This paper investigates the deleveraging process in three neighboring countries: Slovenia, Croatia and Hungary. Prior to the economic crisis of 2008 all three countries have experienced solid rates of economic growth, economic stability, but also fast rise of foreign debt. After 2008 all three...

This paper investigates the deleveraging process in three neighboring countries: Slovenia, Croatia and Hungary. Prior to the economic crisis of 2008 all three countries have experienced solid rates of economic growth, economic stability, but also fast rise of foreign debt. After 2008 all three...

A lot of attention in the literature has been given to an important issue of the effect of capital mobility on economic growth of developing countries and little attention has been devoted to developed countries. Developed countries are main players in the global financial market. Lately,...

Managing capital flows and liquidity demand has been a central issue for emerging-market countries. In an era of global imbalances, rapid accumulation of foreign exchange reserves by surplus countries is also an issue for the international system. In a well-functioning international financial...

I develop a critical constructivist evolutionary theory of international financial institutions and arrangements. Specifically, I analyze the role of IMF under the present globalization moves and repeated financial crises by following such a critical constructivist evolutionary theory of...

This paper aims at providing empirical evidence on the effect of capital flows on asset prices including its channel under different currency regimes, focusing on ten emerging and developing economies in the world with data availability and stationarity for the 2000s, by a generalized impulse...

A standard argument of the advocates of unrestricted capital flows is that they boost a small country’s growth by increasing the efficiency of the allocated capital. In this paper I examine the nexus between capital flows and real growth for the Greek economy during the period 1980-2000. Such...

This paper tries to model the time series characteristics of capital flows to China over the period 1999-2008, namely bond flows (BF), equity flows (EF), bank credit (BC), and foreign direct investment (FDI). By utilizing the state space model and using Kalman filtering algorithm with maximum...

It is widely accepted that investment is essential for the long-term economic growth of developing countries. There is some evidence that Foreign Direct Investment (FDI) in developing countries provides spill-over benefits through technology and skills transfer. Understanding the determinants of...

More frequent and increasingly severe crises are encouraging emerging market economies to seek means to make themselves less vulnerable to sudden stops in capital flows. Capital controls have been widely discussed, but dollarization may offer a longer-term and more market-friendly solution.