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Capital Flows in Central and Eastern Europe; Evidence and Policy Options

  • Carlos A. Végh Gramont
  • Ratna Sahay
  • Guillermo Calvo

This paper examines the nature and composition of capital flows in selected countries in Central and Eastern Europe during 1987–93. The data show that there was a remarkable turnaround in the capital account in 1992–93. This improvement was accompanied by widening current account deficits, an increase in real consumption, and real exchange rate appreciation. In light of these developments, the paper discusses the main macroeconomic concerns raised by capital inflows and lays out the principal policy options relevant for the transition economies.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 95/57.

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Length: 48
Date of creation: 01 Jun 1995
Date of revision:
Handle: RePEc:imf:imfwpa:95/57
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  1. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
  2. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994. "The Capital Inflows Problem: Concepts And Issues," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 54-66, 07.
  3. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1996. "Inflows of Capital to Developing Countries in the 1990s," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 123-139, Spring.
  4. Carlos Alfredo Rodríguez, 1993. "Money and Credit Under Currency Substitution," IMF Staff Papers, Palgrave Macmillan, vol. 40(2), pages 414-426, June.
  5. Mohsin S. Khan & Dimitri G. Demekas, 1991. "The Romanian Economic Reform Program," IMF Occasional Papers 89, International Monetary Fund.
  6. Reinhart, Vincent, 1991. "The 'Tobin tax,' asset accumulation, and the real exchange rate," Journal of International Money and Finance, Elsevier, vol. 10(3), pages 420-431, September.
  7. Grobar, Lisa Morris, 1993. "The effect of real exchange rate uncertainty on LDC manufactured exports," Journal of Development Economics, Elsevier, vol. 41(2), pages 367-376, August.
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