T M P ,
... S o u rc e s : ESCAP secretariat calculations based on IMF, International Financial Statistics, vol. LI, No. 9 (Septem ber 1998); ADB, Key Indicators o f Developing Asian and Pacific Countries 1998 (Oxford University Press, 1998) and Asian Developm ent O utlook 1998 (Oxford University Press, 1998); ...
... S o u rc e s : ESCAP secretariat calculations based on IMF, International Financial Statistics, vol. LI, No. 9 (Septem ber 1998); ADB, Key Indicators o f Developing Asian and Pacific Countries 1998 (Oxford University Press, 1998) and Asian Developm ent O utlook 1998 (Oxford University Press, 1998); ...
External Reserves Accumulation and the
... accumulation can, therefore, be seen as crisis prevention perception or precautionary motives for holding international reserves, driven by the volatility of capital flows and the vulnerability of global economies to external shocks. World external reserves rose from US$ 1.2 trillion in January 1995 ...
... accumulation can, therefore, be seen as crisis prevention perception or precautionary motives for holding international reserves, driven by the volatility of capital flows and the vulnerability of global economies to external shocks. World external reserves rose from US$ 1.2 trillion in January 1995 ...
The Implementation Of Monetary Policy: Lessons From The Crisis
... The role of the cmi as a regional financing and surveillance mechanism is to complement and supplement the role of the international financial institutions (ifis) in crisis prevention, management and resolution. There is scope for more strategic alliances for interegional safety nets such as the cmi ...
... The role of the cmi as a regional financing and surveillance mechanism is to complement and supplement the role of the international financial institutions (ifis) in crisis prevention, management and resolution. There is scope for more strategic alliances for interegional safety nets such as the cmi ...
From Crisis to Recovery
... able to slice and dice loans such as Mr. Nathan’s into so many tiny parts that even if he defaulted (which he did) the loss would be spread out so widely that no one would really feel it. Better still for the bank, it would have sold off the loan to someone else long before Mr. Nathan experienced an ...
... able to slice and dice loans such as Mr. Nathan’s into so many tiny parts that even if he defaulted (which he did) the loss would be spread out so widely that no one would really feel it. Better still for the bank, it would have sold off the loan to someone else long before Mr. Nathan experienced an ...
Asia Economic Policy Conference - Federal Reserve Bank of San
... Emerging market economies have been subject to increased inflows of foreign capital over the last few years, and some policymakers in those countries have expressed concerns about the risks of bubbles and other negative effects from such inflows. This has caused some observers to suggest that the ef ...
... Emerging market economies have been subject to increased inflows of foreign capital over the last few years, and some policymakers in those countries have expressed concerns about the risks of bubbles and other negative effects from such inflows. This has caused some observers to suggest that the ef ...
Determination of Optimal Foreign Exchange Reserves in Nigeria
... explicitly incorporating the country’s sovereign risk associated with default of external debt due to financial crisis. The empirical result shows that the volatility of foreign institutional investment, shortterm debt to reserves and the fiscal deficit to GDP significantly explains the variations i ...
... explicitly incorporating the country’s sovereign risk associated with default of external debt due to financial crisis. The empirical result shows that the volatility of foreign institutional investment, shortterm debt to reserves and the fiscal deficit to GDP significantly explains the variations i ...
comment imf policy and the argentine crisis
... higher inflation. During this period, significant deficits existed because of huge pension systems, large grants to regional governments, corruption, and an inefficient, subsidized private sector." Increasing imports and low exports created a critical balance of payment problem For example, in 1997, ...
... higher inflation. During this period, significant deficits existed because of huge pension systems, large grants to regional governments, corruption, and an inefficient, subsidized private sector." Increasing imports and low exports created a critical balance of payment problem For example, in 1997, ...
Cash Holdings and Firm Value during Latin American Financial Crises
... cash holdings not only signify higher agency costs but also arise from greater investment opportunities (Opler, et al., 1999), the expected overall effect of cash holdings on firm value is uncertain. During financial crises, the effect of cash on firm value is also uncertain due to potentially grea ...
... cash holdings not only signify higher agency costs but also arise from greater investment opportunities (Opler, et al., 1999), the expected overall effect of cash holdings on firm value is uncertain. During financial crises, the effect of cash on firm value is also uncertain due to potentially grea ...
Deutsche Bundesbank - Annual Report
... sector. In specific instances, that by no means rules out limited, conditional balance of payments assistance as part of adjustment programmes. Such programmes may actually play, as they have done in the past, a kind of catalyst role in the conclusion of rescheduling agreements. Doing more than that ...
... sector. In specific instances, that by no means rules out limited, conditional balance of payments assistance as part of adjustment programmes. Such programmes may actually play, as they have done in the past, a kind of catalyst role in the conclusion of rescheduling agreements. Doing more than that ...
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... Within Asian markets, this thesis distinguishes between mature and emerging countries. Japan represents the mature market and the emerging economies are divided into three groups: the Asian Tigers (tigers hereafter), the Asian Tiger Cub (cubs hereafter) economies and, finally, China. ...
... Within Asian markets, this thesis distinguishes between mature and emerging countries. Japan represents the mature market and the emerging economies are divided into three groups: the Asian Tigers (tigers hereafter), the Asian Tiger Cub (cubs hereafter) economies and, finally, China. ...
Currency Wars
... avoid in the first place. The U.S. economy is resting on a knife’s edge between depression and hyperinflation. Millions of investors, business owners and workers wonder how much longer the Fed can balance the knife. Worse yet, none of this happens in a vacuum. If the Fed’s policy manipulations were ...
... avoid in the first place. The U.S. economy is resting on a knife’s edge between depression and hyperinflation. Millions of investors, business owners and workers wonder how much longer the Fed can balance the knife. Worse yet, none of this happens in a vacuum. If the Fed’s policy manipulations were ...
2007 Asia and the Pacific Surging Ahead in Uncertain Times
... The region’s impressive economic performance was against the backdrop of a riskier global environment. Oil prices hit a record high in the middle of 2006, while stock markets plummeted across the Asia-Pacific region, raising fears of a downturn. Global imbalances steadily widened, with the current a ...
... The region’s impressive economic performance was against the backdrop of a riskier global environment. Oil prices hit a record high in the middle of 2006, while stock markets plummeted across the Asia-Pacific region, raising fears of a downturn. Global imbalances steadily widened, with the current a ...
Financial Aspects of Recent Trends in the Global Economy
... summits’ conclusions has proved uneven, pointing to significant differences of the major actors’ agendas and priorities. From that aspect, the global economy still has to wait for new regulatory arrangements to emerge. Even though, the G20 through its agenda might have a unique opportunity to pool r ...
... summits’ conclusions has proved uneven, pointing to significant differences of the major actors’ agendas and priorities. From that aspect, the global economy still has to wait for new regulatory arrangements to emerge. Even though, the G20 through its agenda might have a unique opportunity to pool r ...
The Dollar Hegemony And The US-china Monetary Disputes
... This thesis tries to explain the current Sino-American monetary frictions from the political economy perspective. Both national and international political economy analyses are used to see how domestic economic and political factors as well as international relations influence the current U.S.-China ...
... This thesis tries to explain the current Sino-American monetary frictions from the political economy perspective. Both national and international political economy analyses are used to see how domestic economic and political factors as well as international relations influence the current U.S.-China ...
Preliminary version, August 2002. Comments are welcome
... where R is actual holdings of reserves minus gold, valued in millions of U.S. dollars and deflated by the U.S. GDP deflator (P), pop is the total population of the country, gpc is real GDP per capita, exa is the volatility of real export receipts, imy is the share of imports of goods and services in ...
... where R is actual holdings of reserves minus gold, valued in millions of U.S. dollars and deflated by the U.S. GDP deflator (P), pop is the total population of the country, gpc is real GDP per capita, exa is the volatility of real export receipts, imy is the share of imports of goods and services in ...
NBER WORKING PAPER SERIES DECOMPOSING THE EFFECTS OF FINANCIAL LIBERALIZATION: Romain Ranciere
... domestic equity securities. The de facto indicator detects the timing of an actual change in the pattern of foreign inflows and it covers portfolio flows, bank flows and foreign direct investments. Appendix C presents the dates of liberalization for the countries in the sample. We chose to focus on ...
... domestic equity securities. The de facto indicator detects the timing of an actual change in the pattern of foreign inflows and it covers portfolio flows, bank flows and foreign direct investments. Appendix C presents the dates of liberalization for the countries in the sample. We chose to focus on ...
How to Manage China’s Foreign Exchange Reserves? Aarhus School of Business
... risks to the country’s financial system, exacerbated inflationary pressure, created huge opportunity costs that resulted in large wealth losses with the weakening dollar, intensified pressure for the RMB appreciation and finally increased the complexity of macroeconomic adjustment and foreign exchan ...
... risks to the country’s financial system, exacerbated inflationary pressure, created huge opportunity costs that resulted in large wealth losses with the weakening dollar, intensified pressure for the RMB appreciation and finally increased the complexity of macroeconomic adjustment and foreign exchan ...
The financial and economic crisis of 2008
... The Emerging-market Economies in the Face of the Global Financial Crisis Daniela Magalhães Prates and Marcos Antonio Macedo Cintra.......................53 Introduction..........................................................................................................54 I. Proposed agenda f ...
... The Emerging-market Economies in the Face of the Global Financial Crisis Daniela Magalhães Prates and Marcos Antonio Macedo Cintra.......................53 Introduction..........................................................................................................54 I. Proposed agenda f ...
S2000560_en.pdf
... Capital flows returned to the Latin American in the 1990s after nearly a decade-long of the socalled debt crisis that featured a negative transfer of resources. These new capital flows were closely related to the economic reform process in the region. On the one hand, the reforms were a source of at ...
... Capital flows returned to the Latin American in the 1990s after nearly a decade-long of the socalled debt crisis that featured a negative transfer of resources. These new capital flows were closely related to the economic reform process in the region. On the one hand, the reforms were a source of at ...
Decomposing the Effects of Financial Liberalization
... strengthens financial development and contributes to higher long-run growth. In another view, liberalization induces excessive risk-taking, increases macroeconomic volatility and leads to more frequent crises. In this paper we propose an empirical framework that brings these two views together. We d ...
... strengthens financial development and contributes to higher long-run growth. In another view, liberalization induces excessive risk-taking, increases macroeconomic volatility and leads to more frequent crises. In this paper we propose an empirical framework that brings these two views together. We d ...
Asia Development, Financial Markets, Infrastructure
... more quickly. In the 1980s, developed and emerging markets grew at the same pace, but since the turn of the millennium, average growth in the emerging world has surged to rates that are three times higher than in developed economies. This growth has largely been driven by Asian economies. A flourish ...
... more quickly. In the 1980s, developed and emerging markets grew at the same pace, but since the turn of the millennium, average growth in the emerging world has surged to rates that are three times higher than in developed economies. This growth has largely been driven by Asian economies. A flourish ...
world trade - SICE (OAS)
... In October 1998 Argentina notified the WTO of its investment, production and export incentives under the regimes for Patagonian ports (with the subsidy to be eliminated as from 31 December 1999 at a rate of one percentage point a year), mining (with the VAT-related subsidy to be terminated by 31 Dec ...
... In October 1998 Argentina notified the WTO of its investment, production and export incentives under the regimes for Patagonian ports (with the subsidy to be eliminated as from 31 December 1999 at a rate of one percentage point a year), mining (with the VAT-related subsidy to be terminated by 31 Dec ...
Should the IMF Pursue Capital-Account
... foreign-currency positions that banks can take. Similar restrictions could be contemplated on open positions taken by corporations— although much work needs to be done in this regard, both in establishing an adequate reporting system and in devising efficient prudential controls. Such controls, inte ...
... foreign-currency positions that banks can take. Similar restrictions could be contemplated on open positions taken by corporations— although much work needs to be done in this regard, both in establishing an adequate reporting system and in devising efficient prudential controls. Such controls, inte ...
Financial Crises and Financial Dependence
... regulatory shocks can cause a real or perceived shortage of capital for banks. As a result, banks may become unwilling to lend even to viable companies. Increased uncertainty about whether and at what price loans will be available can also result in a shortage of loanable funds (Stiglitz and Weiss ( ...
... regulatory shocks can cause a real or perceived shortage of capital for banks. As a result, banks may become unwilling to lend even to viable companies. Increased uncertainty about whether and at what price loans will be available can also result in a shortage of loanable funds (Stiglitz and Weiss ( ...
1997 Asian financial crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.The crisis started in Thailand (well known in Thailand as the Tom Yum Goong crisis; Thai: วิกฤตต้มยำกุ้ง) with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its fixed exchange rate, cutting its peg to the U.S. dollar, after exhaustive efforts to support it in the face of a severe financial over-extension that was in part real estate driven. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. As the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt.Indonesia, South Korea and Thailand were the countries most affected by the crisis. Hong Kong, Laos, Malaysia and the Philippines were also hurt by the slump. Brunei, China, Singapore, Taiwan and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region.Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations (ASEAN) economies in 1993–96, then shot up beyond 180% during the worst of the crisis. In South Korea, the ratios rose from 13 to 21% and then as high as 40%, while the other northern newly industrialized countries fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise.Although most of the governments of Asia had seemingly sound fiscal policies, the International Monetary Fund (IMF) stepped in to initiate a $40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis. The efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. After 30 years in power, President Suharto was forced to step down on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah. The effects of the crisis lingered through 1998. In 1998 the Philippines growth dropped to virtually zero. Only Singapore and Taiwan proved relatively insulated from the shock, but both suffered serious hits in passing, the former more so due to its size and geographical location between Malaysia and Indonesia. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover. After the 1997 Asian Financial Crisis, economies in the region are working toward financial stability on financial supervision.Until 1999, Asia attracted almost half of the total capital inflow into developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high rate of return. As a result, the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia, Singapore, and South Korea experienced high growth rates, 8–12% GDP, in the late 1980s and early 1993. This achievement was widely acclaimed by financial institutions including IMF and World Bank, and was known as part of the ""Asian economic miracle"".