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The Future of China's Bond Market

This book analyzes segments of China's bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market.

Asia's Stock Markets
			: Are There Crouching Tigers and Hidden Dragons?

Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons? »

Volume/Issue: 2014/37

Series: IMF Working Papers

Author(s): Fabian Lipinsky , and Li Lian Ong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2014

DOI: http://dx.doi.org/10.5089/9781484320143.001

ISBN: 9781484320143

Keywords: arbitrage pricing theory, Asian financial crisis, fundamentals, global financial crisis, idiosyncratic factors, integration, IOSCO, securities regulation, stock market, stock pricing

Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more 'idiosyn...

Determinants of Credit Growth and Interest Margins in the Philippines and Asia

Determinants of Credit Growth and Interest Margins in the Philippines and Asia »

Volume/Issue: 2012/123

Series: IMF Working Papers

Author(s): Tatum Blaise Pua Tan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503524.001

ISBN: 9781475503524

Keywords: credit growth, net interest margins, banking, financial system, bank size, banking system, stock market, Economywide Country Studies: Asia including Middle East,

Despite robust deposit growth, credit growth has been sluggish in the Philippines. We attribute this to legacy weaknesses in bank balance sheets, consumption-led economic growth, and relatively high net interest ma...

Consequences of Asset Shortages in Emerging Markets

Consequences of Asset Shortages in Emerging Markets »

Volume/Issue: 2012/102

Series: IMF Working Papers

Author(s): Patrick Imam , and Jiaqian Chen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2012

DOI: http://dx.doi.org/10.5089/9781475502923.001

ISBN: 9781475502923

Keywords: Asset Shortage, Emerging Market, Crisis, Asset Bubble, financial assets, bond, bonds, asset bubbles, Money and Interest Rates: General, Financial Economics: General,

We assess econometrically the impact of asset shortages on economic growth, asset bubbles, the probability of a crisis, and the current account for a group of 41 Emerging markets for 1995-2008. The econometric esti...

Understanding Chinese Bond Yields and their Role in Monetary Policy

Understanding Chinese Bond Yields and their Role in Monetary Policy »

Volume/Issue: 2011/225

Series: IMF Working Papers

Author(s): Nathan Porter , and Nuno Cassola

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

DOI: http://dx.doi.org/10.5089/9781463904937.001

ISBN: 9781463904937

Keywords: Term Structure of Interest Rates, bond, bonds, inflation, treasury bonds, Financial Markets and the Macroeconomy,

China's financial prices are informative enough for the PBC to introduce a monetary policy framework centered around interest rates. While bond yields are not fully efficient?reflecting regulation, liquidity, and s...

Precautionary Savings and Global Imbalances in World General Equilibrium

Precautionary Savings and Global Imbalances in World General Equilibrium »

Volume/Issue: 2011/122

Series: IMF Working Papers

Author(s): Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455263394.001

ISBN: 9781455263394

Keywords: interest rate, interest, current account, foreign assets, net foreign assets, Open Economy Macroeconomics, Volatility,

In this paper we assess the implications of precautionary savings for global imbalances by considering a world economy model composed by the US, the Euro Area, Japan, China, oil-exporting countries, and the rest of...

Causes of Asset Shortages in Emerging Markets

Causes of Asset Shortages in Emerging Markets »

Volume/Issue: 2011/114

Series: IMF Working Papers

Author(s): Jiaqian Chen , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

DOI: http://dx.doi.org/10.5089/9781455262373.001

ISBN: 9781455262373

Keywords: Asset Shortage, Emerging Market, Capital Market, Regulation, financial assets, interest rates, capital markets, capital account, pension funds, Money and Interest Rates: General

We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We de...

Transforming China
			: Insights from the Japanese Experience of the 1980s

Transforming China : Insights from the Japanese Experience of the 1980s »

Volume/Issue: 2010/284

Series: IMF Working Papers

Author(s): Papa N'Diaye

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

DOI: http://dx.doi.org/10.5089/9781455210916.001

ISBN: 9781455210916

Keywords: Plaza accord, asset bubble, and growth rebalancing, deposit rates, financial liberalization, domestic demand, financial system, bonds, Saving, Employment

China is poised on the brink of a transition to a service-based economy. The Japanese experience of the 1980s provides several insights about the way to manage such a transition and the downsides to avoid. In parti...

IMF Staff Papers, Volume 57, No. 2

IMF Staff Papers, Volume 57, No. 2 »

Volume: 57

Series: IMF Staff Papers

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 2010

DOI: http://dx.doi.org/10.5089/9781589069121.024

ISBN: 9781589069121

Keywords: financial liberalization, financial sector, reserve requirements, interest rate controls, financial reforms

This paper introduces a new database of financial reforms covering 91 economies over 1973-2005. It describes the content of the database, the information sources utilized, and the coding rules used to create an ind...

Rethinking Macroeconomic Policy

Rethinking Macroeconomic Policy »

Volume/Issue: 2010/03

Series: IMF Staff Position Notes

Author(s): Olivier Blanchard , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2010

DOI: http://dx.doi.org/10.5089/9781455224982.004

ISBN: 9781455224982

Keywords: Bank credit, Bank regulations, Bank supervision, Central bank role, Economic policy, Economic stabilization, Financial crisis, Financial intermediation, Fiscal policy, Inflation targeting

The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces us to question that assessment. In this paper, we review...

Interest Rate Liberalization in China

Interest Rate Liberalization in China »

Volume/Issue: 2009/171

Series: IMF Working Papers

Author(s): Tarhan Feyzioglu , Nathan Porter , and Elöd Takáts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2009

DOI: http://dx.doi.org/10.5089/9781451873184.001

ISBN: 9781451873184

Keywords: Financial liberalization, financial deregulation, interest rate liberalization, deposit rate, deposit rates,

What might interest rate liberalization do to intermediation and the cost of capital in China? China's most binding interest rate control is a ceiling on the deposit rate, although lending rates are also regulated....