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Surging Capital Flows To Emerging Asia: Facts, Impacts And Responses

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Author Info

  • RAVI BALAKRISHNAN

    ()
    (International Monetary Fund, USA)

  • SYLWIA NOWAK

    ()
    (International Monetary Fund, USA)

  • SANJAYA PANTH

    ()
    (International Monetary Fund, USA)

  • YIQUN WU

    ()
    (International Monetary Fund, USA)

Abstract

Net capital flows to Emerging Asia rebounded at a record pace following the global financial crisis, raising concerns about overheating and financial stability. This paper documents the size and composition of the most recent surge to Asian emerging markets from a historical perspective and compares developments in the broader economy, asset prices, and corporate variables across the different episodes of strong inflows. We find little evidence of a significant build-up of imbalances and resource misallocation during the most recent surge. We also review country experiences in managing the risks associated with inflows and argue that Asian countries have used regulatory measures during past surges.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Journal of International Commerce, Economics and Policy.

Volume (Year): 04 (2013)
Issue (Month): 02 ()
Pages: 1350007-1-1350007-24

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Handle: RePEc:wsi:jicepx:v:04:y:2013:i:02:p:1350007-1-1350007-24

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Related research

Keywords: Capital inflows; Emerging Asia; global financial crisis (GFC); macroprudential measures; E58; F21; F32; G15; G28;

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Cited by:
  1. Pierre-Richard Agénor & Luiz A. Pereira da Silva, 2013. "Inflation Targeting and Financial Stability: A Perspective from the Developing World," Working Papers Series 324, Central Bank of Brazil, Research Department.

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