Warianty tytułu
Języki publikacji
Abstrakty
The aim of the paper is to analyse changes in the financial account of the balance of payments in 11 Central and Eastern European countries (CEE) during the years 2007-2017. The analysis comprises changes in the value of the financial account's components. The economic crisis reversed existing tendencies in net capital flows to CEE countries. They transformed from net recipients of capital to providers of capital to the rest of the world. This situation is completely different than the pre-crisis period when CEE countries experienced significant net inflows of mainly direct invest- ment, with capital moving 'downhill', mostly from richer EU countries. The fall in the surplus on the financial account of the balance of payments was determined mainly by a large drop in net other investments and even their outflow, especially during 2012-2015. The net outflow of capital was also caused by the accumulation of reserves by central banks. In relation to other transactions of the financial account, a slowdown in net capital inflows was recorded. The lowered surplus on the CEE countries' financial balances can have an effect on their external stability, however, they have seen a reemergence of inflows in recent quarters, including in non-FDI flows.(original abstract)
Czasopismo
Rocznik
Tom
Numer
Strony
9--18
Opis fizyczny
Twórcy
autor
- University of Szczecin, Poland
Bibliografia
- Alfaro, L., Kalemli-Ozcan, S., Volosovych, V. (2014). Sovereigns, Upstream Capital Flows, and Global Imbalances. Journal of the European Economic Association 12, No. 5.
- Eller, M, Huber, F., Schuberth, H. (2016). Understanding the drivers of capital flows into the CESEE countries . Focus on European Economic Integration , Iss. 2, Oesterreichische Nationalbank.
- European Commission (2016). The Macroeconomic Imbalance Procedure. Rationale, Process, Application: A Compendium , Institutional Paper 039, November.
- Furceri, D., Guichard, S., Rusticelli, E. (2012). Episodes of Large Capital Inflows, Banking and Currency Crises, and Sudden Stops. International Finance , No. 15 (1).
- IMF (2009). Balance of Payments and International Investment Position Manual. Sixth Edition BPM6 . Washington: IMF.
- Lucas, R. (1990). Why Doesn't Capital Flow from Rich to Poor Countries? American Economic Review , No. 80.
- NBP (2010). Sytuacja gospodarcza w krajach Europy Środkowej i Wschodniej , No. 1. Warszawa: Instytut Ekonomiczny.
- OECD (2011). International capital flows: Structural reforms and experience with the OECD Code of Liberalisation of Capital Movements, Report from the OECD to G-20 Subgroup on Capital Flow Management, June.
- OECD (2014). OECD Economic Surveys Poland . Overview, March.
- Poulsen, L., Hufbauer, G. (2011). Foreign Direct Investments in Times of Crisis. Working Paper Series, Peterson Institute for International Economics.
- Skopiec, D. (2016). Akumulacja oficjalnych rezerw walutowych jako determinant stabilności współczesnej gospodarki światowej . Studia Ekonomiczne. Zeszyty Naukowe Uniwersytetu Ekonomicznego w Katowicach , No. 266.
- Waheed, A. (2004). Foreign Capital Inflows and Economic Growth of Developing Countries: A Critical Survey of selected Empirical studies. Journal of Economic Cooperation , No. 25.
- CNB (2017). Balance of payments quaterly . Retrieved from https://www.cnb.cz/en/statistics/ bop_stat/bop_q/komentar.html
- ECB (2012). Monthly Bulletin , June. Retrieved from: https://www.ecb.europa.eu/pub/pdf/ mobu/mb201206en.pdf
- Eurostat. Retrieved from http://ec.europa.eu/eurostat/data/database [accessed: 02.2019].
- MNB (2017). Report on the balance of payments , January. Retrieved from: https://www.mnb. hu/letoltes/report-on-balance-of-payments-january-2017.pdf 16 poz.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171583770