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In recent years, macroprudential policy has become an increasingly active policy area. Many countries have adopted it as a tool to safeguard financial stability, in particular to deal with the credit and asset price cycles driven by global capital flows. This paper reviews the use of key...
Persistent link: https://www.econbiz.de/10013057738
We assess econometrically the impact of asset shortages on economic growth, asset bubbles, the probability of a crisis … asset price bubbles. Moreover, asset shortages can also explain the current account positions of EMs. The findings suggest …
Persistent link: https://www.econbiz.de/10013101522
Net capital flows to emerging Asia rebounded at a record pace following the global financial crisis, raising concerns …
Persistent link: https://www.econbiz.de/10013102274
Co-movement (synchronicity) in inflation rates among a set of 13 emerging and developing countries in Asia is shown to … developing economies, in Asia at least …
Persistent link: https://www.econbiz.de/10012865120
emerging Asia. Our main result is that, despite an appreciation of their currencies vis-a-vis the yen, the impact on emerging … Asia's GDP tended to be positive and significant. Our results suggest that the positive effect of QQE on expectations, by …
Persistent link: https://www.econbiz.de/10012977736
Using three distinct approaches - statistical filtering, production function, and multivariate model - this paper estimates potential growth for China, India, and five ASEAN countries (Indonesia, Malaysia, the Philippines, Thailand, and Vietnam) during 1993–2013. The main findings include: (i)...
Persistent link: https://www.econbiz.de/10013059855
This paper finds that financial spillovers from China to regional markets are on the rise. The main transmission channel appears to be trade linkages, although direct financial linkages are playing an increasing role. Without an impact on global risk premiums, China's influence on regional...
Persistent link: https://www.econbiz.de/10012977790
Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of … theory, as well as accounting literature, we find evidence of greater idiosyncratic influences in the pricing of Asia's stock … stock pricing, which suggests that improvements in the regulation of securities markets in Asia could enhance the role of …
Persistent link: https://www.econbiz.de/10013056805
Understanding how markets are connected and shocks are transmitted is an important issue for policymakers and market participants. In this paper, we examine the connectedness of Asian equity markets within the region and vis-à-vis other major global markets. Using time-varying connectedness...
Persistent link: https://www.econbiz.de/10012993728
We estimate the short-term effects of fiscal consolidation on economic activity in 14countries in Latin America and the Caribbean. We examine contemporaneous policy documents to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to...
Persistent link: https://www.econbiz.de/10012913884