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Capital Mobility and EU Enlargement

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  • Claudia M. Buch

Abstract

The EU has recently entered accession talks with five transition economies of eastern Europe. Membership in the EU would require inter alia the full liberalization of capital flows. This paper provides empirical evidence on the openness towards foreign capital that the accession states have attained so far on the basis of the correlation between domestic saving and investment. A comparison with the southern members of the EU shows that the countries under review have reached a similar degree of integration in quantitative terms. Yet, further adjustment in qualitative terms, i.e., in the structure of capital flows can be expected as the process of accession proceeds.

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File URL: http://www.ifw-members.ifw-kiel.de/publications/capital-mobility-and-eu-enlargement/kap908.pdf
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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 908.

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Length: 31 pages
Date of creation: Feb 1999
Date of revision:
Handle: RePEc:kie:kieliw:908

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  1. Paul Brenton & Francesca Di Mauro & Matthias Lücke, 1999. "Economic Integration and FDI: An Empirical Analysis of Foreign Investment in the EU and in Central and Eastern Europe," Empirica, Springer, Springer, vol. 26(2), pages 95-121, June.
  2. Argimon, Isabel & Roldan, JoseMaria, 1994. "Saving, investment and international capital mobility in EC countries," European Economic Review, Elsevier, Elsevier, vol. 38(1), pages 59-67, January.
  3. Buch, Claudia M. & Heinrich, Ralph P. & Piazolo, Daniel, 1998. "Southern enlargement of the European Union and capital account liberalization: Lessons for Central and Eastern Europe," Kiel Working Papers 871, Kiel Institute for the World Economy.
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Citations

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Cited by:
  1. Christopoulos, Dimitris K., 2007. "A note on capital mobility in Greece," Journal of Policy Modeling, Elsevier, Elsevier, vol. 29(3), pages 535-540.
  2. Ketenci, Natalya, 2012. "The Feldstein–Horioka Puzzle and structural breaks: Evidence from EU members," Economic Modelling, Elsevier, Elsevier, vol. 29(2), pages 262-270.
  3. Claudia M. Buch & Daniel Piazolo, 2000. "Capital and Trade Flows in Europe and the Impact of Enlargement," Kiel Working Papers 1001, Kiel Institute for the World Economy.
  4. Wolfgang Quaisser & John Hall, 2002. "Toward Agenda 2007 : Preparing the EU for Eastern Enlargement," Working Papers, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies) 240, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies).
  5. Zsófia 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.
  6. Michal Kejak & Stephan Seiter & David Vavra, 2004. "Accession Trajectories and Convergence: Endogenous Growth Perspective," CERGE-EI Working Papers wp219, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
  7. Köhler, Matthias, 2005. "International Capital Mobility and Current Account Targeting in Central and Eastern European Countries," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 05-51, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  8. Ansgar Belke & Martin Hebler, 2002. "Towards a European Social Union: Impacts on Labor Markets in the Acceding Countries," Constitutional Political Economy, Springer, Springer, vol. 13(4), pages 313-335, December.

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