Short-Term Capital,
Economic Transformation,
and EU Accession
Claudia M.Buch
(Kiel Institute of World Economics)
Lusine Lusinyan
(European University Institute)
Discussion paper 02/02
Economic Research Centre
of the Deutsche Bundesbank
January 2002
The discussion papers published in this series represent
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One key focus of the on-going debate on the integration of international financial markets
have been measures to lengthen the maturity of foreign debt, as short-term debt is typically
considered to be highly volatile. The transition economies of Central and Eastern Europe
are one group of countries for which policy lessons seem particularly urgent. Not only have
these countries liberalized their capital accounts to a quite substantial degree already,
membership in the European Union also implies that remaining controls to the free flow of
capital will have to be abolished. This paper assesses the experience of the transition
economies with liberalizing short-term capital flows, and it analyzes factors affecting the
share of short-term capital.
F21, F23, G21
Short-term debt, economic transformation, EU accession
Da eine Verschuldung in kurzfristiger Form oft als sehr volatil angesehen wird, betrifft ein
wichtiger Aspekt der gegenwärtigen Diskussion über die Integration der internationalen
Finanzmärkte die Frage, wie man die Fristigkeit der Auslandsverschuldung verlängern
kann. Für die Transformationsländer Zentral- und Osteuropa scheinen politische