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Central bank balance sheet policies and spillovers to emerging markets

Kumar, Manmohan S.; Wang, Haobin - 2017

We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions-changes in short-term policy rates and balance sheet adjustments. This will affect emerging market economies (EMs), especially...

Persistent link: https://www.econbiz.de/10011705338

Emerging Equity Markets in Middle Eastern Countries

El-Erian, Mohamed A. - 1994

Within a broad framework for analyzing portfolio capital flows to developing countries, the paper undertakes a comparative analysis of equity markets in six Middle Eastern countries. The analysis, based primarily on a range of quantitative indicators, identifies the principal characteristics of...

Persistent link: https://www.econbiz.de/10014398001

Emerging market securities access to global plumbing

Choi, Gongpil; Ortega, Federico; Kumar, Manmohan S. - 2021

What are the constraints that have stalled EMs efforts to reuse their securities in international financial centers? We discuss the economics of collateral re-use and the present institutional structure in Asian and Latin American countries. Our empirical investigation suggests pledgeability...

Persistent link: https://www.econbiz.de/10012604765

Sovereign Ceilings ""Lite""? : The Impact of Sovereign Ratingson Corporate Ratings in Emerging Market Economies

Borensztein, Eduardo - 2007

Although credit rating agencies have gradually moved away from a policy of never rating a private borrower above the sovereign (the ""sovereign ceiling"") it appears that sovereign ratings remain a significant determinant of the credit rating assigned to corporations. We examine this link using...

Persistent link: https://www.econbiz.de/10014401266

Public Debt and Growth

Woo, Jaejoon - 2010

This paper explores the impact of high public debt on long-run economic growth. The analysis, based on a panel of advanced and emerging economies over almost four decades, takes into account a broad range of determinants of growth as well as various estimation issues including reverse causality...

Persistent link: https://www.econbiz.de/10014402858

Policy Credibility and Sovereign Credit : The Case of New EU Member States

Kumar, Manmohan S. - 2007

References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. The case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally...

Persistent link: https://www.econbiz.de/10014403003

A Panic-Prone Pack? : The Behavior of Emerging Market Mutual Funds

Gelos, Gaston - 2000

This paper explores the behavior of emerging market mutual funds using a novel database covering the holdings of individual funds over the period January 1996 to March 1999. An examination of individual crises shows that, on average, funds withdrew money one month prior to the events. The degree...

Persistent link: https://www.econbiz.de/10014403436

Predicting Emerging Market Currency Crashes

Perraudin, W. R. M. - 2002

This paper assesses the extent to which crashes in emerging market currencies are predictable using simple logit models based on lagged macroeconomic and financial data. To evaluate our model, we calculate trading strategies in which an investor goes long or short in the currency depending on...

Persistent link: https://www.econbiz.de/10014403638

Fatal Attraction : A New Measure of Contagion

Bayoumi, Tamim - 2003

This paper proposes a new measure of contagion that is good at anticipating future vulnerabilities. Building on … previous work, it uses correlations of equity markets across countries to measure contagion, but in a departure from previous … practice it measures contagion using the relationship of these correlations with distance. Also in contrast to previous work …

Persistent link: https://www.econbiz.de/10014403655

Fiscal and Monetary Nexus in Emerging Market Economies : How Does Debt Matter?

Vasishtha, Garima - 2006

This paper examines two main aspects of the interaction between fiscal and monetary policy in emerging market economies. First, it explores the interest rate-inflation relationship in economies with different levels of external and domestic public debt using panel- and crosssection data. The...

Persistent link: https://www.econbiz.de/10014402491