Front Matter Page
European Department
Authorized for distribution by Emmanuel van der Mensbrugghe
Contents
I. Introduction
II. Capital Flows to Transition Economies: A Brief Survey of the Literature
III. Differences and Similarities of Capital Account Liberalization in the EU8
A. Rapid Liberalizers
B. Cautious Liberalizers
IV. Capital Flows and Financial Markets
A. Other Investment Flows
B. Portfolio Flows
V. Policy Responses to Capital Inflows
A. Monetary and Exchange Rate Policies
B. Fiscal Policy
C. Capital Controls
D. Debt Management
E. Other Policy Responses
VI. Policy Implications for Other Countries
References
Tables
1. EU8 Countries: Breakdown of Net Capital Inflows into EU8 Countries, 1995-2003
2. EU8 Countries: Size of the Government Securities Market, 1997-2004
3. Selected EU8 Countries: Government Balance - Countries with Prudent Fiscal Policies, 1995-2003
4. Selected EU8 Countries: Government Balance - Countries with Loose Fiscal Policies, 1995-2003
Figures
1. EU8 Countries: Net Capital Flows, 1995-2003
2. EU8 Countries: Other Investment Flows, 1995-2003
3. EU8 Countries: Interest Rate Differentials, 1995-2004
Appendix Tables
1. Selected EU8 Countries: Nonresident Holdings of Government Securities, 1997-2004
2. EU8 Countries: Real GDP Growth and the Current Account Balance, 1995-2003
Appendix Figures
A1. Selected EU8 Countries: Public Debt
A2. EU8 Countries: End-of-Period CPI Inflation, 1995-2004
A3. Selected EU8 Countries: Monetary Policy and Exchange Rate Reactions