Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Asia and Pacific > India

You are looking at 1 - 10 of 74 items for :

  • Type: Journal Issue x
  • Capital movements x
Clear All Modify Search
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
Capital Flow Data – A Guide for Empirical Analysis and Real-time Tracking
Mr. Robin Koepke
and
Simon Paetzold
This paper provides an analytical overview of the most widely used capital flow datasets. The paper is written as a guide for academics who embark on empirical research projects and for policymakers who need timely information on capital flow developments to inform their decisions. We address common misconceptions about capital flow data and discuss differences between high-frequency proxies for portfolio flows. In a nowcasting “horse race” we show that high-frequency proxies have significant predictive content for portfolio flows from the balance of payments (BoP). We also construct a new dataset for academic use, consisting of monthly portfolio flows broadly consistent with BoP data.
Keywords:
WP; flow data; portfolio flow; debt flow; flow proxy; IMF balance of payments statistic; portfolio flows; fund flows; balance of payments; coincident indicators; IIF data; IMF balance of payments data; Capital flows; Stocks; Balance of payments statistics; Flow of funds; Emerging and frontier financial markets; Africa; Global
Cover Regional Economic Outlook, October 2019, Asia Pacific
Regional Economic Outlook, October 2019, Asia Pacific
International Monetary Fund. Asia and Pacific Dept

Abstract

Growth in Asia is expected to moderate to 5.0 percent in 2019 and 5.1 percent in 2020 (0.4 and 0.3 percentage point lower than projected last April, respectively). A marked deceleration in merchandise trade and investment, driven by distortionary trade measures and an uncertain policy environment, is weighing on activity, particularly in the manufacturing sector.

Keywords:
REO; exchange rate; economy; monetary policy; financial condition; market; foreign exchange; capital flow; service sector; IMF staff calculation; fiscal policy; foreign direct investment; financial crisis; labor market; exchange rate volatility; distortionary trade measure; reaction function; Capital flows; Emerging and frontier financial markets; Exchange rates; Capital flow management; Global; South Asia; Asia and Pacific; Southeast Asia
Cover Finance & Development
Finance & Development, June 2019: The IMF at 75
International Monetary Fund. Communications Department
This issue of Finance & Development presents success and works of IMF in the past 75 years since its formation. The IMF’s financial firepower must be increased substantially, particularly in a world of relatively free capital flows. If the world of cooperative globalization is to survive and the IMF is to maintain its role within it, a great deal must change. Some of these changes are within the IMF’s control. The most important challenges for the IMF of tomorrow are, however, those created by the changing world. Global cooperation is needed to reap the benefits and avoid the pitfalls of cross-border capital flows. Cross-border capital flows are neither an unmitigated blessing nor an undoubted curse. Used judiciously, they can be beneficial to recipient countries, making up deficiencies in the availability of long-term risk capital and reducing gaps in local corporate governance. Many emerging market economies have understood that they should build foreign exchange reserves. The IMF model suggests that fluctuations in the exchange rate are the main reason for fluctuations in corporate liquidity in receiving countries.
Keywords:
FD; F&D; China; country; economy; swap line; IMF of today; central bank swap lines; Bretton Woods conference; IMF quota; IMF Headquarters; Carbon tax; Emerging and frontier financial markets; Global value chains; Currencies; International monetary system; Global; Africa; Central Asia; Europe; Eastern Europe
Cover IMF Working Papers
Portfolio Inflows Eclipsing Banking Inflows: Alternative Facts?
Mr. Eugenio M Cerutti
and
Mr. Gee Hee Hong
Superficial examination of aggregate gross cross-border capital inflow data suggests that there was no substitution between portfolio inflows and bank loans in recent years. However, our novel analysis of disaggregate inflows (both by types of instrument and borrower) shows interesting heterogeneity. There has been substitution of bank loans for portfolio debt securities not only in the case of corporate and sovereign borrowers in advanced countries, but also sovereign borrowers in emerging countries. In the case of corporate borrowers in emerging markets, the relationship corresponds to complementarity across types of gross capital inflows, especially during periods of positive capital gross inflows after the global financial crisis. A large part of these patterns does not seem to be driven by a common phenomenon across countries associated with the global financial cycle, but rather by country-specific factors.
Keywords:
WP; capital flows; portfolio inflows; bank inflows; global financial cycle; portfolio debt; loan inflow; AE corporate; borrower type; investment loan; factor loading; debt inflow; debt optimization operation; Loans; Capital inflows; Securities; Stocks; Global
Cover Policy Papers
Capital Flows - Review of Experience with the Institutional View
International Monetary Fund
Capital flows are an important aspect of the international monetary system. They provide significant benefits, both direct and indirect. At the same time, they also carry risks, and a key challenge for countries is how to harness the benefits while managing the risks. The institutional view on the liberalization and management of capital flows provides the Fund with a basis for consistent advice on policies related to capital flows. This paper reviews countries’ experiences with handling capital flows in the period since the adoption of the IMF’s institutional view in 2012. Based on the experience, it identifies a few areas in which the view would benefit from further clarification or elaboration.
Keywords:
PP; capital flow; policy; liberalization; capital; country; recipient country policy; policy spillover; flow liberalization; flow reversal; Capital flows; Capital account liberalization; Capital inflows; Capital flow reversals; Financial sector stability; Global
Cover IMF Staff Country Reports
India: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This paper explores key issues affecting the Indian economy and implications for fiscal, monetary, financial sector, and other structural policies. This paper evaluates the build-up of corporate and banking sector vulnerabilities in India, linked to the past macroeconomic slowdown and supply-side bottlenecks, particularly in the infrastructure sector; the nature, scope, and the effectiveness of macroprudential policies in India; the potential costs and benefits of gold monetization schemes in India; two recent episodes of financial market volatility—the taper tantrum of the summer of 2013 and the China spillover episode of the summer of 2015; effectiveness of India’s capital controls using an arbitrage based approach; the relationship between Indian; and international market prices of cereals.
Keywords:
ISCR; CR; China spillover episode; China; asset; labor market; introduced gold monetization scheme; labor market rigidity; bank asset quality; China shock; commodity price outlook; Gold; Capital controls; Capital account; Agricultural commodities; Women; Global; South Asia
Cover The Future of Asian Finance
The Future of Asian Finance
Ms. Ratna Sahay
,
Cheng Hoon Lim
,
Mr. Chikahisa Sumi
,
Mr. James P Walsh
, and
Mr. Jerald A Schiff

Abstract

Asia’s financial systems proved resilient to the shocks from the global financial crisis, and growth since then has been strong. But new challenges have emerged in the region’s economies, including demographics and aging, the need to diversify from bank-dominated systems, urbanization and infrastructure, and the rebalancing of economic activity. This book takes stock of the challenges facing the region today and how economic systems in Asia’s advanced and emerging market economies compare with the rest of the world.

Keywords:
BOOK; Asia; bank; bond market; ASEAN country; Hong Kong SAR; cost of capital; capital account openness; growth model; Bonds; Securities markets; Capital flows; Emerging and frontier financial markets; Financial integration; Asia and Pacific; Global; Southeast Asia; Europe; North America; market liquidity; Stock markets
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 IMF Working Papers
The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies
Mr. Sohrab Rafiq
This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have been small. The relative insulation of emerging Asia from the global financial cycle can likely be attributed to the presence of managed capital accounts coupled with shallow financial markets. Should U.S. monetary policy begin to normalize the direct first-round impact on developing Asia is likely to be small.
Keywords:
WP; demand shock; fed funds rate; unconventional monetary policy; liquidity; capital flows; credit; monetary policy shock; monetary policy spillover; monetary policy independence; monetary policy innovation; FDE Asia; Asia FDE block; interest rate expectation; monetary policy in the U.S.; private sector interest rate expectation; expectations-interest rate model; Unconventional monetary policies; Short term interest rates; Yield curve; Current account balance; Asia and Pacific; Global