Managing Capital Flows: Experiences from Central and Eastern Europe

Juergen von Hagen and Iulia Siedschlag ()

No WP234, Papers from Economic and Social Research Institute (ESRI)

Abstract: The countries of Central and Eastern Europe went from being largely closed to being largely open to international capital flows. This paper discusses their experience with capital account liberalization and coping with large capital inflows. We start with a discussion of basic economic characteristics and the real convergence achieved so far, and then discuss the pace and sequencing of capital account liberalization and the degree of international financial integration over the past decade. We then analyze trends and patterns of capital inflows in these countries in recent years. These stylized facts are useful for understanding the macroeconomic implications and policy challenges of coping with large capital inflows, which we discuss next. Finally we conclude with policy implications for emerging Asian economies.

Keywords: International financial integration; Macroeconomic policy; Central and Eastern Europe; Emerging Asian economies (search for similar items in EconPapers)
JEL-codes: E44 F36 F41 (search for similar items in EconPapers)
Pages: 49 pages
Date: 2008-04
New Economics Papers: this item is included in nep-cba, nep-eec, nep-fdg, nep-ifn, nep-mac, nep-opm and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (19)

Downloads: (external link)
https://www.esri.ie/pubs/WP234.pdf First version, 2008 (application/pdf)

Related works:
Chapter: Managing Capital Flows: Experiences from Central and Eastern Europe (2010)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:esr:wpaper:wp234

Access Statistics for this paper

More papers in Papers from Economic and Social Research Institute (ESRI) Contact information at EDIRC.
Bibliographic data for series maintained by Sarah Burns ().