Showing 1 - 10 of 12
The rise of regional monetary arrangements poses a challenge for the International Monetary Fund (IMF)'s global surveillance efforts. This paper reviews how the IMF has responded to earlier regional initiatives, from the European Payments Union of the 1950s and the Gold Pool of the 1960s to the...
Persistent link: https://www.econbiz.de/10010397218
Current account deficits in the United States (US) and current account surpluses in East Asia are an enduring part of the global economic landscape. They are supported by low saving in the US and by reserve accumulation in Asia. This paper argues that this strategy is causing macroeconomic...
Persistent link: https://www.econbiz.de/10010279816
In contrast to the well established markets such as the dollar-euro market, recent CIP deviations observed in the onshore dollar-RMB forward market were primarily caused by con-version restrictions in the spot market rather than by changes in credit risk and/or liquidity constraint. This paper...
Persistent link: https://www.econbiz.de/10012148683
This paper discusses the Chiang Mai Initiative Multilateralization (CMIM); its origin, development and future outlook. It puts forward a number of proposals to make the liquidity support role of the CMIM more effective. It is further argued that the CMIM can bring about major changes to the...
Persistent link: https://www.econbiz.de/10010286119
This paper analyzes the role and scope of macroprudential policy in preventing financial instability in the context of East Asian economies. It analyzes the behavior of the housing market in a dynamic setting to identify some of the factors responsible for the volatility of housing markets and...
Persistent link: https://www.econbiz.de/10010286174
Interest in examining the financial linkages of economies has increased in the wake of the 2008/2009 global financial crisis. Applying the concepts of beta- and sigma-convergence of stock market returns, we assess changes over time in the degree of stock market integration between Russia and...
Persistent link: https://www.econbiz.de/10012148659
Better developed legal and political institutions result in greater availability of reliable firm-specific information. When stock prices reflect more firm-specific information there will be less stock price synchronicity. This paper traces the experience of China, an economy undergoing dramatic...
Persistent link: https://www.econbiz.de/10012148706
In a broad sample of developed and emerging economies over the past ten years we apply the approximate factor model in a search for common global and regional driving-forces in stock market returns and volatility. We focus particularly on two emerging stock markets - Russia and China, because of...
Persistent link: https://www.econbiz.de/10012148548
Based on the variable rate of gross domestic product per capita growth and its sources, this paper first identifies five phases of economic development that are common to China, Japan, and Korea: M (Malthusian), G (government-led), K (à la Kuznets), H (human capital based) and PD (post...
Persistent link: https://www.econbiz.de/10010397266
An increasing services orientation is likely to be a key feature of the economies of the Association of Southeast Asian Nations (ASEAN), the People's Republic of China, and India (collectively referred to as "ACI") over the medium-term. This paper aims to present a compendium of relevant data on...
Persistent link: https://www.econbiz.de/10010397254