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This paper draws on the experience of emerging Europe and argues that foreign capital is an enviable development opportunity with tail risks. Financial integration and foreign savings supported growth in the EU12 and EU candidate countries. We argue that this was possible because of EU...
Persistent link: https://www.econbiz.de/10011430894
capital markets. The main policy implication is that governments in Asia should continue and/or strengthen pension reforms …
Persistent link: https://www.econbiz.de/10010397236
Financial safety nets in Asia have come a long way since the Asian Financial Crisis (AFC) of 1997 - 98. Not wanting to …
Persistent link: https://www.econbiz.de/10010397304
The central objective of this paper is to empirically examine the issue of fiscal sustainability in developing Asia. To …
Persistent link: https://www.econbiz.de/10010507295
Aftershocks was written in the midst of the deepest economic crisis since the Great Depression. Although it would be premature to presume to identify the repercussions of the crisis, it is clear that it will have profound aftershock effects in the political, economic, and social spheres. The...
Persistent link: https://www.econbiz.de/10011888547
In this paper we compare the patterns of trade and financial integration by exploiting network analysis. Our results show that, by combining binary and weighted network analysis, it is possible to deliver more precise and thorough insights on the topological structure and properties of the...
Persistent link: https://www.econbiz.de/10010328391
The financial crisis has affected the real economy in stages yet nevertheless at an unexpected rate and with all regions being affected simultaneously. It advanced almost independently of the regions' exposure to the actual initial causes, among them the subprime crisis, innovative financial...
Persistent link: https://www.econbiz.de/10011435262
According to theory, market concentration affects the likelihood of a financial crisis in different ways. The “concentration-stability” and the “concentrationfragility” hypotheses suggest opposing effects operating through specific channels. Using data of 160 countries for the period...
Persistent link: https://www.econbiz.de/10011753202
This paper examines the evolving dynamics between economic globalization and Asian regional interdependence, and asks … between helping themselves and helping the global economy. Asia is striving for modes of regional cooperation that are, on … integration and openness. The main policy findings are that Asia's future standing in an increasingly multi-centered world economy …
Persistent link: https://www.econbiz.de/10010397271
This paper employs multivariate GARCH models with a BEKK specification to show significant shock and volatility spillovers from mature bond markets into select emerging Asian local currency bond markets. Results reveal that while the growth of individual bond markets in recent years has been...
Persistent link: https://www.econbiz.de/10010507534