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What Moves Capital to Transition Economies?

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Author Info
Pietro Garibaldi (International Monetary Fund)
Nada Mora (International Monetary Fund)
Ratna Sahay (International Monetary Fund)
Jeromin Zettelmeyer (International Monetary Fund)

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Abstract

The transition economies in Europe and the former Soviet Union between 1991 and 1999 differed widely in terms of total capital flows and the share and composition of private flows. With some exceptions (notably Russia), the main source of private inflows was foreign direct investment. Portfolio investment was volatile, and concentrated in a handful of countries. Regressions show that direct investment can be well explained in terms of economic fundamentals, whereas the presence of a financial market infrastructure and a property rights indicator are the only explanatory variables that seem to have a robust effect on portfolio invest-ment. Copyright 2002, International Monetary Fund

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Publisher Info
Article provided by Palgrave Macmillan Journals in its journal IMF Staff Papers.

Volume (Year): 48 (2001)
Issue (Month): 4 ()
Pages: 6
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Handle: RePEc:pal:imfstp:v:48:y:2001:i:4:p:6

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Find related papers by JEL classification:
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects

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  1. Prakash Loungani & Paolo Mauro, 2000. "Capital Flight from Russia," IMF Policy Discussion Papers 00/6, International Monetary Fund.
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This page was last updated on 2009-10-7.

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