Capital Flows to Russia, Ukraine, and Belarus: Does "Hot" Money Respond Differently to Macroeconomic Shocks?
Capital flows into the former Soviet bloc have increased tremendously since the mid-1990s. Since the new members of the European Union have received most of the attention, few empirical studies have looked at Russia or the rest of the CIS. This study applies the structural VAR model of Ying and Kim (2001) to investigate the macroeconomic "push" and "pull" factors behind net flows of FDI, portfolio, and other investment into Russia, Ukraine and Belarus. Impulse-response and variance decomposition analysis shows that domestic income and monetary shocks, as well as foreign income and interest-rate shocks, have effects that vary by flow and by country. Russian FDI and portfolio investment show significant, but different, responses to income and foreign interest-rate shocks. In addition, Belarus responds positively to improved macroeconomic fundamentals.
Volume (Year): 42 (2011)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: https://sites.google.com/site/econnysea/|
More information through EDIRC
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.:
- Jürgen von Hagen & Iulia Siedschlag, 2010.
"Managing Capital Flows: Experiences from Central and Eastern Europe,"
in: Managing Capital Flows, chapter 7
Edward Elgar Publishing.
- Jurgen Von Hagen & Iulia Siedschlag, 2008. "Managing Capital Flows: Experiences from Central and Eastern Europe," Papers WP234, Economic and Social Research Institute (ESRI).
- Scott W Hegerty, 2009. "Capital flows to transition economies: what is the role of external shocks?," Economics Bulletin, AccessEcon, vol. 29(2), pages 1345-1358.
- Sarno, Lucio & Taylor, Mark P., 1999. "Hot money, accounting labels and the permanence of capital flows to developing countries: an empirical investigation," Journal of Development Economics, Elsevier, vol. 59(2), pages 337-364, August.
- Chuhan, Punam & Perez-Quiros, Gabriel & Popper, Helen, 1996. "International capital flows : do short-term investment and direct investment differ?," Policy Research Working Paper Series 1669, The World Bank.
- Martin Melecky, 2005. "The Impact of Current Account Reversals on Growth in Central and Eastern Europe," Eastern European Economics, Taylor & Francis Journals, vol. 43(2), pages 57-72, March.
- Martin Melecky, 2005. "The Impact of Current Account Reversals on Growth in Central and Eastern Europe," Eastern European Economics, M.E. Sharpe, Inc., vol. 43(2), pages 57-72, March.
- Martin Melecky, 2005. "The Impact of Current Account Reversals on Growth in Central and Eastern Europe," International Finance 0502004, EconWPA.
- Pietro Garibaldi & Nada Mora & Ratna Sahay & Jeromin Zettelmeyer, 2001. "What Moves Capital to Transition Economies?," IMF Staff Papers, Palgrave Macmillan, vol. 48(4), pages 1-6.
- David VÃ¡vra & Inci Ã–tker & Barry Topf & Zbigniew Polanski, 2007. "Coping with Capital Inflows; Experiences of Selected European Countries," IMF Working Papers 07/190, International Monetary Fund. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:nye:nyervw:v:42:y:2011:i:1:p:47-62. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Eryk Wdowiak)
If references are entirely missing, you can add them using this form.