Managing Foreign Capital Flows in Transition Economies of Central and Eastern Europe
Contributors

The project involved the preparation of several country studies on the experiences of different transition economies with the management of capital inflows. Besides the country studies the project included three comparative studies that described particular aspects of capital inflows and their management.

Pekka Sutela prepared the review of the experiences with capital inflows in the Baltic economies with a special attention given to the lessons and experiences of Estonia .

David Begg prepared the assessment of the links between capital flows, monetary arrangement and choice of exchange rate regime. His contribution also illuminated the relationship between the management of capital flows and fiscal policies in there economies.

Claudia Buch and Ralph Heinrich analyzed the microeconomic aspects of capital inflows and their management, by presenting the links between inflows, banking sector vulnerability and financial instability.

Pal Gaspar presented the general experiences of transition economies with capital inflows and their management comparing them with the experiences of other emerging economies regions.

Dariusz Rosati analyzed the recent experiences of Poland since 1994 with the inflows and their management. His contribution was especially directed at assessing the links between monetary policy decisions and management of capital inflows.

Zdenek Tuma and Tomas Holub analyzed the experiences of the Czech Republic with capital inflows, with a special emphasis laid on the development s following the currency crash of 1997. They showed the ways the central bank and policy makers tried to mitigate the adverse consequences of capital inflows, and pointed to those problems that arise from the recent macroeconomic developments in their economies.

Gabor Oblath and Gyula Barabas described the Hungarian experiences mostly within the former and recently abandoned crawl with narrow ban exchange rate regime. They presented the stylized facts on capital inflows, the problems caused by them to policy-makers as well as the costs of sterilizing inflows for the whole economy.

Boris Vujcic assessed the experiences of Croatia n the framework of managed float regime with capital inflows and their management pointing to both macroeconomic and microeconomic sides of their management.

Vladimir Lavrac and G. Capriolo presented the special Slovenian experiences with capital inflows as here the monetary arrangement ahs remained the same of monetary targeting since the establishment of monetary independence and as the use of administrative measures was broader than in other economies.

Daniel Daianu described the macroeconomic difficulties of Romania and the impact they had on the composition, amount and management of net capital inflows

Tsvetan Mantchev presented the Bulgarian case with a special emphasis put on the recent problems following the introduction of the currency board arrangement in 1997.

Sergei Drobyshevsky described the very special Russian case, as here the emphasis is less on capital inflows but on managing simultaneously capital outflows and at least recently significant current account surpluses.