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Capital Flows in Central and Eastern Europe

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  • Carlos A. Végh Gramont
  • Ratna Sahay
  • Guillermo Calvo

Abstract

This paper examines the nature and composition of capital flows in selected countries in Central and Eastern Europe during 1987–93. The data show that there was a remarkable turnaround in the capital account in 1992–93. This improvement was accompanied by widening current account deficits, an increase in real consumption, and real exchange rate appreciation. In light of these developments, the paper discusses the main macroeconomic concerns raised by capital inflows and lays out the principal policy options relevant for the transition economies.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 95/57.

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Length: 48
Date of creation: 01 Jun 1995
Date of revision:
Handle: RePEc:imf:imfwpa:95/57

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References

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  1. Mohsin S. Khan & Dimitri G. Demekas, 1991. "The Romanian Economic Reform Program," IMF Occasional Papers 89, International Monetary Fund.
  2. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
  3. Reinhart, Vincent, 1991. "The 'Tobin tax,' asset accumulation, and the real exchange rate," Journal of International Money and Finance, Elsevier, vol. 10(3), pages 420-431, September.
  4. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1996. "Inflows of capital to developing countries in the 1990s," MPRA Paper 13707, University Library of Munich, Germany.
  5. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994. "The Capital Inflows Problem: Concepts And Issues," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 54-66, 07.
  6. Carlos Alfredo Rodríguez, 1993. "Money and Credit Under Currency Substitution," IMF Staff Papers, Palgrave Macmillan, vol. 40(2), pages 414-426, June.
  7. Grobar, Lisa Morris, 1993. "The effect of real exchange rate uncertainty on LDC manufactured exports," Journal of Development Economics, Elsevier, vol. 41(2), pages 367-376, August.
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Citations

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Cited by:
  1. Claudia Buch, 1999. "Capital mobility and EU enlargement," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 135(4), pages 629-656, December.
  2. Ashoka Mody & Ratna Sahay & Thomas Helbling, 2004. "Debt Accumulation in the CIS-7 Countries," IMF Working Papers 04/93, International Monetary Fund.
  3. Nouriel Roubini & Paul Wachtel, 1997. "Current Account Sustainability in Transition Economies," Working Papers 97-03, New York University, Leonard N. Stern School of Business, Department of Economics.
  4. Reinhart, Carmen & Reinhart, Vincent, 1999. "On the use of reserve requirements in dealing with capital flow problems," MPRA Paper 13703, University Library of Munich, Germany.
  5. C Grafe & C Wyplosz, 1998. "The Real Exchange Rate in Transition Economies," CEP Discussion Papers dp0395, Centre for Economic Performance, LSE.
  6. Françoise Lemoine, 1996. "Trade Policy and Trade Patterns During Transition: a Comparison Between China and the CEECs," Working Papers 1996-02, CEPII research center.
  7. Angelos A. Antzoulatos, 1996. "Capital flows & current account deficits in the 1990s: why did Latin America & East Asian countries respond differently?," Research Paper 9610, Federal Reserve Bank of New York.
  8. Denizer, Cevdet, 1997. "Stabilization, adjustment, and growth prospects in transition economies," Policy Research Working Paper Series 1855, The World Bank.
  9. Goldstein, Morris, 1995. "Coping with too much of a good thing : policy responses for large capital inflows in developing countries," Policy Research Working Paper Series 1507, The World Bank.
  10. Angelos A. Antzoulatos, 1997. "On the determinants and resilience of bond flows to LDCs, 1990-1995: evidence from Argentina, Brazil and Mexico," Research Paper 9703, Federal Reserve Bank of New York.
  11. Cynthia Benzing, 2001. "Capital flows and financial crises: Theory versus realityCapital flows and financial crises Edited by Miles Kahler Cornell University Press, 1998, 268 pp," Atlantic Economic Journal, International Atlantic Economic Society, vol. 29(1), pages 107-112, March.
  12. Louis Kasekende & Damoni Kitabire & Matthew Martin, 1998. "Capital Inflows and Macroeconomic Policy in Sub-Saharan Africa," Macroeconomics 9809005, EconWPA.

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