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Persistent link: https://www.econbiz.de/10009486299
pronounced during volatile times. Portfolio rebalancing mechanisms are clearly important in explaining contagion patterns, even …
Persistent link: https://www.econbiz.de/10014400976
The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks are most effective in dampening sharp capital flow movements in response to global...
Persistent link: https://www.econbiz.de/10012155045
An analysis of mutual-fund-level flow data into EM bond and equity markets confirms that different types of funds behave differently. Bond funds are more sensitive to global factors and engage more in return chasing than equity funds. Flows from retail, open-end, and offshore funds are more...
Persistent link: https://www.econbiz.de/10011445594
Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often...
Persistent link: https://www.econbiz.de/10012177610
Fiscal consolidation has become an important policy prescription for many emerging market countries (EMCs), particularly for the highly indebted ones. Although prudent fiscal policies tend to reduce vulnerabilities, their implementation is usually postponed. This paper represents, to the best of...
Persistent link: https://www.econbiz.de/10014400191
Emerging market countries have enjoyed an exceptionally favorable economic environment throughout 2004, 2005, and early 2006. In particular, accommodative U.S. monetary policy in recent years has helped create an environment of low interest rates in international capital markets. However, if...
Persistent link: https://www.econbiz.de/10014400408
This paper studies how financial stress is transmitted from advanced to emerging economies, using a new financial stress index for emerging economies. An episode of financial stress is defined as a period when the financial system''s ability to intermediate may be impaired. Previous financial...
Persistent link: https://www.econbiz.de/10014402388
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
financial contagion phenomena. Using a dataset containing the country allocation of individual dedicated emerging market equity …
Persistent link: https://www.econbiz.de/10014403597