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Surfing the Waves of Globalization : Asia and Financial Globalization in the Context of the Trilemma
Aizenman, Joshua - 2010
Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma--monetary independence, exchange rate stability, and financial openness--we examine how policy configurations affect macroeconomic...
Persistent link: https://www.econbiz.de/10012462774
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Optimal Monetary Policy in a 'Sudden Stop'
Braggion, Fabio - 2007
In the wake of the 1997-98 financial crises, interest rates in Asia were raised immediately, and then reduced sharply …
Persistent link: https://www.econbiz.de/10012465398
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Crises in Emerging Market Economies : A Global Perspective
Calvo, Guillermo A. - 2005
The paper argues that global financial factors played an important role in the capital-inflow episode in Emerging Market economies (EMs), during the early part of the 1990s, and clearly in the Sudden Stop (of capital inflows) crises that took place after the 1998 Russian crisis. Moreover, the...
Persistent link: https://www.econbiz.de/10012467379
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Capital Flows and the Behavior of Emerging Market Equity Returns
Bekaert, Geert - 1998
Foreign portfolio flows may reflect deep changes in the functioning of an emerging market economy and its capital markets. Using a database of monthly net U.S. equity flows, we investigate the relation of these flows to the behavior of equity returns, the structural characteristics of the...
Persistent link: https://www.econbiz.de/10012472142
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Lessons Unlearned? Corporate Debt in Emerging Markets
Alfaro, Laura - 2017
This paper documents a set of new stylized facts about leverage and financial fragility for emerging market firms following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC) attributed to corporate financial roots provide a...
Persistent link: https://www.econbiz.de/10012455274
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Emergence of Asia : Reforms, Corporate Savings, and Global Imbalances
Fan, Jingting - 2016
One of the explanations for global imbalances is the self-financing behavior of credit-constrained firms in rapidly growing emerging markets. We use an extensive firm-level data set from several Asian countries during 2002-2011, and test the micro foundation of this theory by estimating the...
Persistent link: https://www.econbiz.de/10012456342
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Living with the Trilemma Constraint : Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries
Aizenman, Joshua - 2013
This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...
Persistent link: https://www.econbiz.de/10012459214
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The Federal Reserve, Emerging Markets, and Capital Controls : A High Frequency Empirical Investigation
Edwards, Sebastian - 2012
In this paper I use weekly data from seven emerging nations - four in Latin America and three in Asia - to investigate … dynamics - in Latin America and Asia. The results also indicate that capital controls are not an effective tool for isolating …
Persistent link: https://www.econbiz.de/10012460103
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Foreign Technology Adoption as a Flying Propeller
Hu, Yunfang; Kunieda, Takuma; Nishimura, Kazuo; Wang, Ping - National Bureau of Economic Research - 2023
We construct a dynamic general equilibrium model of foreign direct investment (FDI) and foreign technology adoption, incorporating adoption barriers, international technology spillover, and relative price advantages. A higher FDI conversion efficacy, a lower adoption barrier, or a stronger...
Persistent link: https://www.econbiz.de/10014250176
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Rebalancing Growth in Asia
Prasad, Eswar S. - 2009
growth rates for the key emerging markets and other developing economies in Asia. China has by far the lowest share of … private consumption to GDP in Asia and, during this decade, has recorded the lowest rate of employment growth relative to GDP … and Vietnam. <br> <br>To examine the global implications of domestic growth patterns in Asia, I analyze saving …
Persistent link: https://www.econbiz.de/10012463480