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Asia and Pacific > India

You are looking at 1 - 10 of 28 items for :

  • Type: Journal Issue x
  • Financial Aspects of Economic Integration x
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Cover IMF Working Papers
Inequality and the Structure of Countries’ External Liabilities
Philipp Harms
,
Mathias Hoffmann
,
Miriam Kohl
, and
Tobias Krahnke
In this paper, we present empirical evidence that higher income inequality is associated with a greater equity share in countries' external liabilities, and we develop a theoretical model that can explain this observation: In a small open economy with traded and nontraded goods, entry barriers depress entrepreneurial activity in nontraded industries and raise income inequality. The small number of domestic nontraded-goods firms leaves room for foreign firms to operate on the domestic market, and it reduces external borrowing. The model suggests that barriers to entrepreneurial activity could be conducive to attract equity-type capital inows. Our empirical results lend some support to this conjecture.
Keywords:
Portfolio Equity; Foreign direct investment; External debt; External liabilities; Income Inequality; entry barrier; equity share; barriers to entrepreneurial activity; traded-goods firm; Income; Portfolio investment; Self-employment; South Asia; East Asia; Foreign corporations
Cover Finance & Development
Finance and Development, June 2021
International Monetary Fund. Communications Department
Amid a multispeed economic recovery—including within countries and across sectors, age groups, genders, and skill levels—this issue explores several cross-cutting themes for emerging markets.
Keywords:
emerging market growth; integrity risk; BRICs promise; jobs dilemma; employer flexibility; Emerging and frontier financial markets; Income inequality; COVID-19; Defense spending; Monetary unions; Global; Africa; Asia and Pacific; West Africa; Europe; Caribbean; South Asia
Cover Policy Papers
2019 Quota Data Update
International Monetary Fund. Finance Dept.
and
International Monetary Fund. Statistics Dept.
The paper presents summary results for the updated data set, with country-by-country details provided in Appendix I. In terms of broad country groups, the results of the data update are broadly consistent with trends observed in previous updates. The aggregate share of Emerging Market and Developing Countries (EMDCs) increased by 0.3 pp, to 50.0 percent, following a small decline in the EMDCs’ share recorded in the 2018 data update. The rising EMDC share reflected again foremost an increase for Asia. Most advanced economies recorded a small decrease in their calculated quota share using the current quota formula.
Keywords:
PP; openness variable; annexes advance; cutoff date; EMDC share; PPP GDP share; Purchasing power parity; Financial account; Labor unions; Monetary unions; Africa; Asia and Pacific; Global; Middle East; Western Hemisphere
Cover IMF Working Papers
Inflation Co-Movement in Emerging and Developing Asia: The Monsoon Effect
Patrick Blagrave
Co-movement (synchronicity) in inflation rates among a set of 13 emerging and developing countries in Asia is shown to be strongest for the food component, partly due to common rainfall shocks—a result which the paper terms the ‘monsoon effect.’ Economies with higher trade integration and co-movement in nominal effective exchange rates also experience greater food-inflation co-movement. By contrast, cross-country co-movement in core inflation is weak and the aforementioned determinants have little explanatory power, suggesting a prominent role for idiosyncratic domestic factors in driving core inflation. In the context of the growing literature on the globalization of inflation, these results suggest that common weather patterns are partly responsible for any role played by a so-called ‘global factor’ among inflation rates in emerging and developing economies, in Asia at least.
Keywords:
WP; moving average; Core CPI Inflation; dependent variable; Inflation; spillovers; co-movement; weather; headline inflation inflation rate; core CPI Inflation co-movement; movement regression; food inflation; core inflation process; inflation outcome; Trade integration; Nominal effective exchange rate; Food prices; Asia and Pacific; Global; monsoon effect; food Inflation co-movement regression; copyright page; robustness check; food Inflation co-movement
Cover IMF Working Papers
China's Bond Market and Global Financial Markets
Mr. Eugenio M Cerutti
and
Mr. Maurice Obstfeld
A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successful liberalization of the Chinese bond market would encompass not only loosening bond market regulations, but also further developing of other markets, notably the foreign exchange market. Even though the increased integration of China into international capital markets would increase its exposure to the global financial cycle, the costs in terms of monetary autonomy would not be large given China’s size and especially under a well-articulated macroeconomic framework.
Keywords:
WP; China; bond market; market; dollar; yield; Market Integration; Globalization; yield differential; U.S. dollar; stock market capitalization; global bond bond market; non-profit institution; China's bond market; Securities markets; Emerging and frontier financial markets; Stock markets; Bonds; Currency markets; Global
Cover IMF Working Papers
Bank Ownership: Trends and Implications
Robert Cull
,
Mr. Maria Soledad Martinez Peria
, and
Jeanne Verrier
This paper presents recent trends in bank ownership across countries and summarizes the evidence regarding the implications of bank ownership structure for bank performance and competition, financial stability, and access to finance. The evidence reviewed suggests that foreign-owned banks are more efficient than domestic banks in developing countries, promote competition in host banking sectors, and help stabilize credit when host countries face idiosyncratic shocks. But there are tradeoffs, since foreign-owned banks can transmit external shocks and might not always expand access to credit. The record on the impact of government bank ownership suggests few benefits, especially for developing countries.
Keywords:
WP; bank ownership; government-owned bank; bank participation; foreign bank; government bank lending; ownership structure; bank governance; financial globalization; foreign banks; state-owned banks; privatization; government ownership; bank share; government bank participation; Commercial banks; Bank credit; Credit; Competition; Central and Eastern Europe; South Asia; Eastern Europe; Global; Central Asia
Cover IMF Working Papers
Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals
Mr. Eugenio M Cerutti
,
Mr. Stijn Claessens
, and
Mr. Damien Puy
This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs). We first confirm that aggregate inflows to EMs co-move considerably. We then report three findings: (i) the aggregate co-movement conceals significant heterogeneity across asset types as only bank-related and portfolio bond and equity inflows do co-move; (ii) while global push factors in advanced economies mostly explain the common dynamics, their relative importance varies by type of flow; and (iii) the sensitivity to common dynamics varies significantly across borrower countries, with market structure characteristics (especially the composition of the foreign investor base and the level of liquidity) rather than borrower country’s institutional fundamentals strongly affecting sensitivities. Countries relying more on international funds and global banks are found to be more sensitive to push factors. Our findings suggest that EMs need to closely monitor their lenders and investors to assess their inflow exposures to global push factors.
Keywords:
WP; equity; equity flow; portfolio equity; Push factors; capital flows; emerging markets; mutual funds; global banks; bond flow; MSCI emerging market index; market characteristic; investor base; inflows to EMs; equity inflow; Bonds; Stocks; Stock markets; Capital inflows; Global; Europe; Africa; Asia and Pacific
Cover Regional Economic Outlook, April 2014, Asia and Pacific
Regional Economic Outlook, April 2014, Asia and Pacific
Sustaining the Momentum: Vigilance and Reforms
International Monetary Fund. Asia and Pacific Dept

Abstract

The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific, Europe, the Middle East and Central Asia, Sub-Saharan Africa, and the Western Hemisphere. In each volume, recent economic developments and prospects for the region are discussed as a whole, as well as for specific countries. The reports include key data for countries in the region. Each report focuses on policy developments that have affected economic performance in the region, and discusses key challenges faced by policymakers. The near-term outlook, key risks, and their related policy challenges are analyzed throughout the reports, and current issues are explored, such as when and how to withdraw public interventions in financial systems globally while maintaining a still-fragile economic recovery.These indispensable surveys are the product of comprehensive intradepartmental reviews of economic developments that draw primarily on information the IMF staff gathers through consultation with member countries.

Keywords:
REO; economy; price; IMF staff calculation; leverage ratio; trade integration; household debt; industry trade; house price; Housing prices; Credit; Capital flows; Inflation; Trade integration; Asia and Pacific; Global; Pacific Islands; Australia and New Zealand
Cover IMF Working Papers
Growth Slowdowns and the Middle-Income Trap
Mr. Shekhar Aiyar
,
Mr. Romain A Duval
,
Mr. Damien Puy
,
Mr. Yiqun Wu
, and
Ms. Longmei Zhang
The “middle-income trap” is the phenomenon of hitherto rapidly growing economies stagnating at middle-income levels and failing to graduate into the ranks of high-income countries. In this study we examine the middle-income trap as a special case of growth slowdowns, which are identified as large sudden and sustained deviations from the growth path predicted by a basic conditional convergence framework. We then examine their determinants by means of probit regressions, looking into the role of institutions, demography, infrastructure, the macroeconomic environment, output structure and trade structure. Two variants of Bayesian Model Averaging are used as robustness checks. The results—including some that indeed speak to the special status of middle-income countries—are then used to derive policy implications, with a particular focus on Asian economies.
Keywords:
WP; economic growth; per capita income; simple average; growth; slowdown; middle income trap; Bayesian Model Averaging; rate of growth; physical capital; time series; relative frequency; middle-income economy; fertility rate; Income; Capital inflows; Public investment and public-private partnerships (PPP); Infrastructure; Regional integration; East Asia; Asia and Pacific
Cover IMF Working Papers
The Development of Local Debt Markets in Asia
Mr. Mangal Goswami
and
Mr. Sunil Sharma
The paper makes an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations. Besides fostering a credit culture to deepen local debt markets, the issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater scale, efficiency, and access. With rapid economic growth in Asia, a key challenge is to generate financial assets that can provide the underlying collateral for expanding fixed-income markets, and hence domestic and regional investment opportunities.
Keywords:
WP; interest rate; corporate bond bond market; financial market; foreign exchange; market liquidity; Capital markets; local currency debt markets; investor base; liquidity; bank lending; derivative markets; regulatory framework; derivatives market; stabilization fund; repo market; Singapore dollar; securities trading; market stability; increase financial market integration; swap market; market infrastructure; Securities markets; Emerging and frontier financial markets; Corporate bonds; Bonds; Securities; Asia and Pacific; Global