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You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Financial regulation and supervision x
  • Financial Institutions and Services: Government Policy and Regulation x
  • Banks and Banking x
  • 'Panel Data Models; Spatio-temporal Models' x
  • Financial services law & regulation x
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Cover IMF Working Papers
Effects of Capital Flow Liberalization: What is the Evidence from Recent Experiences of Emerging Market Economies?
Tahsin Saadi Sedik and Tao Sun
This paper analyzes the experiences of emerging market economies (EMEs) that have liberalized capital flows over the past 15 years with respect to macroeconomic performance and risks to financial stability. The results of the panel data regressions indicate that greater openness to capital flows is associated with higher growth, gross capital flows, and equity returns and with lower inflation and bank capital adequacy ratios. The effects vary depending on thresholds. As a potential application of these findings, the paper explores the possible effects of liberalization on China by applying the coefficients of explanatory variables to the corresponding variables of China in 2012–16.
Keywords:
WP; liberalization; equity liberalization index; liberalization of capital flow; Capital flow liberalization; emerging market economies; China; dynamic panel data specification; simulations; flow liberalization; restrictiveness index; interest rate liberalization; further liberalization; liberalization in China; Capital account liberalization; Capital flows; Capital adequacy requirements; Financial sector risk; Real interest rates; Global
Cover IMF Working Papers
Firm Investment and Balance-Sheet Problems in Japan
Mr. Toshitaka Sekine
This paper investigates whether balance-sheet conditions of firms and their main banks matter for firm investment behavior using dynamic corporate panel data in Japan for the period 1985-95. It finds that smaller non-bond issuing firms were facing liquidity constraints; these firms’ balance-sheet conditions (the debt asset ratios) affected their investment from the midst of the bubble era by influencing main banks’ lending to them; and the deterioration of their main banks’ balance-sheet conditions constrained these firms’ investment from about 1993. These findings highlight the potential macroeconomic impact and importance of the credit channel of monetary policy, and support the case of a credit crunch facing small Japanese firms during this period.
Keywords:
WP; firm; balance-sheet condition; investment behavior; investment; credit channel; dynamic panel data; Japan; issuing firm; balance-sheet variable; over-the-counter market firm; Bonds; Nonperforming loans; Credit; Capital adequacy requirements; Bank credit