This paper provides empirical evidence that countries in emerging Europe reaped the benefits of international financial integration over the past 12 years by attracting sizeable foreign capital inflows and accelerating medium-term growth. But the aggregate pattern masks substantial heterogeneity...

Starting on 1st of May 2004, 11 countries in Central-Eastern and South Eastern Europe and in the Baltics (EU11) joined the European Union in three consecutive waves. Half a generation later, and a full generation after the start of transition in the region, we thought it would be opportune to...