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Consequences of Asset Shortages in Emerging Markets


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  • Patrick A. Imam
  • Jiaqian Chen


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 estimations confirm that asset shortages pose a serious danger to EMs in terms of reducing economic growth, raising the probability of a crisis, and leading to asset price bubbles. Moreover, asset shortages can also explain the current account positions of EMs. The findings suggest that the consequences of asset shortages for macroeconomic stability are significant, and must be tackled urgently. 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 12/102.

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Length: 43
Date of creation: 01 Apr 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/102

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Postal: International Monetary Fund, Washington, DC USA
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Keywords: Economic growth; Economic models; financial assets; current account; bond; bonds; asset bubbles; current account balance; domestic savings; current account surpluses; corporate bond; domestic currencies; international country risk guide; stock market; government deficit; domestic investors; corporate bonds; bond issuance; sovereign bonds; government debt; international financial statistics; current account surplus; balance of payments; external debt; capital account liberalization; bond markets; government bonds; domestic corporate bonds; domestic investor; public debt; financial stability; domestic debt; current account balances; domestic corporate bond; currency mismatches; hedge; foreign debt; foreign bonds; debt crisis; domestic currency; central banks; repayments; bond yield; development of corporate bond markets; hedges; government bond; central bank; domestic capital; financial institutions; domestic saving; asset valuations; stock exchange; discounting; systemic banking crises; restrictions on capital account transactions; nominal interest rate; financial instability; external finance; present value; overvaluation; cash flows; financial economics; debt intolerance; financial markets; future cash flows; corporate bond markets; issuance of bonds; stock market capitalization; equity market; financial derivatives; domestic capital markets;

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