Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of...

The 2004 EU enlargement will most likely yield major benefits to the new member countries in the long run. The new members will be able to capture gains from trade in goods and services and will moreover benefit from a continued inflow of financial and real capital. Without doubt, these...