|
1.
|
Outlook:
Getting the Exit Right |
|
Recovery in Low Gear |
|
Normalizing Policies |
|
From Exit to
Restructuring |
|
2.
|
Managing
Capital Flows |
|
Emerging Europe’s
Diverging Policy Challenges |
|
Europe Was Different |
|
The Motivation for
Precrisis Inflows |
|
Policy Implications |
|
Conclusions |
|
References |
|
Boxes |
1. |
IMF-Supported Programs
and External Adjustment |
2. |
Toward a New European
Financial System |
3. |
Current Account
Imbalances in the Southern Euro Area |
4. |
Prudential Measures to
Stem the Tide of Capital Inflows in Emerging Europe |
5. |
Which Prudential Tool
Is Best at Managing the Financial Stability Risks of
Capital Inflows? Answers from Model Simulations |
6. |
Russia’s Capital Flows:
Experience and Challenges |
7. |
Financial Reform: An
Opportunity for the New Member States |
|
Tables |
1. |
European Countries:
Real GDP Growth and CPI Inflation, 2006–10 |
2. |
European Countries:
External and Fiscal Balances, 2006–10 |
3. |
Uses of Capital
Inflows, 2000–07 |
|
Figures |
1. |
The
Great Contraction: What Drives Cross-Country
Differences |
2. |
Euro
Area: Contribution to Growth, 2006–09 |
3. |
Asset
Prices Compared with Pre-Lehman Levels |
4. |
Euro
Area: Bond, Equity, and Money Markets |
5. |
Key
Drivers of the Expected Recovery, 2009–10 |
6. |
Selected
European Countries: Key Short-Term Indicators |
7. |
Euro
Area: Gross Investment Ratio of Nonfinancial
Corporations, March 2000–September 2009 |
8. |
Europe:
Credit Indicators |
9. |
Selected
European Economies: Gross Household Savings Ratio,
March 2000–September 2009 |
10. |
Selected
European Countries and the United States:
Unemployment, February 1999–January 2010 |
11. |
Selected
European Countries: Headline and Core Inflation,
January 2006–February 2009 |
12. |
Selected
European Economies: Monetary Aggregates and
Multipliers, June 2006–February 2010 |
13. |
European
Economies: Cross-Country Standard Deviation of GDP
Growth and Current Account Balance, 2000–14 |
14. |
European
Economies: Stabilizing Public Debts |
15. |
The
Volume and Composition of Capital Inflows, 2001–08:
Emerging Europe Was Different |
16. |
Emerging
European Economies: Macroeconomic Performance by
Region, 2001–09 |
17. |
Composition of Capital Inflows in Central, Eastern,
and Southeastern Economies (CESE), 2003:Q1–2009:Q3 |
18. |
Structural Reforms and Capital Inflows |
19. |
External
Privatization Receipts and FDI |
20. |
Countries Received Capital Inflows in Excess of
Convergence Reasons |
21. |
Capital
Inflows and Nominal Exchange Rate Flexibility |
22. |
Real
Lending Rates and Nominal Exchange Rate Appreciation
of the Currency |
23. |
Capital
Flows and Real Domestic Demand |
24. |
Rising
Share of FDI into the Financial Sector Was
Associated with Higher Cross-Border Loans to Banks
and Corporates and Credit Growth |
25. |
Capital
Inflows and Competitiveness |
26. |
The
Wage-Cost Gap Between Sectors and Labor Market
Policies |
27. |
Capital
Inflows Did Not Seem to Respond to Capital Scarcity |
28. |
Banking
Indicators Displayed Systemic Stability |
29. |
Return
on Assets, 2007 |
30. |
Currency
Mismatch and Capital Inflows, 2007 |
31. |
Capital
Inflows and Restrictions on Capital Flows, 1995–2007 |
32. |
Credit
Default Swap Spreads, January 2008–March 2010 |
|
Appendix Tables |
1. |
Capital Inflows Panel
Regression |