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Consequences of Asset Shortages in Emerging Markets

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Author Info

  • Patrick A. Imam
  • Jiaqian Chen

Abstract

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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Keywords: Economic growth; Economic models;

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