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Causes of Asset Shortages in Emerging Markets

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  • Jiaqian Chen
  • Patrick A. Imam

Abstract

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 develop a model that explains how asset shortage develop, and then econometrically estimate the causes of asset shortages. We conclude with policy implications.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/114.

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Length: 41
Date of creation: 01 May 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/114

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Keywords: Corporate sector; Economic models; Financial assets; Savings; Securities regulations; capital markets; bond; capital market; bonds; credit rating; bond issuance; financial markets; international country risk guide; capital account liberalization; gross domestic product; stock exchange; domestic capital markets; stock market; domestic capital; international financial statistics; money markets; commodity prices; corporate bond; hedging; capital account restrictions; asset valuation; money market; bond markets; nominal interest rate; government bonds; capital outflow; capital losses; capital mobility; moral hazard; private equity; capital market development; capital market regulation; underdeveloped capital markets; stock exchanges; financial institutions; issuance of bonds; financial intermediaries; financial derivative; forward market; development of corporate bond markets; commodity markets; hedging instruments; restrictions on capital account transactions; exogenous shocks; interest rate risk; domestic bond; equity returns; equity market; illiquid capital markets; domestic-currency; domestic equity; financial derivatives; excess demand; derivative; financial economics; capital account transactions; hedge; capital revenue; security markets; financial fragility; asset markets; capital flows; financial instruments; asset backed securities; stock prices; securities market; excess liquidity; efficiency of capital; social safety nets; domestic financial markets; present value; current account balance; financial innovation; supply of bonds; corporate bond markets; capital transactions; domestic government bonds; valuation of assets;

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