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Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia1

Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia1 »

Source: Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia

Volume/Issue: 2011/46

Series: IMF Working Papers

Author(s): Damiano Sandri , Pau Rabanal , and Isabelle Mejean

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

ISBN: 9781455218967

Keywords: Rebalancing, Intermediate Inputs, terms of trade, tradable goods, exchange rate, export prices, Open Economy Macroeconomics, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation,

A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the...

Fiscal Stimulus and Credibility in Emerging Countries

Fiscal Stimulus and Credibility in Emerging Countries »

Source: Fiscal Stimulus and Credibility in Emerging Countries

Volume/Issue: 2010/123

Series: IMF Working Papers

Author(s): Magda Kandil , and Hanan Morsy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

ISBN: 9781455200825

Keywords: credibility, effectiveness, cyclicality, fiscal impulse, exchange rate, fiscal expansion, Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General, Open Economy Macroeconomics,

Across a sample of thirty four emerging countries, the evidence shows the frequent existence of a pro-cyclical fiscal impulse. However, the scope for countercyclical policy increases with the availability of intern...

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...

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...

The Long-Run Effects of Tradeon Income and Income Growth

The Long-Run Effects of Tradeon Income and Income Growth »

Source: The Long-Run Effects of Tradeon Income and Income Growth

Volume/Issue: 2003/37

Series: IMF Working Papers

Author(s): Allan Brunner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2003

ISBN: 9781451845594

Keywords: panel data model, trade share, gdp per capita, bilateral trade, growth rate, international trade, Economic Growth of Open Economies, Macroeconomic Analyses of Economic Development, Comparative Analysis of Economic Systems,

This paper examines the dynamic relationship between trade and income. While most economists agree that increased trade leads to an increase in average income, economic theory is ambiguous about the possible effect...

Role of Debt Maturity Structureon Firm Fixed Assets During Sudden Stop Episodes

Role of Debt Maturity Structureon Firm Fixed Assets During Sudden Stop Episodes »

Source: Role of Debt Maturity Structureon Firm Fixed Assets During Sudden Stop Episodes : Evidence From Thailand

Volume/Issue: 2007/11

Series: IMF Working Papers

Author(s): Hanan Morsy , Maria Pia Iannariello , and Akiko Terada-Hagiwara

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2007

ISBN: 9781451865752

Keywords: Firm fixed asset, Short-term debt maturity structure, Asia financial crisis, fixed assets, debt maturity, short-term debt, debt obligations, current account, Open Economy Macroeconomics, Corporate Finance And Governance,

This paper studies the detrimental effect of sudden stops on the growth of Thai firms' fixed assets. We focus on the fixed assets adjustment that firms undertake at times of financial constraints. We derive our res...

Post-Crisis Recovery

Post-Crisis Recovery »

Source: Post-Crisis Recovery : When Does Increased Fiscal Discipline Work?

Volume/Issue: 2006/219

Series: IMF Working Papers

Author(s): Pritha Mitra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 October 2006

ISBN: 9781451864793

Keywords: sovereign debt, foreign debt, long-term debt, budget surplus, General Aggregative Models: General, Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data), Open Economy Macroeconomics, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation,

Emerging market financial crises during the late 1990s were marked by sudden withdrawals of funds by foreign creditors, resulting in production declines. The IMF favored positive signals to potential foreign credit...

When China Sneezes Does ASEAN Catch a Cold?

When China Sneezes Does ASEAN Catch a Cold? »

Source: When China Sneezes Does ASEAN Catch a Cold?

Volume/Issue: 2016/214

Series: IMF Working Papers

Author(s): Sohrab Rafiq

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2016

ISBN: 9781475552607

Keywords: Cambodia, Cambodia, China, Cross country analysis, Association of Southeast Asian Nations, Emerging markets, Economic integration, Economic growth, Philippines, Indonesia

This paper looks at the effects of a China slowdown on Emerging Market Economies (Indonesia, Malaysia, and Thailand) and Frontier Developing Economies (Cambodia, Lao P.D.R., and Vietnam) in ASEAN. The main finding...

Emerging Asia's Impact on Australian Growth

Emerging Asia's Impact on Australian Growth »

Source: Emerging Asia's Impact on Australian Growth : Some Insights From GEM

Volume/Issue: 2010/262

Series: IMF Working Papers

Author(s): Benjamin Hunt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

ISBN: 9781455210695

Keywords: Emerging Asia, Productivity Growth, Rebalancing, exchange rates, exchange rate, real exchange rates, tradable goods, Economic Growth of Open Economies, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation, One

Over the last decade, GDP growth in emerging Asia was roughly twice as fast as average world growth. The IMF's Global Economy Model (GEM) is used to estimate the impact that emerging Asia's growth differential has...

What Drives Credit Growth in Emerging Asia?

What Drives Credit Growth in Emerging Asia? »

Source: What Drives Credit Growth in Emerging Asia?

Volume/Issue: 2012/43

Series: IMF Working Papers

Author(s): Fei Han , and Selim Elekdag

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

ISBN: 9781463936440

Keywords: rapid credit growth, emerging Asia, SVAR, Bayesian estimation, sign restrictions, aggregate demand, domestic monetary policy, inflation, financial stability, What Drives Credit Growth in Emerging Asia?

This paper seeks to uncover the main drivers of credit growth in emerging Asia using a multi-country structural vector autoregressive (SVAR) model. Taking a novel approach, we developed a two-block SVAR whereby sho...