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Asia and Pacific > Thailand

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Macroeconomic Aspects of International Trade and Finance: General x
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Cover FinTech Notes
Capital Flow Management Measures in the Digital Age (2): Design Choices for Central Bank Digital Currency
Mr. Dong He
,
Annamaria Kokenyne
,
Mr. Tommaso Mancini Griffoli
,
Mr. Marcello Miccoli
,
Mr. Thorvardur Tjoervi Olafsson
,
Gabriel Soderberg
, and
Hervé Tourpe
This fintech note looks at how capital flow measures (CFMs) could be implemented with central bank digital currency (CBDC), and what benefits, risks and complexities could arise. There are several implications of the analysis. First, CBDC ecosystems should generally be designed such that they can accommodate the introduction of CFMs. Second, thanks to the programmability of the payment infrastructure given by the new digital technologies, certain CFMs could likely be implemented more efficiently and effectively with CBDC compared to the traditional system. Third, implementing CFMs requires central banks to collaborate on practices and standards. Finally, CFMs on CBDC need to operate alongside traditional CFMs.
Keywords:
Central bank digital currency; Capital flow measures; CBDC implementation; CBDC ecosystem; IMF Fintech Note 2023/009; IMF Library; smart CFMs; fencing CBDC; Central Bank digital currencies; Capital flow management; Capital flows; Foreign assets; Digital wallets; Global
Cover Departmental Papers
Tourism in the Post-Pandemic World: Economic Challenges and Opportunities for Asia-Pacific and the Western Hemisphere
Ms. Manuela Goretti
,
Mr. Lamin Y Leigh
,
Aleksandra Babii
,
Mr. Serhan Cevik
,
Stella Kaendera
,
Mr. Dirk V Muir
,
Sanaa Nadeem
, and
Mr. Gonzalo Salinas
This departmental paper analyzes the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries. Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.
Keywords:
Tourism; Jobs; Diversification; COVID-19; Growth; Spillovers; tourism industry; tourism sector; tourism flow; tourism export; tourism model; tourism dominance; economies will; Communicable diseases; Exports; Global; Pacific Islands; Caribbean; Asia and Pacific; Western Hemisphere
Cover IMF Working Papers
Determinants and Repercussions of the Composition of Capital Inflows
Mr. Mark S. Carlson
and
Mr. Leonardo Hernández
The Mexican, Asian, and Russian crises of the mid- and late 1990s have renewed interest among policymakers in the determinants and effects of private capital inflows. This paper analyzes whether policies can affect the composition of capital inflows and whether different compositions aggravate crises. The results support the view that, while fundamentals matter, capital controls can affect the mix of capital inflows that countries receive. The results also show that during the Asian crisis, countries with more yen-denominated debt faired worse, while during the Mexican crisis larger short-term debt stocks increased the severity of the crisis.
Keywords:
WP; portfolio equity; denomination affect crisis severity; group crisis; crisis country; crises index; crisis transmission; net capital; capital flows; crisis; contagion; short-term debt flow; studies group crisis; group short-term debt; emerging market crisis; float tend; nominal exchange rate; Capital inflows; Foreign direct investment; Real exchange rates; Exchange rate arrangements; East Asia; Asia and Pacific
Cover IMF Working Papers
Financial Market Contagion in the Asian Crisis
Mr. Taimur Baig
and
Mr. Ilan Goldfajn
This paper tests for evidence of contagion between the financial markets of Thailand, Malaysia, Indonesia, Korea, and the Philippines. Cross-country correlations among currencies and sovereign spreads are found to increase significantly during the crisis period, whereas the equity market correlations offer mixed evidence. A set of dummy variables using daily news is constructed to capture the impact of own-country and cross-border news on the markets. After controlling for own-country news and other fundamentals, the paper shows evidence of cross-border contagion in the currency and equity markets.
Keywords:
WP; e.g Thailand-Philippines; Malaysia-Philippines case; Malaysia-Thailand equity; Korea regression; stock index; Contagion; Asian Crises; Financial Markets; interest rate correlation; Thai baht; Malaysia's spread; correlations counterpart; market mayhem; Stock markets; Currency markets; Exchange rates; Currencies; Stocks; Asia and Pacific; East Asia