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External Finance and Foreign Debt in Central and Eastern European Countries

Author

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  • Stefano Manzocchi

Abstract

External finance can provide a positive contribution to the transition process and can enhance welfare in former centrally planned economies, especially when domestic saving has not fully recovered after the initial contraction. However, as was pointed out at the beginning of the transition process, foreign debt could exert a strong constraint on the borrowing capacity of some central and eastern European countries. This paper analyzes the determinants of net external borrowing in ten transition economies during 1990-95 and assesses the impact of the outstanding stock of foreign liabilities on net financial inflows.

Suggested Citation

  • Stefano Manzocchi, 1997. "External Finance and Foreign Debt in Central and Eastern European Countries," IMF Working Papers 1997/134, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/134
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    Cited by:

    1. Fabio Mariani & Pier Carlo Padoan, 2001. "Exchange rate regimes and employment in transition.Theoretical and empirical aspects," Working Papers 61, Sapienza University of Rome, CIDEI.
    2. Marek Dabrowski, 1999. "Disinflation, Monetary Policy and Fiscal Constraints. Experience of the Countries in Transition," CASE Network Reports 0016, CASE-Center for Social and Economic Research.
    3. Chokri Zehri, 2017. "The Relaxing of Capital Controls and Rise of External Debt," American Journal of Economics and Business Administration, Science Publications, vol. 9(4), pages 61-70, December.
    4. Tiia Vissak, 2001. "The impact of foreign direct investments on host country’s exports," University of Tartu - Faculty of Economics and Business Administration, in: Foreign Direct Investments in the Estonian Economy, volume 9, chapter 5, pages 269-306, Faculty of Economics and Business Administration, University of Tartu (Estonia).

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