79th OeNB East Jour Fixe
Capital Flows to CESEE: Impact on Macro-Financial Stability and Policy Responses
The East Jour Fixe was initiated by the OeNB in 1991. It is a high-profile policy discussion forum on economic reforms and developments in Central, Eastern and Southeastern Europe (CESEE). Participants come from diverse backgrounds and present academic, political and other professional expertise to a selected audience.
The 79th East Jour Fixe will focus on recent developments and driving factors of capital flows in CESEE countries. Joshua Aizenman (USC) will give a keynote speech at the beginning of the workshop. In session 1, we will review the driving forces behind the interaction of capital flows and the boom-bust-cycles the region has experienced during the recent two decades. In session 2, we will look at international country experiences in coping with volatile capital inflows and review the effectiveness of different policy measures. We will end with a panel discussion in order to draw some policy lessons for CESEE countries.
Presentations
- Joshua Aizenman – International capital mobility in the 21st century – mind the gaps (PDF, 958 kB)
- Emil Stavrev – CESEE external funding patterns and risks (PDF, 815 kB)
- Markus Eller – Global drivers of capital flows to CESEE over time: A dynamic factor analysis (PDF, 4.5 MB)
- John Beirne – Macroprudential policies, capital flows, and the structure of the banking sector (PDF, 525 kB)
- Deniz Igan – Credit booms and capital flows: role of financial systems and policies (PDF, 296 kB)
- Kiril Kossev – Using macroprudential measures and capital flow measures: the value of international cooperation (PDF, 757 kB)
- Evžen Kočenda – Taming capital flow cycle in CESEE (PDF, 126 kB)