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Short-Term Capital, Economic Transformation, and EU Accession

  • Lusinyan, Lusine
  • Buch, Claudia M.

One key focus of the on-going debate on the integration of international financial markets have been measures to lengthen the maturity of foreign debt, as short-term debt is typically considered to be highly volatile. The transition economies of Central and Eastern Europe are one group of countries for which policy lessons seem particularly urgent. Not only have these countries liberalized their capital accounts to a quite substantial degree already, membership in the European Union also implies that remaining controls to the free flow of capital will have to be abolished. This paper assesses the experience of the transition economies with liberalizing short-term capital flows, and it analyzes factors affecting the share of short-term capital.

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Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2002,02.

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Date of creation: 2002
Date of revision:
Handle: RePEc:zbw:bubdp1:4167
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  1. Fernandez-Arias, Eduardo, 1996. "The new wave of private capital inflows: Push or pull?," Journal of Development Economics, Elsevier, vol. 48(2), pages 389-418, March.
  2. Sebastian Edwards, 2001. "Capital Mobility and Economic Performance: Are Emerging Economies Different?," NBER Working Papers 8076, National Bureau of Economic Research, Inc.
  3. Claudia M. Buch & Daniel Piazolo, 2000. "Capital and Trade Flows in Europe and the Impact of Enlargement," Kiel Working Papers 1001, Kiel Institute for the World Economy.
  4. Claudia M. Buch & Lusine Lusinyan, 2000. "Determinants of Short-Term Debt," Kiel Working Papers 994, Kiel Institute for the World Economy.
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