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What Moves Capital to Transition Economies?

Pietro Garibaldi (), Ratna Sahay, Jeromin Zettelmeyer and Nada Mora ()

No 2002/064, IMF Working Papers from International Monetary Fund

Abstract: Between 1991 and 1999, capital flows to 25 transition economies in Europe and the former Soviet Union differed widely in terms of overall levels and the share and composition of private flows. With some exceptions (notably Russia), the main form of private inflows was foreign direct investment. Portfolio investment was volatile and concentrated in a handful of countries. Regressions show that direct investment can be well explained in terms of economic fundamentals, whereas the presence of a financial market infrastructure and a property-rights indicator are the only explanatory variables that seem to have had a robust effect on portfolio investment.

Keywords: WP; investment flow; restrictions index; direct investment; explanatory variables; inflows to Russia; Transition economies; capital flows; foreign direct investment; portfolio investment; portfolio investment restriction; portfolio investment recipient; portfolio investment restrictions index; index of portfolio investment restriction; inward portfolio investment flow; investment decision; net portfolio investment; Securities markets; Capital inflows; Central and Eastern Europe; Baltics; Europe (search for similar items in EconPapers)
Pages: 47
Date: 2002-04-01
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