Europe as a Convergence Engine : Heterogeneity and Investment Opportunities in Emerging Europe

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 a...

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Bibliographic Details
Main Authors:	Stojkov, Aleksandar, Zalduendo, Juan
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ABSOLUTE VALUE ABSORPTIVE CAPACITY ACCESSION COUNTRIES ADVANCED ECONOMIES ANNUAL GROWTH ANNUAL GROWTH RATE ASSETS AVERAGE GROWTH AVERAGE GROWTH RATE BALANCE OF PAYMENTS BANKING SYSTEM BENCHMARK BUSINESS CYCLE CAPITAL ACCOUNT CAPITAL ACCOUNT RESTRICTIONS CAPITAL ACCOUNT TRANSACTIONS CAPITAL CONTROLS CAPITAL FLOW CAPITAL FLOWS CAPITAL FORMATION CAPITAL GOODS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL MOBILITY CAPITAL STOCK CENTRAL PLANNING COLLATERAL CONSUMER CHOICE CONSUMPTION SMOOTHING CONTROL VARIABLES CONVERGENCE HYPOTHESIS COUNTRY DUMMY CREDIT BOOM CURRENCY CURRENCY CRISES CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT BALANCES CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT POSITIONS CURRENT ACCOUNT SURPLUSES CURRENT ACCOUNT TRANSACTIONS DEBT DEPENDENCY RATIO DEPENDENT VARIABLE DEPOSITS DEPRECIATION DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DISTORTIONS DOMESTIC BANKS DOMESTIC FINANCIAL SECTOR DOMESTIC SAVING DOMESTIC SAVINGS DUMMY VARIABLE DUMMY VARIABLES DYNAMIC PANEL ECONOMETRIC ANALYSIS ECONOMETRICS ECONOMIC GROWTH ECONOMIC HISTORY ECONOMIC INTEGRATION ECONOMIC MODEL ECONOMIC POLICY ECONOMIC REFORMS ECONOMIC RESEARCH ECONOMIC THEORY ECONOMICS EDUCATIONAL ATTAINMENT EMPIRICAL EVIDENCE EMPIRICAL LITERATURE EMPIRICAL RESULTS EMPIRICAL STUDIES EMPIRICAL WORK ENDOGENOUS GROWTH THEORIES ENDOGENOUS VARIABLES EQUATIONS ERROR TERM ERROR TERMS ESTIMATED COEFFICIENT ESTIMATED COEFFICIENTS ESTIMATION RESULTS EXCHANGE ARRANGEMENTS EXCHANGE RATES EXCHANGE RESTRICTIONS EXPLANATORY VARIABLE EXPLANATORY VARIABLES EXPORTS EXPOSURE EXPOSURES EXTERNAL FINANCING EXTERNAL IMBALANCES FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL INTERMEDIATION FINANCIAL LIBERALIZATION FINANCIAL MARKETS FINANCIAL OPENNESS FINANCIAL SECTOR FOREIGN ASSET FOREIGN ASSET POSITION FOREIGN ASSET POSITIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN LIABILITIES GDP DEFLATOR GDP PER CAPITA GENERAL EQUILIBRIUM GLOBAL ECONOMY GLOBAL IMBALANCES GLOBALIZATION GRADUAL CAPITAL ACCOUNT LIBERALIZATION GROSS CAPITAL FORMATION GROWTH DETERMINANTS GROWTH EQUATION GROWTH IMPACT GROWTH LITERATURE GROWTH MODEL GROWTH MODELS GROWTH PERFORMANCE GROWTH PROCESS GROWTH RATE GROWTH RATES GROWTH REGRESSION GROWTH REGRESSIONS GROWTH THEORIES GROWTH THEORY HIGH GROWTH HUMAN CAPITAL IMBALANCE IMBALANCES IMPORTS INCOME INDICATOR VARIABLE INFLATION INFLATION RATE INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL TRADE INVESTMENT DEMAND INVESTMENT OPPORTUNITIES INVESTMENT RATES LAGGED DEPENDENT LEVEL OF INVESTMENT LONG RUN LONG-RUN GROWTH LOW-INCOME COUNTRIES
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111006170943 http://hdl.handle.net/10986/3604

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http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111006170943
http://hdl.handle.net/10986/3604

Europe as a Convergence Engine : Heterogeneity and Investment Opportunities in Emerging Europe

Internet

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