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Short-Term Capital, Economic Transformation, and EU Accession

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  • Lusinyan, Lusine
  • Buch, Claudia M.

Abstract

One key focus of the on-going debate on the integration of international financial markets have been measures to lengthen the maturity of foreign debt, as short-term debt is typically considered to be highly volatile. The transition economies of Central and Eastern Europe are one group of countries for which policy lessons seem particularly urgent. Not only have these countries liberalized their capital accounts to a quite substantial degree already, membership in the European Union also implies that remaining controls to the free flow of capital will have to be abolished. This paper assesses the experience of the transition economies with liberalizing short-term capital flows, and it analyzes factors affecting the share of short-term capital. -- Da eine Verschuldung in kurzfristiger Form oft als sehr volatil angesehen wird, betrifft ein wichtiger Aspekt der gegenwärtigen Diskussion über die Integration der internationalen Finanzmärkte die Frage, wie man die Fristigkeit der Auslandsverschuldung verlängern kann. Für die Transformationsländer Zentral- und Osteuropa scheinen politische Lehren in dieser Beziehung besonders wichtig. Diese Länder haben ihren Kapitalverkehr schon zu einem großen Teil liberalisiert und die künftige Mitgliedschaft in der EU verlangt das Ende der noch bestehenden Kontrollen. Dieses Papier betrachtet die Erfahrungen der Transformationsländer bei der Liberalisierung des kurzfristigen Kapitalölverkehrs und analysiert die Faktoren, die den Anteil der kurzfristigen Verschuldung beeinflussen.

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Bibliographic Info

Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2002,02.

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Date of creation: 2002
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Handle: RePEc:zbw:bubdp1:4167

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Keywords: Short-term debt; economic transformation; EU accession;

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References

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  1. Sebastian Edwards, 2001. "Capital Mobility and Economic Performance: Are Emerging Economies Different?," NBER Working Papers 8076, National Bureau of Economic Research, Inc.
  2. Claudia M. Buch & Lusine Lusinyan, 2000. "Determinants of Short-Term Debt," Kiel Working Papers 994, Kiel Institute for the World Economy.
  3. Fernandez-Arias, Eduardo & DEC, 1994. "The new wave of private capital inflows : push or pull?," Policy Research Working Paper Series 1312, The World Bank.
  4. Buch, Claudia M. & Piazolo, Daniel, 2001. "Capital and trade flows in Europe and the impact of enlargement," Economic Systems, Elsevier, Elsevier, vol. 25(3), pages 183-214, September.
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Cited by:
  1. Sandrine Levasseur, 2004. "Why not euroisation?," Sciences Po publications info:hdl:2441/3361, Sciences Po.
  2. Zsófia Ãrvai, 2005. "Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States," IMF Working Papers, International Monetary Fund 05/213, International Monetary Fund.
  3. Michel Aglietta & Camille Baulant & Sandra Moatti, 2003. "Les PECO devant la tentation de l'euro," Economie Internationale, CEPII research center, CEPII research center, issue 93, pages 11-36.
  4. I.S. Meister, 2002. "Is Eastern Europe ready for the Euro? A Cointegration Analysis for the Maastricht Criteria," WO Research Memoranda (discontinued), Netherlands Central Bank, Research Department 699, Netherlands Central Bank, Research Department.
  5. Wildmann, Christian, 2010. "What drives portfolio investments of German banks in emerging capital markets?," Discussion Paper Series 2: Banking and Financial Studies, Deutsche Bundesbank, Research Centre 2010,04, Deutsche Bundesbank, Research Centre.
  6. Sandrine Levasseur, 2004. "Why not euroisation?," Revue de l'OFCE, Presses de Sciences-Po, Presses de Sciences-Po, vol. 91(5), pages 121-156.

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