What Moves Capital to Transition Economies

Richard Allen Haas · Oleh Havrylyshyn · Ratna Sahay

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Global Financial Crisis and Policies International Business and FDI Post-Communist Economic and Political Transition

Abstract

The transition economies in Europe and the former Soviet Union between 1991 and 1999 differed widely in terms of total capital flows and the share and composition of private flows. With some exceptions (notably Russia), the main source of private inflows was foreign direct investment. Portfolio investment was volatile, and concentrated in a handful of countries. Regressions show that direct investment can be well explained in terms of economic fundaals, whereas the presence of a financial market infrastructure and a property rights indicator are the only explanatory variables that seem to have a robust effect on portfolio investment.

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References

1996Stabilization and Growth in Transition Economies: The Early Experience 1996Patterns of Transition from Plan to Market 1992On the Estimation of Panel-Data Models With Serial Correlation When Instruments Are Not Strictly Exogenous 1998Credibility of Rules and Economic Growth: Evidence from a Worldwide Survey of the Private Sector 1999Economic Integration and FDI: An Empirical Analysis of Foreign Investment in the EU and in Central and Eastern Europe 1996Equilibrium Exchange Rates in Transition Economies 1996Foreign Direct Investment in Central Europe Since 1990: An Econometric Study 1999The Evolution of Output in Transition Economies; Explaining the Differences

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2012FDI determinants in an idiosyncratic country. A reappraisal over the Russian regions during transition years

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