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Are Emerging Asia's Reserves Really Too High?

Are Emerging Asia's Reserves Really Too High? »

Volume/Issue: 2008/192

Series: IMF Working Papers

Author(s): Marta Ruiz-Arranz , and Milan Zavadjil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2008

DOI: http://dx.doi.org/10.5089/9781451870503.001

ISBN: 9781451870503

Keywords: external liabilities, short-term debt, reserve accumulation

Empirical analysis does not suggest that reserves are "too high" in the majority of Asian countries, though China may be a special case. Much of the reserve increase in Asia can be explained by an optimal insurance...

Assessing China's Corporate Sector Vulnerabilities

Assessing China's Corporate Sector Vulnerabilities »

Volume/Issue: 2015/72

Series: IMF Working Papers

Author(s): Mali Chivakul , and Waikei Lam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2015

DOI: http://dx.doi.org/10.5089/9781484308783.001

ISBN: 9781484308783

Keywords: leverage, state-owned enterprise (SOE), real estate, interest rate shock, debt, interest, interest rate, profit, indebtedness, General,

This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail...

Bank Asset Quality in Emerging Markets
			: Determinants and Spillovers

Bank Asset Quality in Emerging Markets : Determinants and Spillovers »

Volume/Issue: 2012/71

Series: IMF Working Papers

Author(s): Reinout De Bock , and Alexander Demyanets

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502237.001

ISBN: 9781475502237

Keywords: Macro-financial linkages, Nonperforming loans, Exchange rate, Panel regressions, capital inflows, net capital flows, exchange rates, Bank Asset Quality in Emerging Markets, Financial Markets and the Macroeconomy, International Finance: General

This paper assesses the vulnerability of emerging markets and their banks to aggregate shocks. We find significant links between banks' asset quality, credit and macroeconomic aggregates. Lower economic growth, an...

BRICs' Philosophies for Development Financing and their Implications for LICs

BRICs' Philosophies for Development Financing and their Implications for LICs »

Volume/Issue: 2012/74

Series: IMF Working Papers

Author(s): Yongzheng Yang , and Nkunde Mwase

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502268.001

ISBN: 9781475502268

Keywords: BRICs, Russia, Institutions, LICs, development financing, debt sustainability, debt relief, public investment, commodity prices, History Of Thought: - Individuals

Flows of development financing from the BRICs (Brazil, Russia, India, and China) to low income countries (LICs) have surged in recent years. Unlike aid from traditional donors, BRICs (excluding Russia) view their f...

Collect More, Spend Better
			: Public Investment in Asian Frontier Markets

Collect More, Spend Better : Public Investment in Asian Frontier Markets »

Volume/Issue: 2017/10

Series: IMF Working Papers

Author(s): Manuk Ghazanchyan , Ricardo Marto , Jiri Jonas , and Kaitlyn Douglass

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2017

DOI: http://dx.doi.org/10.5089/9781475570892.001

ISBN: 9781475570892

Keywords: Southeast Asia, Sri Lanka, Tax collection, Vietnam, Capital expenditure, Public investment, Fiscal policy, Emerging markets, Cambodia, Debt sustainability

We use a dynamic small open economy model to explore the macroeconomic impact of alternative public investment scaling-up scenarios, analyzing how improving the efficiency of capital spending and of tax revenue col...

Coordination of Monetary and Fiscal Policies

Coordination of Monetary and Fiscal Policies »

Volume/Issue: 1998/25

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1998

DOI: http://dx.doi.org/10.5089/9781451844238.001

ISBN: 9781451844238

Keywords: Coordination, central bank, debt management, public debt, public debt management

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allow...

Credit Booms-Is China Different?

Credit Booms-Is China Different? »

Volume/Issue: 2018/2

Series: IMF Working Papers

Author(s): Sally Chen , and Joong Shik Kang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2018

DOI: http://dx.doi.org/10.5089/9781484336762.001

ISBN: 9781484336762

Keywords: Financial crises, Financial cycles, Banking crises, Asia and Pacific, credit gap, debt overhang, sustainable growth, General

Strong Chinese output growth after the Global Financial Crisis was supported by booming credit. This credit boom carries risks. International experience suggests that China's credit growth is on a dangerous traject...

Current Account Sustainability
			: Selected East Asian and Latin American Experiences

Current Account Sustainability : Selected East Asian and Latin American Experiences »

Volume/Issue: 1996/110

Series: IMF Working Papers

Author(s): Assaf Razin , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1996

DOI: http://dx.doi.org/10.5089/9781451853292.001

ISBN: 9781451853292

Keywords: current account, current account deficits, capital inflows, external debt, capital flows

A number of developing countries have run large and persistent current account deficits in both the late seventies/early eighties and in the early nineties, raising the issue of whether these persistent imbalances...

Debt and Growth
			: Is There a Magic Threshold?

Debt and Growth : Is There a Magic Threshold? »

Volume/Issue: 2014/34

Series: IMF Working Papers

Author(s): Andrea Pescatori , Damiano Sandri , and John Simon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2014

DOI: http://dx.doi.org/10.5089/9781484306444.001

ISBN: 9781484306444

Keywords: growth, gdp growth, debt thresholds, debt ratio, growth rate, General,

Using a novel empirical approach and an extensive dataset developed by the Fiscal Affairs Department of the IMF, we find no evidence of any particular debt threshold above which medium-term growth prospects are dra...

Determinants of Development Financing Flows From Brazil, Russia, India, and China to Low-Income Countries

Determinants of Development Financing Flows From Brazil, Russia, India, and China to Low-Income Countries »

Volume/Issue: 2011/255

Series: IMF Working Papers

Author(s): Nkunde Mwase

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

DOI: http://dx.doi.org/10.5089/9781463923914.001

ISBN: 9781463923914

Keywords: BRICs, Low-Income Countries, Panel VAR, Panel OLS, Concessionality, loan financing, bank debt, equation, dummy variable, error variance

BRICs development financing flows have increased significantly and are expected to become more prominent in the post-crisis era. We investigate the potential implications on the country-allocation of loan commitmen...