In the run up to the global crisis, countries in Central Eastern and Southeastern Europe attracted large capital inflows and some of them built up large external imbalances. This paper investigates whether these imbalances are linked to the sectoral composition of FDI. It shows that FDI in the...

The 12 papers in this book, edited by Gerard Caprio, David Folkerts-Landau, and Timothy D. Lane, explore issues in building a financial structure suitable for economies in transition. They cover for main topics: the problem of old and new debts; the development of a sound and efficient payment...

Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade’s credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a...

This paper presents calculations of the efficiency with which value-added taxes are collected in five transition economies in Central and Eastern Europe. Actual VAT revenues in 1994 are compared with those that would have resulted if the statutory VAT rates had been applied without any revenue...

The paper analyzes the decline of tax revenue/GDP ratios in transition economies of central and eastern Europe. The paper separates the effect on revenues of discretionary policy actions and finds that endogenous factors, notably the collapse of underlying profits and declining effective tax...

This paper constructs an intertemporal general equilibrium model designed to examine an economy in transition from central planning to being market oriented. A numerical algorithm is developed to obtain a solution for the model. Simulations using stylized country-specific data examine the...

Since late 1991, the IMF Statistics Department has conducted a program of technical assistance on consumer and producer price measurement and index compilation for the countries that have emerged from the former Soviet Union. These are countries whose economies are in various states of...

This paper examines the philosophies which inspired the institution of central banking in Central and Eastern Europe in the interwar years. Influenced by the Financial Section of the League of Nations, the new central banks adopted laws which prohibited or severely restricted the financing of...

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...