Surging Capital Flows to Emerging Asia : Facts, Impacts, and Responses / Sylwia Nowak, Sanjaya Panth, Ravi Balakrishnan, Yiqun Wu.

Format:

Book

Government document

Author/Creator:

Nowak, Sylwia.

Contributor:

Balakrishnan, Ravi.

Panth, Sanjaya.

Wu, Yiqun.

International Monetary Fund. Asia and Pacific Department, issuing body.

Series:

IMF Working Papers; Working Paper ; No. 2012/130

IMF Working Papers

Language:

English

Subjects (All):

Capital movements--Asia--Econometric models.

Capital movements.

Capital movements--Developing countries--Econometric models.

Capital movements--Econometric models.

Physical Description:

1 online resource (30 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2012.

Language Note:

English

Summary:

Net capital flows to emerging Asia rebounded at a record pace following the global financial crisis, raising concerns about overheating and financial stability. This paper documents the size and composition of the most recent surge to Asian emerging markets from a historical perspective and compares developments in the broader economy, asset prices, and corporate variables across the different episodes of strong inflows. We find little evidence of a significant build-up of imbalances and resource misallocation during the most recent surge. We also review country experiences in managing the risks associated with inflows and argue that Asian countries have used regulatory measures during past surges, although there is not strong evidence of their efficacy without supporting monetary and fiscal policies.

Contents:

Cover; Contents; I. Introduction; Figures; 1. EmergingAsia: Net Private Capital Flows; II. Capital Flows across Episodes: The Facts; 2. Drivers of Inflows; A. Identifuing Surges of Capital Inflows to Asia; 3. Distribution of Capital Inflows Episodes; Tables; 1. Episodes of Large Net Private Capital Inflows

Summary Statistics; 4. Emerging Asia: Net Private Capital Flows; 5. Emerging Asia: Average Net Private Capital Flows during Episodes; B. Volatility and Financial Depth; 6. Emerging Asia: Volatility of Net Ptivate Capital Flows by Flow Type and Recipient Economies

7. Foreign Holdings of Local Government BondsIII. Broader Economic and Asset Valuation Patterns across Time; A. Macroeconomic Dynamics around Surges; 8. Cumulative Gross Capital Inflows in 2010:Q1-2011:Q2 to Financial Depth; 9. Emerging Asia: Macroeconmics Dynamics around Surges; 10. Emerging Asia: Exchange Market Pressure Index; 11. Real Effective Exchange Rate; 12. Selected Asia: 10-Year Bond Spreads; 2a. Financial Indicators across Episodes of Large Net Capital Flows to Emerging Asia; 2b. Corporate Indicators across Episodes of Large Net Capital Flows to Emerging Asia

IV. Capital Flow Management Measures13. Indonesia and Thailand: Capital Flows; V. Conclusion; 3. Selected Asia: Impact of Macroprudential Measures; References

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on online resource; title from PDF title page (ebrary, viewed June 18, 2014).

ISBN:

9781475522150

1475522150

9781475541830

147554183X