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Capital flows to central and Eastern Europe

Author Info

Listed author(s):
  • Lane, Philip R.
  • Milesi-Ferretti, Gian Maria

Abstract

We examine the evolution of the external position in CEE countries over the past decade, with a strong emphasis on the composition of the international balance sheet. We assess the extent of their international financial integration, in comparison to the advanced economies and other emerging markets, and highlight the most 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 bilateral 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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File URL: http://www.sciencedirect.com/science/article/pii/S1566-0141(07)00010-6
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Article provided by Elsevier in its journal Emerging Markets Review.

Volume (Year): 8 (2007)
Issue (Month): 2 (May)
Pages: 106-123

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Handle: RePEc:eee:ememar:v:8:y:2007:i:2:p:106-123
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620356

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  1. Devereux, Michael B. & Lane, Philip R., 2003. "Understanding bilateral exchange rate volatility," Journal of International Economics, Elsevier, vol. 60(1), pages 109-132, May.
  2. Maurico Obstfeld, 2004. "External adjustment," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 140(4), pages 541-568, December.
  3. Stulz, Rene M., 2005. "Financial Globalization, Corporate Governance, and Eastern Europe," Working Paper Series 2005-27, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  4. repec:tcd:wpaper:tep16 is not listed on IDEAS
  5. Gian Maria Milesi-Ferretti, & Philip R. Lane, 2003. "International Financial Integration," The Institute for International Integration Studies Discussion Paper Series iiisdp03, IIIS.
  6. Bussière, Matthieu & Fratzscher, Marcel & Müller, Gernot J., 2004. "Current accounts dynamics in OECD and EU acceding countries - an intertemporal approach," Working Paper Series 0311, European Central Bank.
  7. Philip R. Lane & Gian Maria Milesi-Ferretti, 2007. "A Global Perspective on External Positions," NBER Chapters,in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 67-102 National Bureau of Economic Research, Inc.
  8. Sylvester Eijffinger & Jan J.G. Lemmen (ed.), 2003. "International Financial Integration," Books, Edward Elgar Publishing, volume 0, number 2093.
  9. Faria, Andr & Mauro, Paolo, 2009. "Institutions and the external capital structure of countries," Journal of International Money and Finance, Elsevier, vol. 28(3), pages 367-391, April.
  10. Leslie Lipschitz & Alex Mourmouras & Timothy D. Lane, 2002. "Capital Flows to Transition Economies; Master or Servant?," IMF Working Papers 02/11, International Monetary Fund.
  11. 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.).
  12. Berglund, Tom & Hanousek, Jan & Mramor, Dusan, 2006. "Financial market development in the Central and Eastern European Countries," Emerging Markets Review, Elsevier, vol. 7(4), pages 280-282, December.
  13. Zsófia Árvai, 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.
  14. 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(2), pages 147-210.
  15. Philip R. Lane & Gian M Milesi-Ferretti, 2000. "External Capital Structure; Theory and Evidence," IMF Working Papers 00/152, International Monetary Fund.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Percorsi di globalizzazione
    by Alberto Bagnai in Goofynomics on 2015-03-18 15:51:00
  2. Grecia e Bulgaria
    by Alberto Bagnai in Goofynomics on 2015-03-24 22:39:00
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