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Title:Managing capital flows: Experiences from Central and Eastern Europe PDF Logo
Authors:Hagen, Jürgen von
Siedschlag, Iulia
Issue Date:2008
Series/Report no.:ESRI working paper 234
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.
Subjects:international financial integration
macroeconomic policy
Central and Eastern Europe
emerging Asian economies
JEL:E44
F36
F41
Document Type:Working Paper
Appears in Collections:ESRI Working Papers, The Economic and Social Research Institute (ESRI)

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