Managing Capital Flows: Experiences from Central and Eastern Europe
Hagen, Jürgen von; Siedschlag, Iulia | April 2008
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.
Citation
Hagen, Jürgen von; Siedschlag, Iulia. 2008. Managing Capital Flows: Experiences from Central and Eastern Europe. © Asian Development Bank. http://hdl.handle.net/11540/3692. License: CC BY 3.0 IGO.Keywords
Free Trade
Trade
Trade Agreements
Regional Economic Integration
Intraregional Trade
Exports
Economic integration
Exports
Economic integration
Distribution
Economic integration
Development Bank
Trade policy
Trade policy
Euro
Inflation
Business
Finance
Free trade
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