Managing Capital Flows in Turbulent Times: The Experience of Europe's Emerging Market Economies in Global Perspective

Volatility in emerging markets has become a familiar problem in the cases of Latin America and Asia; the particularities of the same phenomenon in the new market economies of Eastern Europe - the Czech Republic, Poland and Hungary - are of newer vintage. In the 1990s foreign capital surged into the fragile financial systems of these fledgling capitalist economies in the throes of privatization - this despite the inadequate quality of financial information and the weakness of their prudential regulatory regimes. This book explores the patterns and problems of capital inflows in the Central European economies in a global context and in particular with reference to the relevant experience of Spain as well as the emerging economies of Asia and Latin America.