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Capital mobility and EU enlargement

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Listed author(s):
  • Claudia 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://hdl.handle.net/10.1007/BF02707388
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Article provided by Springer & Institut für Weltwirtschaft (Kiel Institute for the World Economy) in its journal Weltwirtschaftliches Archiv.

Volume (Year): 135 (1999)
Issue (Month): 4 (December)
Pages: 629-656

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Handle: RePEc:spr:weltar:v:135:y:1999:i:4:p:629-656
DOI: 10.1007/BF02707388
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Keywords: F21; F32; F36;

Other versions of this item:

Find related papers by JEL classification:
  • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
  • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
  • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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  1. Coakley, Jerry & Kulasi, Farida, 1997. "Cointegration of long span saving and investment," Economics Letters, Elsevier, vol. 54(1), pages 1-6, January.
  2. Bayoumi, Tamim A. & Rose, Andrew K., 1993. "Domestic savings and intra-national capital flows," European Economic Review, Elsevier, vol. 37(6), pages 1197-1202, August.
  3. Stanislaw Gomulka, 1998. "Managing capital flows in Poland, 1995-98," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 6(2), pages 389-396, November.
  4. Gordon, Roger H & Bovenberg, A Lans, 1996. "Why Is Capital So Immobile Internationally? Possible Explanations and Implications for Capital Income Taxation," American Economic Review, American Economic Association, vol. 86(5), pages 1057-1075, December.
  5. Tamim Bayoumi, 1990. "Saving-Investment Correlations: Immobile Capital, Government Policy, or Endogenous Behavior?," IMF Staff Papers, Palgrave Macmillan, vol. 37(2), pages 360-387, June.
  6. Golub, Stephen S., 1990. "International capital mobility: net versus gross stocks and flows," Journal of International Money and Finance, Elsevier, vol. 9(4), pages 424-439, December.
  7. 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;Austrian Institute for Economic Research;Austrian Economic Association, vol. 26(2), pages 95-121, June.
  8. Montiel, Peter J, 1994. "Capital Mobility in Developing Countries: Some Measurement Issues and Empirical Estimates," World Bank Economic Review, World Bank Group, vol. 8(3), pages 311-350, September.
  9. Jan J.G. Lemmen, 1998. "Integrating Financial Markets in the European Union," Books, Edward Elgar Publishing, number 1399.
  10. Argimon, Isabel & Roldan, JoseMaria, 1994. "Saving, investment and international capital mobility in EC countries," European Economic Review, Elsevier, vol. 38(1), pages 59-67, January.
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  12. Piazolo, Daniel, 1997. "Gaining credibility and enhancing economic growth through regional integration: The case for EU membership of Eastern Europe," Kiel Working Papers 837, Kiel Institute for the World Economy (IfW).
  13. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 33(1), pages 125-132.
  14. Shibata, Akihisa & Shintani, Mototsugu, 1998. "Capital mobility in the world economy: an alternative test," Journal of International Money and Finance, Elsevier, vol. 17(5), pages 741-756, October.
  15. Carlos A. Végh Gramont & Ratna Sahay & Guillermo Calvo, 1995. "Capital Flows in Central and Eastern Europe; Evidence and Policy Options," IMF Working Papers 95/57, International Monetary Fund.
  16. Coakley, Jerry & Kulasi, Farida & Smith, Ron, 1998. "The Feldstein-Horioka Puzzle and Capital Mobility: A Review," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 3(2), pages 169-188, April.
  17. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-329, June.
  18. Armstrong, Harvey W. & Balasubramanyam, V. N. & Salisu, Mohammed A., 1996. "Domestic savings, intra-national and intra-European Union capital flows, 1971-1991," European Economic Review, Elsevier, vol. 40(6), pages 1229-1235, June.
  19. Lucio Sarno & Mark Taylor, 1998. "Exchange controls, international capital flows and saving-investment correlations in the UK: An empirical investigation," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 134(1), pages 69-98, March.
  20. Alan M. Taylor, 1996. "International Capital Mobility in History: The Saving-Investment Relationship," NBER Working Papers 5743, National Bureau of Economic Research, Inc.
  21. Pierre L. Siklos, 1996. "Capital Flows in a Transitional Economy and the Sterilization Dilemma; The Hungarian Case," IMF Working Papers 96/86, International Monetary Fund.
  22. Gehrig, Thomas, 1993. " An Information Based Explanation of the Domestic Bias in International Equity Investment," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(1), pages 97-109.
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Cited by:

  1. Christophe Tavéra & Jean-Christophe Poutineau & Jean-Sébastien Pentecôte & Isabelle Cadoret & Arthur Charpentier, 2015. "The “mother of all puzzles” at thirty: A meta-analysis," International Economics, CEPII research center, issue 141, pages 80-96.
  2. Christopoulos, Dimitris K., 2007. "A note on capital mobility in Greece," Journal of Policy Modeling, Elsevier, vol. 29(3), pages 535-540.
  3. repec:cii:cepiei:2015-q1-141-5 is not listed on IDEAS
  4. Kejak, Michal & Seiter, Stephan & Vavra, David, 2004. "Accession trajectories and convergence: endogenous growth perspective," Structural Change and Economic Dynamics, Elsevier, vol. 15(1), pages 13-46, March.
  5. Andreea Vass, 2005. "Romania and the trade and the development approaches to CEE convergence with the EU, under the competitive pressures of integration," IWE Working Papers 151, Institute for World Economics - Centre for Economic and Regional Studies- Hungarian Academy of Sciences.
  6. Buch, Claudia M. & Piazolo, Daniel, 2001. "Capital and trade flows in Europe and the impact of enlargement," Economic Systems, Elsevier, vol. 25(3), pages 183-214, September.
  7. Marjan Nikolov, 2007. "Measuring Openness Of The Capital Market In Macedonia," Journal Articles, Center For Economic Analyses, pages 4-18, June.
  8. Ketenci, Natalya, 2012. "The Feldstein–Horioka Puzzle and structural breaks: Evidence from EU members," Economic Modelling, Elsevier, vol. 29(2), pages 262-270.
  9. 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.
  10. Marjan Nikolov, 2011. "Openness Of The Capital Market In Macedonia," Journal Articles, Center For Economic Analyses, pages 43-52, December.
  11. Köhler, Matthias, 2005. "International Capital Mobility and Current Account Targeting in Central and Eastern European Countries," ZEW Discussion Papers 05-51, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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