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The determinants of China's international portfolio equity allocations

Agarwal, Isha; Gu, Grace Weishi; Prasad, Eswar S. - 2020

We analyze shifts in the structure of China's capital outflows over the past decade. The composition of gross outflows … enormous pool of domestic savings could have a significant impact on global financial markets as China continues to open up its … foreign portfolio allocations, Chinese IIs overweight sectors in which China has a comparative disadvantage. Moreover, Chinese …

Persistent link: https://www.econbiz.de/10012178659

How does financial globalization affect risk sharing? : Patterns and channels

Kose, M. Ayhan (contributor); Prasad, Eswar S. (contributor) - 2007

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. In this paper, we provide a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examine how international...

Persistent link: https://www.econbiz.de/10003586563

Financial sector regulation and reforms in emerging markets : an overview

Prasad, Eswar S. - 2010

This paper provides an overview of the complex conceptual and practical challenges that emerging market economies face as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest for financial stability with the imperatives of financial...

Persistent link: https://www.econbiz.de/10009153059

Distributional effects of monetary policy in emerging market economies

Prasad, Eswar S.; Zhang, Boyang - 2015

We develop a two-sector, heterogeneous-agent model with incomplete financial markets to study the distributional effects and aggregate welfare implications of alternative monetary policy rules in emerging market economies. Relative to inflation targeting, exchange rate management benefits...

Persistent link: https://www.econbiz.de/10011309046

The coming wave : where do emerging market investors put their money?

Karolyi, G. Andrew; Ng, David Tat-chee; Prasad, Eswar S. - 2015

We examine how emerging market (EM) investors allocate their stock portfolios internationally. Using both country-level and institution-level data, we find that the coming wave of EM investors systematically over- and under-weight their holdings in some target countries. These abnormal foreign...

Persistent link: https://www.econbiz.de/10011347171

Role reversal in global finance

Prasad, Eswar S. - 2011

I document that emerging markets have cast off their "original sin" their external liabilities are no longer dominated by foreign-currency debt and have instead shifted sharply towards direct investment and portfolio equity. Their external assets are increasingly concentrated in foreign exchange...

Persistent link: https://www.econbiz.de/10009516951

Financial globalization and economic policies

Kose, M. Ayhan; Prasad, Eswar S.; Rogoff, Kenneth S.; … - 2009

We review the large literature on various economic policies that could help developing economies effectively manage the process of financial globalization. Our central findings indicate that policies promoting financial sector development, institutional quality and trade openness appear to help...

Persistent link: https://www.econbiz.de/10003816538

Distributional effects of macroeconomic policy choices in emerging market economies

Prasad, Eswar S. - 2013

Distributional consequences typically receive limited attention in economic models that analyze the effects of monetary and financial sector policies. These consequences deserve more attention since financial markets are incomplete, imperfect, and economic agents' access to them is often...

Persistent link: https://www.econbiz.de/10010222156

A pragmatic approach to capital account liberalization

Prasad, Eswar S. (contributor); … - 2008

Cross-country regressions suggest little connection from foreign capital inflows to more rapid economic growth for developing countries and emerging markets. This suggests that the lack of domestic savings is not the primary constraint on growth in these economies, as implicitly assumed in the...

Persistent link: https://www.econbiz.de/10003697367

Foreign capital and economic growth

Prasad, Eswar S. (contributor); … - 2007

We document the recent phenomenon of "uphill" flows of capital from nonindustrial to industrial countries and analyze whether this pattern of capital flows has hurt growth in nonindustrial economies that export capital. Surprisingly, we find that there is a positive correlation between current...

Persistent link: https://www.econbiz.de/10003591497