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Future of Asia’s Finance

Future of Asia’s Finance »

Source: Future of Asia's Finance : How Can it Meet Challenges of Demographic Change and Infrastructure Needs?

Volume/Issue: 2014/126

Series: IMF Working Papers

Author(s): Ding Ding , Waikei Lam , and Shanaka Peiris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2014

ISBN: 9781498321082

Keywords: Demographic change, infrastructure financing, financial deepening, financial integration, capital and financial flows, bond, financial markets, financial sector development, bonds, Models with Panel Data

There is a role for Asia's financial sector to play to address the challenges associated with the region's changing demographics and infrastructure investment needs. Enhancing financial innovation and integration i...

A New Look at the Determinants of Growth in Asian Countries

A New Look at the Determinants of Growth in Asian Countries »

Source: A New Look at the Determinants of Growth in Asian Countries

Volume/Issue: 2015/195

Series: IMF Working Papers

Author(s): Manuk Ghazanchyan , Janet Stotsky , and Qianqian Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2015

ISBN: 9781513524535

Keywords: growth, exchange rate, exchange rate regime, economies, currency, General, Open Economy Macroeconomics, Economic Growth of Open Economies, General, Asia including Middle East,

This study examines the drivers of growth in Asian countries, with focus on the role of investment, the exchange rate regime, financial risk, and capital account openness. We use a panel data set of a sample of Asi...

Balance Sheets, Exchange Rate Policy, and Welfare

Balance Sheets, Exchange Rate Policy, and Welfare »

Source: Balance Sheets, Exchange Rate Policy, and Welfare

Volume/Issue: 2004/63

Series: IMF Working Papers

Author(s): Selim Elekdag , and Ivan Tchakarov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2004

ISBN: 9781451848458

Keywords: financial accelerator, debt-to-GDP threshold, second-order approximation, exchange rate, exchange rate regimes, exchange rate regime, flexible exchange rate, fixed exchange rate, Open Economy Macroeconomics,

The debate about the appropriate choice of exchange rate regime is fundamental in international economics. This paper develops a small open-economy model with balance sheet effects and compares the performance of f...

On the Solvency of Nations

On the Solvency of Nations »

Source: On the Solvency of Nations : Are Global Imbalances Consistent with Intertemporal Budget Constraints?

Volume/Issue: 2010/50

Series: IMF Working Papers

Author(s): Enrique Mendoza , Marco Terrones , and Ceyhun Bora Durdu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2010

ISBN: 9781451963298

Keywords: external solvency, Poled Mean Group estimation, foreign assets, net foreign assets, equation, statistics, industrial countries, Open Economy Macroeconomics, General Outlook and Conditions,

Theory predicts that a nation's stochastic intertemporal budget constraint is satisfied if net exports (NX) and net foreign assets (NFA) satisfy an error-correction specification with a residual integrated of any f...

Singapore's Unique Monetary Policy
			: How Does it Work?

Singapore's Unique Monetary Policy : How Does it Work? »

Volume/Issue: 2004/10

Series: IMF Working Papers

Author(s): Eric Parrado

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2004

DOI: http://dx.doi.org/10.5089/9781451842722.001

ISBN: 9781451842722

Keywords: exchange rate, monetary policy rules, monetary authority, monetary economics, Open Economy Macroeconomics,

The Monetary Authority of Singapore, instead of relying on short-term interest rates or monetary aggregates as its monetary policy instrument, conducts policy by managing the trade-weighted exchange rate index (TWI...

The Effects of Capital Controls on Exchange Rate Volatility and Output

The Effects of Capital Controls on Exchange Rate Volatility and Output »

Volume/Issue: 2001/187

Series: IMF Working Papers

Author(s): Christiane Nickel , Günter Schmidt , Georg Stadtmann , and Michael Frenkel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2001

DOI: http://dx.doi.org/10.5089/9781451859515.001

ISBN: 9781451859515

Keywords: exchange rate, capital control, capital inflows, foreign exchange, Open Economy Macroeconomics,

This paper extends the Dornbusch model of overshooting exchange rates to discuss both exchange rate and output effects of capital controls that involve additional costs for international asset transactions. We show...

Policies and Prospects in Japan and the Implications for the Asia-Pacific Region

Policies and Prospects in Japan and the Implications for the Asia-Pacific Region »

Source: Policies and Prospects in Japan and the Implications for the Asia-Pacific Region

Volume/Issue: 2001/131

Series: IMF Working Papers

Author(s): Tim Callen , and Warwick McKibbin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2001

ISBN: 9781451855289

Keywords: Asia-Pacific region, macroeconomic model, fiscal consolidation, equity prices, government expenditure, government bonds, International Factor Movements and International Business: General, Open Economy Macroeconomics, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation,

This paper uses the G-Cubed (Asia-Pacific) model-a macroeconomic model with rich cross-country links-to explore the implications for Japan and Asia of several shocks to the Japanese economy. The results suggest tha...

Workers' Remittances
			: An Overlooked Channel of International Business Cycle Transmission?

Workers' Remittances : An Overlooked Channel of International Business Cycle Transmission? »

Volume/Issue: 2012/251

Series: IMF Working Papers

Author(s): Adolfo Barajas , Ralph Chami , Christian Ebeke , and Sampawende Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 October 2012

DOI: http://dx.doi.org/10.5089/9781475535822.001

ISBN: 9781475535822

Keywords: Business Cycle Synchronization, remittance, business cycle, remittance flows, Financial Aspects of Economic Integration, Open Economy Macroeconomics,

This paper shows that remittance flows significantly increase the business cycle synchronization between remittance-recipient countries and the rest of the world. Using both aggregate and bilateral remittances data...

Interest Rate Defenses of Currency Pegs

Interest Rate Defenses of Currency Pegs »

Volume/Issue: 2004/85

Series: IMF Working Papers

Author(s): Juan Sole

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2004

DOI: http://dx.doi.org/10.5089/9781451850789.001

ISBN: 9781451850789

Keywords: bond, central bank, bonds, domestic currency, interest rate policy, Open Economy Macroeconomics,

This paper studies a policy often used to defend a currency peg: raising short-term interest rates. The rationale for this policy is to stem demand for foreign reserves. Yet, this mechanism is absent from most mone...

Domestic Bank Regulation and Financial Crises
			: Theory and Empirical Evidence From East Asia

Domestic Bank Regulation and Financial Crises : Theory and Empirical Evidence From East Asia »

Volume/Issue: 2001/63

Series: IMF Working Papers

Author(s): Kenneth Kletzer , and Robert Dekle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2001

DOI: http://dx.doi.org/10.5089/9781451848427.001

ISBN: 9781451848427

Keywords: financial fragility, banking, foreign capital, foreign capital inflows, deposit insurance, Open Economy Macroeconomics,

A model of the domestic financial intermediation of foreign capital inflows based on agency costs is developed for studying financial crises in emerging markets. In equilibrium, the banking system becomes progressi...