Chapter

Appendix Tables

Author(s):
International Monetary Fund. European Dept.
Published Date:
May 2010
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Table 1.Capital Inflows Panel RegressionDependent variable: Gross Capital Inflows in percent of GDP (standard errors in parenthesis)
Explanatory VariablesAll InflowsFDIOther Inflows PortfolioInvestment: DebtPortfolio Investment: Equity
Structural factorsFEFEFEFEFEFEFEFEFEFEFEFEFEFEFE
Change in GDP per capita (lagged)0.006-0.421-0.479-0.031-0.654-0.6840.0350.3640.3790.019-0.066-0.0590.0130.1490.164
(0.065)-0.420(0.358)(0.055)(0.381)(0.382)(0.036)(0.31)(0.333)(0.017)(0.093)(0.089)(0.008)(0.05)(0.043)
Change in GDP per capita, squared (lagged)-0.1980.5040.607-0.1571.0721.112-0.109-0.958-0.961-0.0190.1690.104-0.004-0.221-0.261
(0.204)(0.885)(0.769)(0.132)(0.71)(0.716)(0.122)(0.672)(0.712)(0.053)(0.192)(0.202)(0.021)(0.091)(0.083)
Service sector as share of GDP (lagged)0.0050.0060.0070.0020.0010.0010.0030.0040.0040.0010.0010.0020.0000.0000.000
(0.002)(0.003)(0.003)(0.001)(0.002)(0.002)(0.001)(0.003)(0.003)(0.001)(0.001)(0.001)(0.000)(0.000)(0.000)
Urbanization (lagged)0.0220.0680.0940.0230.0530.058-0.0010.0200.030-0.001-0.001-0.0020.0000.0010.000
(0.013)(0.03)(0.026)(0.009)(0.014)(0.014)(0.008)(0.022)(0.024)(0.003)(0.006)(0.006)(0.002)(0.002)(0.003)
Progress on combined reform index-0.0370.1400.160-0.0350.0720.074-0.0080.0720.083-0.008-0.037-0.034-0.005-0.006-0.002
(0.038)(0.099)(0.095)(0.025)(0.041)(0.042)(0.021)(0.071)(0.072)-0.010(0.019)(0.016)(0.003)(0.007)(0.009)
Change in privatization revenue0.0060.0020.0030.0060.0050.007-0.0010.0000.0010.001-0.002-0.0020.0000.0000.000
(0.004)(0.006)(0.007)(0.002)(0.003)(0.004)(0.003)(0.005)(0.006)(0.001)(0.001)(0.002)(0.000)(0.001)(0.001)
Policy variables
Appreciation of the nominal exchange rate0.0000.0000.0000.000-0.001-0.0010.0000.0000.0000.000
(0.001)(0.001)(0.001)(0.001)(0.001)(0.001)(0.000)(0.000)(0.000)(0.000)
Appreciation of the nominal exchange rate (pegged0.0080.008-0.003-0.0030.0040.0060.0040.0030.0000.000
exchange rates)(0.004)(0.005)(0.003)(0.004)(0.003)(0.004)(0.002)(0.002)(0.001)(0.001)
Appreciation of the real effective exchange rate0.2640.2020.2660.2810.1530.128-0.002-0.018-0.028-0.021
(0.159)(0.169)(0.113)(0.107)(0.121)(0.143)(0.042)(0.039)(0.025)(0.025)
Government balance as share of GDP (pegged-1.768-3.1410.6710.263-0.513-0.888-0.002-0.2000.2000.223
exchange rate) 1/(1.686)(1.512)(0.89)(1.043)-1.350(1.396)-0.320(0.343)(0.142)(0.174)
Government balance as share of GDP (lagged) 1/0.1910.487-0.0270.2280.0600.239-0.055-0.0920.0370.043
(0.76)(0.663)(0.443)(0.373)(0.517)(0.54)(0.163)(0.15)(0.079)(0.089)
Government balance/GDP* Change in credit/GDP13.94714.077-5.597-4.9159.1588.630-4.071-3.625-0.543-0.353
(lagged) 1/(4.791)(5.291)(3.956)(4.164)(3.49)(4.252)(1.253)(1.321)(0.801)(0.82)
Change in credit as share of GDP (lagged) 1/0.6820.584-0.094-0.1000.8360.817-0.181-0.2110.0400.051
(0.298)(0.319)(0.11)(0.104)(0.227)(0.252)(0.07)(0.078)(0.033)(0.037)
Increase in lending rates0.0050.003-0.001-0.0020.0060.006-0.001-0.0010.0000.000
(0.005)(0.006)(0.003)(0.003)(0.004)(0.004)(0.001)(0.001)(0.001)(0.001)
Change in standard deviation in NEER (lagged)-0.007-0.0060.0000.0010.0000.000-0.002-0.0010.0000.000
(0.006)(0.005)(0.002)(0.003)(0.005)(0.005)(0.001)(0.001)(0.001)(0.001)
Change in overall capital control index on inflows0.0240.0320.007-0.027-0.005
(lagged)(0.082)(0.037)(0.064)(0.015)(0.009)
Change in overall capital control index on outflows-0.0050.0120.0210.000-0.007
(lagged)(0.073)(0.037)(0.06)(0.012)(0.007)
Number of observations11370651147465117817411781741168174
Number of countries131212131212131212131212131212
Adjusted R^20.590.720.780.330.530.560.620.730.720.390.640.72-0.100.150.19
Note: The panel consists of annual data (1995–2008) for 14 countries. Heteroskedasticity and country-specific autocorrelation-consistent t-statistics are reported by levels of significance indicated by asterisks: *** 1 percent, ** 5 percent, * 10 percent. An intercept term is included in each regression and the specification includes both country- and period-fixed effects.
Table 2.Policy Responses to Capital Inflows, 1993–2007 1/
NMSNMSNMSNMSNMSNMSSEESEESEESEENMS2NMS2OEE
Czech Rep.EstoniaHungaryLatviaLithuaniaPolandAlbaniaBosnia &Herz.CroatiaSerbiaBulgariaRomaniaTurkey
Macroeconomic policy measures
Fiscal tighteningxxx
Monetary measures
Reserve requirements (see below)
Raised liquidity requirementsxx
Sterilization operationsxxxxxx
Exchange rate policy responsexxxxx
Interest rate responsexxxx
Prudential measures
Increase capital requirements 2/xxxxx
Tighten asset classification rulesxxx
Tighten provisioning rulesxxxxx
Targeted measures
F/X borrowing/lendingx
Targeting unhedged borrowersxxxx
Tighten net open position limitsxxx
Lending to householdsx
Loan to value related requirementsx
Limits on eligibility based on income levelsxx
Administrative measures
Credit ceilingsxx
Capital controls 3/L (out)CC, L (out)NLC
Reserve requirement measures
Adjust the required levelxxxxxx
Marginal reserve requirementsxx
Differentiated by currencyxxxxx
Differentiated by type of depositxx
Broaden the reserve basexxxxxx
Supervisory/monitoring measures
Improved monitoring tools by supervisorsxxxxxxxx
Stress testingxx
Increase cooperation with home supervisorsxxxx
Tighten supervision on non banksxx
Promotion of better understanding of risks
Consumer protection measuresxxx
Moral suasion/Threat of stricter measures to comexxxxxxx
Strengthened risk management and awarenessxxxxxx
Market development measures
FX market liberalization/developmentxx
Debt management measuresxxxxx
Strengthen credit registryxx
Sources: Hilbers and others (2005); Ötker Robe and others (2007); and IMF (2010a), staff databases, and central bank websites.

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