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What Drives Credit Growth in Emerging Asia?

What Drives Credit Growth in Emerging Asia? »

Volume/Issue: 2012/43

Series: IMF Working Papers

Author(s): Fei Han , and Selim Elekdag

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463936440.001

ISBN: 9781463936440

Keywords: rapid credit growth, emerging Asia, SVAR, Bayesian estimation, sign restrictions, aggregate demand, domestic monetary policy, inflation, financial stability, What Drives Credit Growth in Emerging Asia?

This paper seeks to uncover the main drivers of credit growth in emerging Asia using a multi-country structural vector autoregressive (SVAR) model. Taking a novel approach, we developed a two-block SVAR whereby sho...

Measuring Oil-Price Shocks Using Market-Based Information

Measuring Oil-Price Shocks Using Market-Based Information »

Volume/Issue: 2012/19

Series: IMF Working Papers

Author(s): Tao Wu , and Michele Cavallo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463931810.001

ISBN: 9781463931810

Keywords: Oil Shocks, Market-Based Information, VAR Identification, oil market, opec, equation, oil demand, Multiple or Simultaneous Equation Models: Time-Series Models, Methodology for Collecting, Estimating

We study the effects of oil-price shocks on the U.S. economy combining narrative and quantitative approaches. After examining daily oil-related events since 1984, we classify them into various event types. We then...

Shifting Motives
			: Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's

Shifting Motives : Explaining the Buildup in official Reserves in Emerging Markets Since the 1980's »

Volume/Issue: 2012/34

Series: IMF Working Papers

Author(s): Atish Ghosh , Jonathan Ostry , and Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463933197.001

ISBN: 9781463933197

Keywords: Quantile Regression, exchange rate, reserve holdings, short-term debt, exchange rate regime, Economic Growth of Open Economies,

Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time?vulnerability to current account shocks was relatively important in the 1980s but, as EM...

Low-Income Countries' BRIC Linkage
			: Are there Growth Spillovers?

Low-Income Countries' BRIC Linkage : Are there Growth Spillovers? »

Volume/Issue: 2011/267

Series: IMF Working Papers

Author(s): Issouf Samaké , and Yongzheng Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

DOI: http://dx.doi.org/10.5089/9781463924669.001

ISBN: 9781463924669

Keywords: low-income countries, BRICs, Global VAR, Structural VAR, exporters, commodity prices, oil exporters, commodity exporters, oil prices, Multiple or Simultaneous Equation Models: Time-Series Models

Trade and financial ties between low-income countries (LICs) and Brazil, Russia, India, and China (BRICs) have expanded rapidly in recent years. This gives rise to the potential for growth to spill over from the la...

Internationalization of Emerging Market Currencies
			: A Balance Between Risks and Rewards

Internationalization of Emerging Market Currencies : A Balance Between Risks and Rewards »

Volume/Issue: 2011/17

Series: Staff Discussion Notes

Author(s): Faisal Ahmed , Shengzu Wang , Isabelle Mateos y Lago , Samar Maziad , Stephanie Segal , Pascal Farahmand , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 October 2011

DOI: http://dx.doi.org/10.5089/9781463926526.006

ISBN: 9781463926526

Keywords: Emerging markets, International monetary system, Currency internationalization, financial markets, international currencies, domestic financial markets, international currency, capital account liberalization,

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Russian Federation; Staff Report for the 2011 Article IV Consultation

Russian Federation; Staff Report for the 2011 Article IV Consultation »

Volume/Issue: 2011/294

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2011

DOI: http://dx.doi.org/10.5089/9781463904852.002

ISBN: 9781463904852

Keywords: inflation, monetary policy, external debt, current account, central bank

The reports highlights that, even though the Russian economy has started reviving from the crisis, growth has been moderate and inflation high. Executive Directors have advised that the focus should be on reducing...

Global Financial Stability Report, September 2011
			: Grappling with Crisis Legacies

Global Financial Stability Report, September 2011 : Grappling with Crisis Legacies »

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2011

DOI: http://dx.doi.org/10.5089/9781616351243.082

ISBN: 9781616351243

Keywords: banking, pension, bonds, financial stability, bond

The September 2011 Global Financial Stability Report cautions that the risks to global financial stability have increased substantially in recent months, during which heavy public debt burdens and weak growth prosp...

Spatial Spillovers in Emerging Market Spreads

Spatial Spillovers in Emerging Market Spreads »

Volume/Issue: 2011/221

Series: IMF Working Papers

Author(s): Salvatore Dell'Erba , Emanuele Baldacci , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

DOI: http://dx.doi.org/10.5089/9781463904234.001

ISBN: 9781463904234

Keywords: sovereign spreads, emerging market, spatial econometrics, external debt, bond, currency crises, sovereign bond, total external debt, International Finance: General,

We use novel spatial econometrics techniques to explore spillovers in the sovereign bond market for 24 emerging economies during 1995-2010. The paper extends the previous literature focusing on spillover effects fr...

Financing Infrastructure in India
			: Macroeconomic Lessons and Emerging Market Case Studies

Financing Infrastructure in India : Macroeconomic Lessons and Emerging Market Case Studies »

Volume/Issue: 2011/181

Series: IMF Working Papers

Author(s): James Walsh , Jiangyan Yu , and Chanho Park

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

DOI: http://dx.doi.org/10.5089/9781462310296.001

ISBN: 9781462310296

Keywords: infrastructure financing, growth, capital market, bonds, investors, bond, bond market, stock market,

Driving infrastructure development, notably mobilizing financial resources for infrastructure projects, has been challenging in many countries. This study includes two parts: an empirical analysis of macroeconomic...

Unforeseen Events Wait Lurking
			: Estimating Policy Spillovers From U.S. to Foreign Asset Prices

Unforeseen Events Wait Lurking : Estimating Policy Spillovers From U.S. to Foreign Asset Prices »

Volume/Issue: 2011/183

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Trung Bui

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

DOI: http://dx.doi.org/10.5089/9781462309290.001

ISBN: 9781462309290

Keywords: Event studies, policy announcements, interntational asset price transmission, bond yields, bond, foreign bond, equity prices, commodity prices, International Policy Coordination and Transmission, Corporate Finance and Governance: Government Policy and Regulation,

Event studies are used to analyze the impact of U.S. financial, fiscal, and monetary policies from US to foreign asset prices across a range of G20 countries and Switzerland. The initial announcement that the Admin...