Short-Term Capital, Economic Transformation, and EU Accession

Lusine Lusinyan and Claudia Buch

No 2002,02, Discussion Paper Series 1: Economic Studies from Deutsche Bundesbank

Abstract: 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.

Keywords: Short-term debt; economic transformation; EU accession (search for similar items in EconPapers)
JEL-codes: F21 F23 G21 (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (8)

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