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.

Download or read book Banking International Capital Flows and Growth in Europe written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Paul J.J. Welfens and Holger C. Wolf While the economies of Asia and, more recently, South as well as North America have enjoyed sustained high growth, the growth performance of western Europe and in particular continental Europe has been rather modest. Coupled with sizable improvements in labor productivity and - at best - steady capital productivity, growth proved insufficient to sustain employment levels, much less to replicate the US job creation success. Relative inflation performance has been much better: in the run-up to European Monetary Union inflation rates have dramatically converged towards the lower end of the distribution while risk premia on formerly high inflation economies have fallen. Yet, looking forward, the undoubted success in achieving price stability is mitigated by the lackluster growth -and in particular employment -performance. Indeed, the relative little attention paid to initiatives directed at raising economic growth is startling, not only in the light of the US policy record but also in light of the remarkable rebound of those European economies which have aggressively tackled the structural problems, most prominently the UK and Ireland.

Download or read book International Finance and Income Convergence written by Abdul Abiad and published by International Monetary Fund. This book was released on 2007-03 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent studies conclude that the ongoing global financial integration may have had little or no value in advancing economic growth, especially in poor countries. Capital is often found to flow "uphill" from poor to rich countries. And, when it does flow into the less developed economies, it is negatively correlated with growth, calling into question the desirability of foreign capital. In this paper we report that Europe-including the new member states of the European Union-provides a counterexample to these global anomalies. With increasing financial integration, capital in Europe has traveled "downhill" from rich to poor countries, and has done so with gathering strength. These inflows have been associated with significant acceleration of income convergence.

Download or read book Economic Convergence in the Euro Area Coming Together or Drifting Apart written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 2018-01-23 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.

Download or read book Real Convergence Capital Flows and Competitiveness in Central and Eastern Europe written by Ansgar Belke and published by . This book was released on 2009 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper scrutinizes the role of wages and 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. The augmented Balassa-Samuelson model is linked to the monetary overinvestment theories of Wicksell and Hayek in order to trace cyclical deviations of real exchange rates from the productivity-driven equilibrium path. Panel estimations for the period from 1993 to 2008 reveal mixed evidence for the role of capital markets for both the economic catch-up process and international competitiveness of the Central and Eastern European countries.

Download or read book Real Convergence in Central Eastern and South Eastern Europe written by R. Martin and published by Springer. This book was released on 2009-02-27 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together policymakers, high-level practitioners, academics, and experts from central banks and international institutions in order to review key policy challenges for convergence in the region of central, eastern and south-eastern Europe. Contributions focus especially on inflation, growth, migration and the balance of payments.

Download or read book Imperative of Economic Growth in the Eurozone Competitiveness Capital Flows and Structural Reforms written by Lubor Lacina and published by Vernon Press. This book was released on 2018-01-15 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: European economic recovery appears to be taking hold. So is the European crisis over? The acute phase of the crisis passed, however a number of medium and long term issues remain. The policies of “internal devaluations” are working, albeit slowly, to restore competitiveness in the countries most affected by the crisis. However, growth remains at best sluggish. The medium and long term outlook remains highly uncertain, fomenting social tensions and endangering political stability. The restoration of economic dynamism is increasingly perceived as the answer to the question of the “European” future – economically, politically and socially. There is a broad consensus that dynamic structural reforms and the restoration of competitiveness at the level of the global economy are key answers to current European challenges. However, whatever the form these may take, the transfer of resources is implicit (and seemingly necessary), to underpin the current structure of eurozone. This indeed raises the question of governance – both fiscal and monetary. After all, the provision of resources implies an allocation – and it is hard to imagine that resources will be provided to the common pool unless the providers have some say with respect to allocation. And that requires some form of common (i.e. centralized) decision-making procedures, in all likelihood exceeding the common understanding of the acquis communautaire as it exists today – i.e. some form of the effective political arrangement. In this context, the basic idea which connects all contributions in this volume is the analysis of the problems which affected the Eurozone in the past decade and the challenges and dilemmas the Eurozone will face in the coming years.

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].

Download or read book Economic Convergence and Divergence in Europe written by Gertrude Tumpel-Gugerell and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge : 1. Introductory session. - 2. Past convergence within the European Union. - 3. Accesion countries : achievements in real convergence. - 4. Accesion countries : how to balance real and nominal convergence challenges for monetary and exchange rate policy. - 5. Does the financial sector contribute to real growth? - 6. Is there somebody left out in the cold? prospects of CEE countries other than current accesion countries. - 7. Policy challenges within the (enlarged) EU : how to foster economic convergence?

Download or read book Does EU Membership Facilitate Convergence The Experience of the EU s Eastern Enlargement Volume I written by Michael Landesmann and published by Springer Nature. This book was released on 2021-02-11 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume analyses how EU membership influenced the convergence process of member countries in the Baltics, Central-Eastern and South-Eastern Europe. It also explores countries that are candidates for future EU membership. The speed of convergence of significant groups of low- and medium-income countries has never been as fast globally as it is today. Contributions by lead researchers of the area explore whether these countries are converging faster than their fundamentals and global trends would suggest because of EU membership, with its much tighter institutional and political anchorage

Download or read book Exchange Market Pressures and Speculative Capital Flows in Selected European Countries written by Ms.Inci Ötker and published by International Monetary Fund. This book was released on 1994-02-01 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devaluations in adjustable fixed exchange rate systems in the European currency markets. For a sample of five countries, including Denmark, Ireland, Spain, Norway, and Sweden, our empirical analyses show that both economic fundamentals and speculative factors have a significant influence on the probability of devaluations. The recent experience in the European foreign exchange markets suggests that the latest realignments are mainly the result of foreign exchange market tensions amidst the growing conflict between the needs of the domestic economies and the policies needed to maintain fixed exchange rates. Our results confirm that regardless of the source of the deterioration in economic conditions, market participants perceived the existing parities of the currencies in these five countries as inconsistent with their underlying economic fundamentals, thus effectively bringing about either a realignment or a modification of the exchange arrangement.

Download or read book Capital Flows in Central and Eastern Europe written by Guillermo A. Calvo and published by . This book was released on 1995 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Overshooting the Maastricht Criteria written by Menbere Workie Tiruneh and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: While mainstream economists were convinced they had solved the business cycle phenomena of macroeconomic policy making, the Great Recession has once again underscored the verdict of history, where every boom has almost always been accompanied by a bust and recession. The book discusses theoretical controversies and state-of-the art empirical studies on the link between external imbalances and real income convergence in the European Union. The book shows successful real income convergence across the European Union on the country level and pinpoints persistent regional disparities within countries in most of the member states of the European Union. The book addresses broader aspects of external imbalances and their key determinants and provides fresh empirical and exploratory evidence on paradigm shifts in the past several decades. This book also empirically estimates both the causality between public debt and economic growth as well as the optimum level of public debt for EU member states. Additionally, the book discusses the link between illicit capital flows and external imbalances in the European Union. Overall, the book critically investigates both theoretical frameworks of global imbalances and systematically evaluates milestones and paradigm shifts in global imbalances; it also offers new empirical results based on the panel data of both old and new EU member states in the past several decades. Finally, the book addresses a number of the policy challenges, disputes and controversies in the European Union in terms of solving the ongoing external imbalances and harmonizing policies to prevent future challenges.

Download or read book Does EU Membership Facilitate Convergence The Experience of the EU s Eastern Enlargement Volume II written by Michael Landesmann and published by Palgrave Macmillan. This book was released on 2021-02-19 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume analyses the channels through which EU membership contributed to the convergence process of member countries in the Baltics, Central-Eastern and South-Eastern Europe. These channels include trade, investment, finance, labour, and laws and institutions. Global integration has certainly played an important role. A large part of FDI flows and financial integration in the world have been persistent features of globalization. Have these countries experienced more intensive integration through these channels because of EU membership, with its much tighter institutional and political anchorage, than their fundamentals and global trends would suggest? Contributions by lead researchers of the area address different aspects of this question. .

Download or read book A New Model for Balanced Growth and Convergence written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This topical book addresses the need for emerging economies in Central, Eastern and South-Eastern Europe to find a new, sustainable growth model that fosters continued convergence with the EU without leading to the build-up of new vulnerabilities. The expert contributions frame the discussion on balanced growth in Europe, deal with the legacy of the old growth model (such as managing disrupted capital flows and deleveraging), and provide insights from the growth strategies of Russia and Turkey as well as the adjustment process of successful small CESEE countries. They focus on providing a multi-disciplinary assessment, combining the views of policy-makers and academics with those of central and commercial bankers. This book will prove a thought-provoking read for academics, researchers and students in the fields of economics - particularly international economics - and finance, money and banking. Policy-makers and economists interested in European integration and emerging European economies will also find this book to be an invaluable resource. Contributors A.F. Aysan, G. Bisagni, D. Bogov, M. Dabrowski, M. Ferrazzi, A. Filardo, M. Gächter, L. Gattini, M.H. Güler, A. Hansson, S. Honkapohja, R. Jela i, K. Knot, I. Korhonen, A. Krstevska, E. Liikanen, E. Nowotny, C. Orman, E. Plato, P. Pumberger, M. Randveer, D. Revoltella, A. Riedl, D. Ritzberger-Grünwald, K. Sonin, E. Tuomi, S. Verkaart

Download or read book Capital Flows in Central and Eastern Europe written by Ratna Sahay and published by . This book was released on 2006 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Quest for Nominal and Real Convergence Through Integration in Europe and Latin America written by Enrique Alberola Ila and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: