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.

References

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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Anand, R., and S.J. Peiris, 2014, “Can Indian and the Philippines’ Service Exports be an Engine of Productivity Growth in Asia?IMF Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Angeloni I., and E. Faia, 2013, “Capital Regulation and Monetary Policy with Fragile Banks,Journal of Monetary Economics, Vol. 60, No. 3, pp. 311324.

    • Search Google Scholar
    • Export Citation
  • Arregui, N., J. Benes, I. Krznar, S. Mitra and A. Oliveira Santos, 2013, “Evaluating the Net Benefits of Macroprudential Policy: A Cookbook,IMF Working Paper 13/167 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Bernanke, B.S., 2009, “The Supervisory Capital Assessment Program,Speech delivered at the Federal Reserve Bank of Atlanta, Financial Markets Conference, Jekyll Island, Georgia, May 11.

    • Search Google Scholar
    • Export Citation
  • Bordo, M., and O. Jeanne, 2002, “Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy,NBER Working Paper No. 8966 (Cambridge, Massachusetts:: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Borio, C., P. Disyatat, and M. Juselius, 2013, “Rethinking Potential Output: Embedding Information about the Financial Cycle,BIS Working Paper 404 (Basel: Bank for International Settlements).

    • Search Google Scholar
    • Export Citation
  • Bruno, V., and H.S. Shin, 2013, “Assessing Macroprudential Policies: Case of Korea,NBER Working Paper No. 19084 (Cambridge, Massachusetts: National Bureau for Economic Research).

    • Search Google Scholar
    • Export Citation
  • Cashin, P., K. Mohaddes, M. Raissi, and M. Raissi, 2012, “The Differential Effects of Oil Demand and Supply Shocks on the Global Economy,IMF Working Paper 12/253 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Chen, H., L. Rauqeuqe, S.R. Singh, Y. Wu, and Y. Yang, forthcoming, “Pacific Island Countries: In Search of a Trade Strategy,IMF Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Claessens, S., M.A. Kose, and M.E. Terrones, 2011b, “Financial Cycles: What? How? When?IMF Working Paper 11/76 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Committee on the Global Financial System, 2012, Operationalising the Selection and Application of Macroprudential Instruments, CGFS Papers 48 (Basel: Bank for International Settlements).

    • Search Google Scholar
    • Export Citation
  • Dell’Ariccia, G., D. Igan, L. Laeven, H. Tong, B.B. Bakker, and J. Vandenbussche, 2012, “Policies for Macrofinancial Stability: How to Deal with Credit Booms,IMF Staff Discussion Note 12/06 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Duval, R., K. Cheng, K-H. Oh, R. Saraf, and D. Seneviratne, 2014, “Trade and Business Cycle Synchronization: A Reappraisal with Focus on Asia,IMF Working Paper 14/52 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Federico, P., C.A. Vegh, and G. Vuletin, 2012, “Macroprudential Policy over the Business Cycle,unpublished, University of Maryland.

    • Search Google Scholar
    • Export Citation
  • Ghilardi, M.F., and S.J. Peiris, forthcoming, “Capital Flows, Financial Intermediation and Macroprudential Policies,” IMF Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Hausmann, R., and B. Klinger, 2006, “Structural Transformation and Patterns of Comparative Advantage in the Product Space,Working Paper 128 (Harvard University: Center for International Development).

    • Search Google Scholar
    • Export Citation
  • Hausmann, R., and B. Klinger, J. Hwang, and D. Rodrik, 2007, “What You Export Matters,Journal of Economic Growth, Vol 12, No. 1, pp. 125.

    • Search Google Scholar
    • Export Citation
  • Hidalgo, C.A., 2009, “The Dynamics of Economic Complexity and the Product of Space over a 42 Year Period” (Harvard University: Center for International Development).

    • Search Google Scholar
    • Export Citation
  • Hong Kong Monetary Authority, 2011, Loan-to-Value Ratio as a Macroprudential Tool – Hong Kong SAR’s Experience and Cross-country Evidence, BIS Paper No. 57 (Basel: Bank for International Settlements).

    • Search Google Scholar
    • Export Citation
  • Hubbard, R.G., 1998, “Capital-Market Imperfections and Investment,Journal of Economic Literature,” Vol. 36, No. 1 (March), pp. 193225. http://www.jstor.org/stable/2564955. Accessed: 30/12/2013.

    • Search Google Scholar
    • Export Citation
  • Igan, D., and H. Kang, 2011, “Do Loan-To-Value and Debt-To-Income Limits Work? Evidence from Korea,IMF Working Paper 11/297 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, 2011a, Regional Economic Outlook: Asia and the Pacific (Washington, April).

  • International Monetary Fund, 2011b, World Economic Outlook; Chapter 1, “Slowing Growth, Rising Risks,” pp. 169 (Washington, September).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, 2012a, 2012 Spillover Report (Washington, July).

  • International Monetary Fund, 2012b, The Liberalization and Management of Capital Flows—An Institutional View (Washington).

  • International Monetary Fund, 2012c, The Interaction of Monetary and Macroprudential Policies – Background Paper (Washington).

  • International Monetary Fund, 2013a, Key Aspects of Macroprudential Policies (Washington).

  • International Monetary Fund, 2013b, The Interaction of Monetary andMacroprudential Policies (Washington).

  • International Monetary Fund, 2013c, Regional Economic Outlook: Asia and Pacific (Washington, April).

  • International Monetary Fund, 2013d, World Economic Outlook (Washington, October).

  • Jiménez, G., S. Ongena, J.L. Peydró, and J. Saurina, 2012, “Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments,Working Paper No. 628 (Barcelona: GSE).

    • Search Google Scholar
    • Export Citation
  • Kalemli-Ozcan, S., E. Papaioannou, and F. Perri, 2013, “Global Banks and Crisis Transmission,Journal of International Economics, Vol. 89, pp. 495510.

    • Search Google Scholar
    • Export Citation
  • Kashiwase, K., M. Nozaki, and I. Saito, 2013, Japan—Selected Issues, IMF Country Report 13/254 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Kim, C., 2013, “Macroprudential Policies: Korea’s Experiences,” paper presented at the “Rethinking Macro Policy II: First Steps and Early LessonsConference hosted by the International Monetary Fund, Washington, D.C., April 16–17.

    • Search Google Scholar
    • Export Citation
  • Kinoshita, Y., 2011, “Sectoral Composition of Foreign Direct Investment and External Vulnerability,IMF Working Paper 11/123 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Kuttner, K., and I. Shim, 2012, “Taming the Real Estate Beast: The Effects of Monetary and Macroprudential Policies on Housing Prices and Credit,in Property Markets and Financial Stability, edited by A. Heath, F. Packer, and C. Windsor (Sydney: Reserve Bank of Australia).

    • Search Google Scholar
    • Export Citation
  • Lim, C., F. Columba, A. Costa, P. Kongsamut, A. Otani, M. Saiyid, T. Wezel, and X. Wu, 2011, “Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences,IMF Working Paper 11/238 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Magud, N.E., C.M. Reinhart, and E.R. Vesperoni, 2012, “Capital Inflows, Exchange Rate Flexibility, and Credit Booms,IMF Working Paper 12/42 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Mendoza, E.G., and M.E. Terrones, 2008, “An Anatomy of Credit Booms: Evidence from Macro Aggregates and Micro Data,NBER Working Paper No. 14049 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Morgan, D., B. Rime, and P. Strahan, 2004, “Bank Integration and State Business Cycles,Quarterly Journal of Economics, Vol. 119, pp. 15551585.

    • Search Google Scholar
    • Export Citation
  • N’Diaye, P., 2009, “Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy,IMF Working Paper 09/257 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Papageorgiou, C., and N.L. Spatafora, 2012, “Economic Diversification in LICs: Stylized Facts and Macroeconomic Implications,IMF Staff Discussion Note 12/13 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Qureshi, M.S., J.D. Ostry, A.R. Ghosh, and M. Chamon, 2011, “Managing Capital Inflows: The Role of Capital Controls and Prudential Policies,NBER Working Paper No. 17363 (Cambridge, Massachusetts: National Bureau for Economic Research).

    • Search Google Scholar
    • Export Citation
  • Ree, J.J.K., K. Yoon, and H. Park, 2012, “FX Funding Risks and Exchange Rate Volatility—Korea’s Case,IMF Working Paper 12/268 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Sheridan, N., P. Tumbarello, and Y. Wu, 2012, “Global and Regional Spillovers to Pacific Island Countries,IMF Working Paper 12/154 (Washington, International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Tovar, C.E., M. Garcia-Escribano, and M.V. Martin, 2012, “Credit Growth and the Effectiveness of Reserves Requirements and Other Macroprudential Instruments in Latin America,IMF Working Paper 12/142 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Tumbarello, P., E. Cabezon, and Y. Wu, 2013, “Are the Asia and Pacific Small States Different from Other Small States?IMF Working Paper 13/123, (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Vandenbussche, J., U. Vogel, and E. Detragiache, 2012, “Macroprudential Policies and Housing Prices—A New Database and Empirical Evidence for Central, Eastern, and South-Eastern Europe,IMF Working Paper 12/303 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Wang, B., and T. Sun, 2013, “How Effective are Macroprudential Policies in China?IMF Working Paper 13/75 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Wong, E., A. Tsang, and S. Kong, 2014, “How Does Loan-to-Value Policy Strengthen Banks’ Resilience to Property Price Shocks—Evidence from Hong Kong,HKIMR Working Paper No. 03/2014 (Hong Kong: Hong Kong Institute for Monetary Research).

    • Search Google Scholar
    • Export Citation
  • Zhang, L., and E. Zoli, 2014, “Leaning Against the Wind: Macroprudential Policy in Asia,IMF Working Paper 14/22 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
Sustaining the Momentum: Vigilance and Reforms
  • Ahuja, A. and M. Nabar, 2011, “Safeguarding Banks and Containing Property Booms: Cross- Country Evidence on Macroprudential Policies and Lessons from Hong Kong SAR,IMF Working Paper 11/284 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Ahuja, A. and M. Nabar, 2012, “Investment-led Growth in China: Global Spillovers,IMF Working Paper 12/267 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Anand, R., and S.J. Peiris, 2014, “Can Indian and the Philippines’ Service Exports be an Engine of Productivity Growth in Asia?IMF Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Angeloni I., and E. Faia, 2013, “Capital Regulation and Monetary Policy with Fragile Banks,Journal of Monetary Economics, Vol. 60, No. 3, pp. 311324.

    • Search Google Scholar
    • Export Citation
  • Arregui, N., J. Benes, I. Krznar, S. Mitra and A. Oliveira Santos, 2013, “Evaluating the Net Benefits of Macroprudential Policy: A Cookbook,IMF Working Paper 13/167 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Bernanke, B.S., M. Gertler, and S. Gilchrist, 1999, “The Financial Accelerator in a Quantitative Business Cycle Framework,in Handbook of Macroeconomics, Vol. 1, Chapter 21 (New Jersey: Princeton University).

    • Search Google Scholar
    • Export Citation
  • Bernanke, B.S., 2009, “The Supervisory Capital Assessment Program,Speech delivered at the Federal Reserve Bank of Atlanta, Financial Markets Conference, Jekyll Island, Georgia, May 11.

    • Search Google Scholar
    • Export Citation
  • Bordo, M., and O. Jeanne, 2002, “Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy,NBER Working Paper No. 8966 (Cambridge, Massachusetts:: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Borio, C., P. Disyatat, and M. Juselius, 2013, “Rethinking Potential Output: Embedding Information about the Financial Cycle,BIS Working Paper 404 (Basel: Bank for International Settlements).

    • Search Google Scholar
    • Export Citation
  • Bruno, V., and H.S. Shin, 2013, “Assessing Macroprudential Policies: Case of Korea,NBER Working Paper No. 19084 (Cambridge, Massachusetts: National Bureau for Economic Research).

    • Search Google Scholar
    • Export Citation
  • Cashin, P., K. Mohaddes, M. Raissi, and M. Raissi, 2012, “The Differential Effects of Oil Demand and Supply Shocks on the Global Economy,IMF Working Paper 12/253 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Chen, H., L. Rauqeuqe, S.R. Singh, Y. Wu, and Y. Yang, forthcoming, “Pacific Island Countries: In Search of a Trade Strategy,IMF Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Claessens, S., M.A. Kose, and M.E. Terrones, 2011a, “How Do Business and Financial Cycles Interact?IMF Working Paper 11/88 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Claessens, S., M.A. Kose, and M.E. Terrones, 2011b, “Financial Cycles: What? How? When?IMF Working Paper 11/76 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Committee on the Global Financial System, 2012, Operationalising the Selection and Application of Macroprudential Instruments, CGFS Papers 48 (Basel: Bank for International Settlements).

    • Search Google Scholar
    • Export Citation
  • Dell’Ariccia, G., D. Igan, L. Laeven, H. Tong, B.B. Bakker, and J. Vandenbussche, 2012, “Policies for Macrofinancial Stability: How to Deal with Credit Booms,IMF Staff Discussion Note 12/06 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Di Giovanni, J., and A. Levchenko, 2010, “Putting the Parts Together: Trade, Vertical Linkages and Business Cycle Comovement,American Economic Journal: Macroeconomics, Vol. 2, No. 2, pp. 317348.

    • Search Google Scholar
    • Export Citation
  • Duval, R., K. Cheng, K-H. Oh, R. Saraf, and D. Seneviratne, 2014, “Trade and Business Cycle Synchronization: A Reappraisal with Focus on Asia,IMF Working Paper 14/52 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Elekdag, S., and F. Han, 2012, “What Drives Credit Growth in Emerging Asia?IMF Working Paper 12/43 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Federico, P., C.A. Vegh, and G. Vuletin, 2012, “Macroprudential Policy over the Business Cycle,unpublished, University of Maryland.

    • Search Google Scholar
    • Export Citation
  • Ghilardi, M.F., and S.J. Peiris, forthcoming, “Capital Flows, Financial Intermediation and Macroprudential Policies,” IMF Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Hausmann, R., and B. Klinger, 2006, “Structural Transformation and Patterns of Comparative Advantage in the Product Space,Working Paper 128 (Harvard University: Center for International Development).

    • Search Google Scholar
    • Export Citation
  • Hausmann, R., and B. Klinger, J. Hwang, and D. Rodrik, 2007, “What You Export Matters,Journal of Economic Growth, Vol 12, No. 1, pp. 125.

    • Search Google Scholar
    • Export Citation
  • Hidalgo, C.A., 2009, “The Dynamics of Economic Complexity and the Product of Space over a 42 Year Period” (Harvard University: Center for International Development).

    • Search Google Scholar
    • Export Citation
  • Hong Kong Monetary Authority, 2011, Loan-to-Value Ratio as a Macroprudential Tool – Hong Kong SAR’s Experience and Cross-country Evidence, BIS Paper No. 57 (Basel: Bank for International Settlements).

    • Search Google Scholar
    • Export Citation
  • Hubbard, R.G., 1998, “Capital-Market Imperfections and Investment,Journal of Economic Literature,” Vol. 36, No. 1 (March), pp. 193225. http://www.jstor.org/stable/2564955. Accessed: 30/12/2013.

    • Search Google Scholar
    • Export Citation
  • Igan, D., and H. Kang, 2011, “Do Loan-To-Value and Debt-To-Income Limits Work? Evidence from Korea,IMF Working Paper 11/297 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, 2011a, Regional Economic Outlook: Asia and the Pacific (Washington, April).

  • International Monetary Fund, 2011b, World Economic Outlook; Chapter 1, “Slowing Growth, Rising Risks,” pp. 169 (Washington, September).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, 2012a, 2012 Spillover Report (Washington, July).

  • International Monetary Fund, 2012b, The Liberalization and Management of Capital Flows—An Institutional View (Washington).

  • International Monetary Fund, 2012c, The Interaction of Monetary and Macroprudential Policies – Background Paper (Washington).

  • International Monetary Fund, 2013a, Key Aspects of Macroprudential Policies (Washington).

  • International Monetary Fund, 2013b, The Interaction of Monetary andMacroprudential Policies (Washington).

  • International Monetary Fund, 2013c, Regional Economic Outlook: Asia and Pacific (Washington, April).

  • International Monetary Fund, 2013d, World Economic Outlook (Washington, October).

  • Jiménez, G., S. Ongena, J.L. Peydró, and J. Saurina, 2012, “Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments,Working Paper No. 628 (Barcelona: GSE).

    • Search Google Scholar
    • Export Citation
  • Kalemli-Ozcan, S., E. Papaioannou, and F. Perri, 2013, “Global Banks and Crisis Transmission,Journal of International Economics, Vol. 89, pp. 495510.

    • Search Google Scholar
    • Export Citation
  • Kashiwase, K., M. Nozaki, and I. Saito, 2013, Japan—Selected Issues, IMF Country Report 13/254 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Kim, C., 2013, “Macroprudential Policies: Korea’s Experiences,” paper presented at the “Rethinking Macro Policy II: First Steps and Early LessonsConference hosted by the International Monetary Fund, Washington, D.C., April 16–17.

    • Search Google Scholar
    • Export Citation
  • Kinoshita, Y., 2011, “Sectoral Composition of Foreign Direct Investment and External Vulnerability,IMF Working Paper 11/123 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Kuttner, K., and I. Shim, 2012, “Taming the Real Estate Beast: The Effects of Monetary and Macroprudential Policies on Housing Prices and Credit,in Property Markets and Financial Stability, edited by A. Heath, F. Packer, and C. Windsor (Sydney: Reserve Bank of Australia).

    • Search Google Scholar
    • Export Citation
  • Lim, C., F. Columba, A. Costa, P. Kongsamut, A. Otani, M. Saiyid, T. Wezel, and X. Wu, 2011, “Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences,IMF Working Paper 11/238 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Magud, N.E., C.M. Reinhart, and E.R. Vesperoni, 2012, “Capital Inflows, Exchange Rate Flexibility, and Credit Booms,IMF Working Paper 12/42 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Mendoza, E.G., and M.E. Terrones, 2008, “An Anatomy of Credit Booms: Evidence from Macro Aggregates and Micro Data,NBER Working Paper No. 14049 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Morgan, D., B. Rime, and P. Strahan, 2004, “Bank Integration and State Business Cycles,Quarterly Journal of Economics, Vol. 119, pp. 15551585.

    • Search Google Scholar
    • Export Citation
  • N’Diaye, P., 2009, “Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy,IMF Working Paper 09/257 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Papageorgiou, C., and N.L. Spatafora, 2012, “Economic Diversification in LICs: Stylized Facts and Macroeconomic Implications,IMF Staff Discussion Note 12/13 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Qureshi, M.S., J.D. Ostry, A.R. Ghosh, and M. Chamon, 2011, “Managing Capital Inflows: The Role of Capital Controls and Prudential Policies,NBER Working Paper No. 17363 (Cambridge, Massachusetts: National Bureau for Economic Research).

    • Search Google Scholar
    • Export Citation
  • Ree, J.J.K., K. Yoon, and H. Park, 2012, “FX Funding Risks and Exchange Rate Volatility—Korea’s Case,IMF Working Paper 12/268 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Sheridan, N., P. Tumbarello, and Y. Wu, 2012, “Global and Regional Spillovers to Pacific Island Countries,IMF Working Paper 12/154 (Washington, International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Tovar, C.E., M. Garcia-Escribano, and M.V. Martin, 2012, “Credit Growth and the Effectiveness of Reserves Requirements and Other Macroprudential Instruments in Latin America,IMF Working Paper 12/142 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Tumbarello, P., E. Cabezon, and Y. Wu, 2013, “Are the Asia and Pacific Small States Different from Other Small States?IMF Working Paper 13/123, (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Vandenbussche, J., U. Vogel, and E. Detragiache, 2012, “Macroprudential Policies and Housing Prices—A New Database and Empirical Evidence for Central, Eastern, and South-Eastern Europe,IMF Working Paper 12/303 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Wang, B., and T. Sun, 2013, “How Effective are Macroprudential Policies in China?IMF Working Paper 13/75 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Wong, E., A. Tsang, and S. Kong, 2014, “How Does Loan-to-Value Policy Strengthen Banks’ Resilience to Property Price Shocks—Evidence from Hong Kong,HKIMR Working Paper No. 03/2014 (Hong Kong: Hong Kong Institute for Monetary Research).

    • Search Google Scholar
    • Export Citation
  • Zhang, L., and E. Zoli, 2014, “Leaning Against the Wind: Macroprudential Policy in Asia,IMF Working Paper 14/22 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation