Lane, Philip R., 2003. "Understanding bilateral exchange rate volatility," Journal of International Economics, Elsevier, vol. 60(1), pages 109-132, May. [Downloadable!] (restricted)
Other versions:
- Michael B. Devereux & Philip R. Lane, 2002. "Understanding Bilateral Exchange Rate Volatility," Trinity Economics Papers 200211, Trinity College Dublin, Department of Economics. [Downloadable!]
- Devereux, M.B. & Lane, P.R., 2002. "Understanding Bilateral Exchange Rate Volatility," CEG Working Papers 20025, Trinity College Dublin, Department of Economics. [Downloadable!]
- Devereux, Michael B & Lane, Philip R., 2002. "Understanding Bilateral Exchange Rate Volatility," CEPR Discussion Papers 3518, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Timothy D. Lane & Leslie Lipschitz & Alex Mourmouras, 2002. "Capital Flows to Transition Economies: Master or Servant," IMF Working Papers 02/11, International Monetary Fund.
Carol C. Bertaut & Linda S. Kole, 2004. "What makes investors over or underweight? explaining international appetites for foreign equities," International Finance Discussion Papers 819, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
Olivier Blanchard & Francesco Giavazzi, 2002. "Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2002-2), pages 147-210. [Downloadable!]
Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2000. "External Capital Structure: Theory and Evidence," CEPR Discussion Papers 2583, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Gian Maria Milesi-Ferretti & Philip R. Lane, 2000. "External Capital Structure-Theory and Evidence," IMF Working Papers 00/152, International Monetary Fund.
Matthieu Bussière & Marcel Fratzscher & Author-Name: Gernot J. Müller, 2004. "Current account dynamics in OECD and EU acceding countries - an intertemporal approach," Working Paper Series 311, European Central Bank. [Downloadable!]
ZsÃ³fia Ãrvai, 2005. "Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States," IMF Working Papers 05/213, International Monetary Fund. [Downloadable!]

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Philip R. Lane, 2008. "EMU and Financial Market Integration," The Institute for International Integration Studies Discussion Paper Series iiisdp248, IIIS. [Downloadable!]
Marques, Luis B, 2007. "The Costs to Consumers of a Depreciated Conversion Rate to the Euro," MPRA Paper 5723, University Library of Munich, Germany. [Downloadable!]
Andrea M. Maechler & Bas Berend Bakker & Christoph Duenwald & Piritta Sorsa & Andrew Tiffin, 2007. "Vulnerabilities in Emerging Southeastern Europe--How Much Cause for Concern?," IMF Working Papers 07/236, International Monetary Fund. [Downloadable!]
Lane, Philip R., 2006. "The Swedish External Position and the Krona," Working Paper Series 200, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
Other versions:
- Philip Lane, 2007. "The Swedish external position and the krona," International Economics and Economic Policy, Springer, vol. 4(3), pages 263-279, November. [Downloadable!] (restricted)

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