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Measuring External Risks for Peru: Insights from a Macroeconomic Model for a Small Open and Partially Dollarized Economy
Han, Fei - International Monetary Fund (IMF) - 2014
This paper quantifies the effects of external risks for Peru, with particular attention to two major external risks, China’s investment slowdown and the U.S. monetary policy tightening. In particular, a macroeconomic model for a small open and partially dollarized economy is developed and...
Persistent link: https://www.econbiz.de/10011142105
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ASEAN Financial Integration
Almekinders, Geert; Mourmouras, Alex; Zhou, Jian-Ping; … - International Monetary Fund (IMF) - 2015
The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEAN’s financial integration and prospects. ASEAN integration could accelerate in the years ahead; it...
Persistent link: https://www.econbiz.de/10011242386
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Growth Slowdowns and the Middle-Income Trap
Aiyar, Shekhar; Duval, Romain A; Puy, Damien; Wu, Yiqun; … - International Monetary Fund (IMF) - 2013
The “middle-income trap” is the phenomenon of hitherto rapidly growing economies stagnating at middle-income levels and failing to graduate into the ranks of high-income countries. In this study we examine the middle-income trap as a special case of growth slowdowns, which are identified as...
Persistent link: https://www.econbiz.de/10010790409
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Real Effects of Common Currencies in East Asia
Shirono, Kazuko - International Monetary Fund (IMF) - 2007
Since the 1997 Asian currency crisis, new interest has emerged in the formation of a common currency area in East Asia. This paper provides estimates of trade and welfare effects of East Asian currency unions, using a micro-founded gravity model. Counter-factual experiments to assess the effects...
Persistent link: https://www.econbiz.de/10005769256
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Yen Bloc or Yuan Bloc; An Analysis of Currency Arrangements in East Asia
Shirono, Kazuko - International Monetary Fund (IMF) - 2009
This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of … growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to … if China's relative presence continues to rise in the regional trade. …
Persistent link: https://www.econbiz.de/10005826046
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Tracking Global Demand for Emerging Market Sovereign Debt
Arslanalp, Serkan; Tsuda, Takahiro - International Monetary Fund (IMF) - 2014
, but remain<br>concentrated in a few countries: Brazil, China, Indonesia, Poland, Malaysia, Mexico, and South<br>Africa. We …
Persistent link: https://www.econbiz.de/10011142032
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Private Information, Capital Flows, and Exchange Rates
Gyntelberg, Jacob; Tientip, Subhanij; Loretan, Mico - International Monetary Fund (IMF) - 2012
We demonstrate empirically that not all capital flows influence exchange rates equally: Capital flows induced by foreign investors’ stock market transactions have both an economically significant and a permanent impact on exchange rates, whereas capital flows induced by foreign...
Persistent link: https://www.econbiz.de/10011142101
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Emerging Market Local Currency Bond Yields and Foreign Holdings in the Post-Lehman Period - a Fortune or Misfortune?
Ebeke, Christian; Lu, Yinqiu - International Monetary Fund (IMF) - 2014
The paper shows that foreign holdings of local currency government bonds in emerging market countries (EMs) have reduced bond yields but have somewhat increased yield volatility in the post-Lehman period. Econometric analyses conducted from a sample of 12 EMs demonstrate that these results are...
Persistent link: https://www.econbiz.de/10011142124
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Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play a Stabilizing Role?
Adler, Gustavo; Djigbenou, Marie-Louise; Sosa, Sebastian - International Monetary Fund (IMF) - 2014
We study the dynamic response of gross capital flows in emerging market economies to different global financial shocks, using a panel vector-autoregressive (PVAR) setting. Our focus lies primarily on the potentially stabilizing role played by domestic investors in offsetting the response of...
Persistent link: https://www.econbiz.de/10011142134
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Asia’s Stock Markets: Are There Crouching Tigers and Hidden Dragons?
Lipinsky, Fabian; Ong, Li Lian - International Monetary Fund (IMF) - 2014
Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region’s markets are reputed to be more “idiosyncratic†and less reliant on economic and corporate fundamentals...
Persistent link: https://www.econbiz.de/10011142146