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Surging Capital Flows to Emerging Asia

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Author Info

  • Sylwia Nowak
  • Sanjaya Panth
  • Ravi Balakrishnan
  • Yiqun Wu

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, although there is not strong evidence of their efficacy without supporting monetary and fiscal policies.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/130.

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Length: 28
Date of creation: 01 May 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/130

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Related research

Keywords: Asia; Capital inflows; Macroprudential Policy; Capital flows; Emerging markets; Risk management; Stabilization measures; net capital flows; net capital; private capital flows; private capital; global financial crisis; private capital inflows; capital flow; capital outflows; capital inflow; capital controls; government bonds; capital movements; volatility of capital flows; international financial; capital gains; financial markets; real effective exchange rate; foreign capital; real effective exchange rates; foreign liabilities; international financial statistics; international capital flows; exchange rates; capital account liberalization; global financial stability; equity inflows; international investment; international financial markets; private flows; international capital; debt securities; net capital flow; financial globalization; unrecorded capital flows; foreign exchange; official flows; globalization; credit expansion; global liquidity; risk aversion;

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References

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  1. Reinhart, Carmen & Magud, Nicolas, 2007. "Capital controls: An evaluation," MPRA Paper 14097, University Library of Munich, Germany.
  2. Fernando Broner & Tatiana Didier & Aitor Erce & Sergio L. Schmukler, 2010. "Gross Capital Flows: Dynamics and Crises," Working Papers 476, Barcelona Graduate School of Economics.
  3. Selim Elekdag & Yiqun Wu, 2011. "Rapid Credit Growth," IMF Working Papers 11/241, International Monetary Fund.
  4. Mahvash S. Qureshi & Jonathan D. Ostry & Atish R. Ghosh & Marcos Chamon, 2011. "Managing Capital Inflows: The Role of Capital Controls and Prudential Policies," NBER Working Papers 17363, National Bureau of Economic Research, Inc.
  5. Mahmood Pradhan & Ravi Balakrishnan & Reza Baqir & Geoffrey Heenan & Sylwia Nowak & Ceyda Oner & Sanjaya Panth, 2011. "Policy Responses to Capital Flows in Emerging Markets," IMF Staff Discussion Notes 11/10, International Monetary Fund.
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Cited by:
  1. Gan-Ochir Doojav & Borkhuu Gotovsuren & Tsenddorj Dorjpurev, 2012. "Financial Contagion and Volatile Capital Flows," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ56, June.
  2. Peter Tillmann, 2012. "Capital Inflows and Asset Prices: Evidence from Emerging Asia," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) 201215, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).

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