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Capital Flows To Eu New Member States
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Book Synopsis Capital Flows to EU New Member States by : Ms.Pritha Mitra
Download or read book Capital Flows to EU New Member States written by Ms.Pritha Mitra and published by International Monetary Fund. This book was released on 2011-03-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent boom-bust episode in Emerging Europe was largely the product of surges and sudden stops in capital inflows. This paper empirically argues that the sectors into which capital flows determines their impact on GDP growth. Applying data from EU New Member States, it is found that capital flows into real estate have a greater impact on swings in GDP than other sectors, irrespective of a country's exchange rate or fiscal policy. Consequently, as new waves of capital inflows spread to emerging markets, policies may usefully focus on supporting capital inflows towards economic sectors that minimize large swings in GDP.
Book Synopsis Determinants of Capital Flows to the New EU Member States Before and During the Financial Crisis by : Anton Jevčák
Download or read book Determinants of Capital Flows to the New EU Member States Before and During the Financial Crisis written by Anton Jevčák and published by . This book was released on 2010 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper looks at capital flows to the new EU Member States from Central and Eastern Europe (NMS10) during the last decade. Firstly, it analyses the role of various types of foreign capital flows--direct investment, portfolio investment, financial derivatives and other types of flows (mainly bank loans)--over time and across countries. Secondly, it explores the determinants of capital flows to the NMS10, distinguishing between factors relating to the external economic and financial environment ("push factors") and factors specific to the recipient NMS ("pull factors"). The econometric analysis shows that external determinants have been important in explaining capital flows to the NMS10. In particular, we find a strong role for euro area interest rates, business cycle, and risk sentiment. At the same time, the ability of the NMS10 to attract foreign capital has been also influenced by domestic economic and financial conditions and policies. Risk sentiment appears to be a robust driver for both the common component of aggregate capital flows to NMS10 and of flows to individual countries. Overall, these results suggest a need for caution on the part of NMS in borrowing too heavily during periods of favourable external financial conditions. As the financial crisis has shown, this increases their vulnerability to a sudden reversal in the availability of financing, which can be largely driven by factors beyond their control. "--Publication information page.
Book Synopsis Capital Flows and Speculative Attacks in Prospective EU Member States by : Heather D. Gibson
Download or read book Capital Flows and Speculative Attacks in Prospective EU Member States written by Heather D. Gibson and published by . This book was released on 2003 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Analysis of Developments in EU Capital Flows in the Global Context by :
Download or read book Analysis of Developments in EU Capital Flows in the Global Context written by and published by . This book was released on 2014 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reviews the key theoretical foundations underlying the benefits and risks of net capital flows, in particular large, persistent inflows or outflows, and the significance of gross flows and their composition. We analyse global capital flows between country groupings. We conclude that global flow patterns changed significantly and Europe has been left behind. The magnitude of capital outflows from Russia and Ukraine due to geopolitical developments have been much smaller than during the financial crisis. In Europe, financial disintegration, which began with the financial crisis, has not been reversed when considering various indicators of financial stocks and flows. Turning to foreign assets and liabilities, we that see central and eastern European countries experienced large negative spreads on equity, and that some larger EU member states succeeded in somewhat replicating the US's privilege on equity returns. Correlation between returns and revaluations was small, suggesting revaluation gains did not compensate low returns. Using bilateral data and panel econometric models we examine determinants of capital flows and stocks. Euro membership boosted debt flows, while EU membership increased equity flows. Global uncertainty reduces capital flows, but higher financial integration dampens this effect. We calculate financial weighted real effective exchange rates and government bond yields and spreads.--
Book Synopsis The Credit Boom in the EU New Member States by : International Monetary Fund
Download or read book The Credit Boom in the EU New Member States written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-05-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past decade, most of the EU New Member States experienced a severe credit-boom bust cycle. This paper argues that the credit boom-bust cycle was to a large extent the result of factors external to the region (“bad luck”). Rapid credit growth followed from a high liquidity in global markets and the particular attractiveness of “new Europe” for capital flows, while the end of the credit cycle was brought about by a global crisis. However, the fact that some countries managed to avoid most of the excesses, including asset price bubbles and foreign exchange lending, suggests that policies and policy failures (“bad policies”)—in particular overly expansionary macroeconomic settings and excessively optimistic views on prudential risks—also have played a critical role.
Book Synopsis Capital Flows to Converging European Economies by :
Download or read book Capital Flows to Converging European Economies written by and published by . This book was released on 2011 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. Determinants of capital flows to the new EU Member States before and during the financial crisis - 2. Capital flows to converging European economies: crisis, reforms and DFI - 3. The dynamics of portfolio holdings in Emerging Europe - 4. The determinants of cross-border bank flows to emerging markets: new empirical evidence on the spread of financial crisis - 5. Cross-border flows and foreign banks in the global financial crisis, has Eastern Europe been different? - 6. The refinancing structure of banks in selected CESEE countries.
Book Synopsis Foreign Direct Investment in New Member State of the EU and Western Balkans: Taking Stock and Assessing Prospects by : La-Bhus Fah Jirasavetakul
Download or read book Foreign Direct Investment in New Member State of the EU and Western Balkans: Taking Stock and Assessing Prospects written by La-Bhus Fah Jirasavetakul and published by International Monetary Fund. This book was released on 2018-08-21 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: FDI has played a strong role in the export-led growth of eastern European countries that are now members of the European Union (EU). Largely sourced from advanced Europe, FDI inflows were motivated by the intention to pursue new markets and cost efficiency. Over time, foreign investment has restructured the exports sector in these countries in favor of products that are considered more technology-intensive. As these countries face skills shortage and rising wages, what is needed for FDI to continue playing a strong role? Can the Western Balkan countries, who are not yet EU members and have in recent years stepped up financial incentives and policy initiatives to court investors, emulate the experience? This paper takes stock of the FDI experience of both these groups and tries to estimate their potential gains from additional policy efforts.
Book Synopsis Analysis of Developments in EU Capital Flows in the Global Context by :
Download or read book Analysis of Developments in EU Capital Flows in the Global Context written by and published by . This book was released on 2014 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reviews the key theoretical foundations underlying the benefits and risks of net capital flows, in particular large, persistent inflows or outflows, and the significance of gross flows and their composition. We analyse global capital flows between country groupings. We conclude that global flow patterns changed significantly and Europe has been left behind. The magnitude of capital outflows from Russia and Ukraine due to geopolitical developments have been much smaller than during the financial crisis. In Europe, financial disintegration, which began with the financial crisis, has not been reversed when considering various indicators of financial stocks and flows. Turning to foreign assets and liabilities, we that see central and eastern European countries experienced large negative spreads on equity, and that some larger EU member states succeeded in somewhat replicating the US's privilege on equity returns. Correlation between returns and revaluations was small, suggesting revaluation gains did not compensate low returns. Using bilateral data and panel econometric models we examine determinants of capital flows and stocks. Euro membership boosted debt flows, while EU membership increased equity flows. Global uncertainty reduces capital flows, but higher financial integration dampens this effect. We calculate financial weighted real effective exchange rates and government bond yields and spreads.
Book Synopsis The Euroarea and the New EU Member States by : Lucio Vinhas De Souza
Download or read book The Euroarea and the New EU Member States written by Lucio Vinhas De Souza and published by Springer. This book was released on 2003-11-19 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection analyses the monetary and exchange rate strategies of the EU accession countries during the EMU (pre-) accession phase and also policy questions that will appear upon Euroarea entry. Written by specialists in the field, it is a must-read for all economists with an interest in the rapidly evolving economies of the future EU member states.
Book Synopsis Capital Flows to Central and Eastern Europe and the Former Soviet Union by : Stijn Claessens
Download or read book Capital Flows to Central and Eastern Europe and the Former Soviet Union written by Stijn Claessens and published by World Bank Publications. This book was released on 1998 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: September 1998 Foreign direct investment and, more recently, short-term debt and portfolio flows have become important parts of private capital flows to Central and Eastern Europe and the former Soviet Union. Private flows have increased in response to reform efforts, the buildup of reserves, and prospective membership in the European Union. Private capital flows to Central and Eastern Europe and the former Soviet Union have taken off in recent years. Foreign direct investment was the most important such flow from 1991-97, but since 1993 short-term debt and portfolio flows have also been important. The increase in these potentially more volatile short-term flows raises some questions about sustainability and vulnerability. Perhaps more than in other developing countries, reform efforts appear to be the most important determinant of private flows to the region. Private flows also have responded positively to the buildup of reserves (a proxy for improvements in perceived creditworthiness) and to prospective membership in the European Union (reflecting greater economic integration with the West and a greater commitment to reform). Official flows have been associated with the financing of fiscal deficits and appear to have led, rather than followed, countries' reform efforts. This paper-a joint product of the Economic Policy Division, Poverty Reducation and Economic Management Network; and the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region-was prepared for the National Bureau for Economic Research study, Capital Flows to Emerging Markets, organized by Sebastian Edwards. The authors may be contacted at [email protected] or [email protected].
Book Synopsis Capital Flows to Converging European Economies by :
Download or read book Capital Flows to Converging European Economies written by and published by . This book was released on 2011 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. Determinants of capital flows to the new EU Member States before and during the financial crisis - 2. Capital flows to converging European economies: crisis, reforms and DFI - 3. The dynamics of portfolio holdings in Emerging Europe - 4. The determinants of cross-border bank flows to emerging markets: new empirical evidence on the spread of financial crisis - 5. Cross-border flows and foreign banks in the global financial crisis, has Eastern Europe been different? - 6. The refinancing structure of banks in selected CESEE countries.
Book Synopsis Sustainable Regimes of Capital Movements in Accession Countries by : David Begg
Download or read book Sustainable Regimes of Capital Movements in Accession Countries written by David Begg and published by Centre for Economic Policy Research. This book was released on 2002 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is now preparing for the entry of ten new members. As the accession countries (ACs) embark on the next phase of the path toward formal entry into the EU, most are expected to join the Exchange Rate Mechanism (ERM-II), prior to adoption of the euro. This period will be a time of heightened vulnerability to financial instability, requiring extremely adept economic management. With limited exchange rate flexibility under ERM-II, disinflationary conditions, and no exemptions from full international capital mobility, EU accession countries are likely to experience large 'convergence play' capital inflows - such inflows arise because investment opportunities are large but domestic savings are small and the domestic financial system is still developing; and because a rising real exchange rate offers the prospect of attractive returns - alarmingly, large capital inflows figured in virtually every financial crisis of the 1990s.Building on the lessons learned from past financial crises, CEPR Policy Paper 10 makes the following observations and recommendations for accession countries as they negotiate the tricky path to global financial integration and monetary union: *Although ERM-II may be compatible with many exchange rate regimes, from currency boards to relatively wide bands, its central characteristic as a fixed but adjustable regime without the protection of capital controls makes it an interim stage of some danger. Whatever prudential supervisory arrangements are adequate for Western European financial institutions may not be sufficient for financial institutions in accession countries. This stage therefore requires a period of even longer prudential supervision. *The Report's analysis indicates that real exchange rates will still be appreciating during the ERM-II phase. If there is pressure for ACs' exchange rates to remain within invisible bands the result will be additional and unnecessary inflation. Since low inflation is a requirement of the Maastricht criteria, ERM-II may therefore impede entry to the euro.*The dangerous combination of high capital mobility and an intermediate exchange rate peg could be avoided if ACs were to unilaterally adopt the euro without becoming full members of the euro area. This makes sense for countries that are seeking fast entry into the euro area, and which have achieved fiscal responsibility, price stability and a sound banking sector. *Official readings of the Maastricht Treaty rule out unilateral euroization. At the moment it is necessary for ACs to join the euro area by the same process as the current members. These conditions include the attainment of low inflation and sustainable public finances and the requirement not to devalue the central parity within two years adoption of the euro. *Viewed in isolation, these requirements make little sense. What was necessary to establish the rules of the game is not necessary once the rules have been in place for some time. To believe it wise to make all ACs undergo this process, it is necessary to disregard the experience of the 1990s currency crises that were associated with intermediate exchange pegs.*The authors argue that the economic case for unilateral euroization is strong enough for the European authorities to reconsider this option.
Book Synopsis Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States by : Zsófia Árvai
Download or read book Capital Account Liberalization, Capital Flow Patterns, and Policy Responses in the EU's New Member States written by Zsófia Árvai and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-11-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the experience of the EU's eight new member countries (EU8) between 1995 and 2003 when the bulk of capital account liberalization took place, focusing on interest-rate-sensitive portfolio flows and financial flows. It takes stock of the lessons from capital flow patterns to draw policy conclusions. There were two distinct groups in terms of the speed of capital account liberalization: rapid liberalizers and cautious liberalizers. The speed of disinflation and the level of public debt were major determinants of the size of interest-rate-sensitive portfolio inflows. Monetary and exchange rate policies were the main instruments used to react to large interest-sensitive inflows, whereas fiscal tightening was seldom used as a direct reaction to inflows.
Download or read book Joining the EU written by Catia Batista and published by . This book was released on 2005 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Study on the Analysis of Developments in EU Capital Flows in the Global Context (2021) by :
Download or read book Study on the Analysis of Developments in EU Capital Flows in the Global Context (2021) written by and published by . This book was released on 2022 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this report is to monitor and analyse EU capital movements in a global context, focusing on the impact of the COVID-19 pandemic in 2020 and its aftermath, and how the changes translated into new capital flows developments in relation to pre-existing trends. Between 2020 and 2021, the macroeconomic context evolved dramatically, driven by a fast sequence of events. The outbreak of the pandemic and the lockdowns imposed across the globe, which made the world's gross domestic product (GDP) collapse, were quickly followed by unprecedented policy support, which led to a very fast recovery. Although the pandemic's impact on economic activity continued to weaken in the course of 2021 thanks to the vaccine rollout and the relaxation of containment measures, COVID-19 has not yet been defeated. The spread of the Omicron variant and the subsequent impressive surge of cases have pushed some countries, both in the European Union (EU) and in many other countries, to reinstate their containment measures (mostly quarantines), with some impact - though moderate - on the economy. The pandemic still represents a major risk, especially to those advanced economies (AEs) where hesitancy to vaccinate is high, and in developing and less-developed economies where delays in the distribution of the vaccine are resulting in overall limited coverage of the population. Looking ahead to 2022, this may imply that for well-vaccinated countries COVID-19 will become an endemic disease, and the rapid development of antiviral drugs that minimise the severity of symptoms will likely facilitate a return to (seemingly) pre-pandemic conditions. While this is good news, overall it will result in an increased gap between the two groups of countries, at global level, but potentially also within the EU.
Book Synopsis The Free Movement of Capital and Foreign Direct Investment by : Steffen Hindelang
Download or read book The Free Movement of Capital and Foreign Direct Investment written by Steffen Hindelang and published by . This book was released on 2009 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title offers a timely restatement of the EU law on free movement of capital, focusing on the effect of EU law on international investment. Through analysis of the complex case law, it sets out the rights enjoyed by investors under EU law.
Book Synopsis Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe by : Ansgar Hubertus Belke
Download or read book Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe written by Ansgar Hubertus Belke and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper scrutinizes the role of capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets to trace cyclical deviations of real exchange rates from the productivity-driven equilibrium path. Panel estimations for the period from 1998 to 2009 reveal strong evidence for the Balassa-Samuelson effect and mixed results for the role of capital flows for international competitiveness of the Central and Eastern European countries.
