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Managing Risks in a Volatile Environment: The Capital Inflows Problem in Asia

Since the financial crisis of 1997-98 and the subsequent sharp capital outflows from economies in Emerging Asia, the region has been running persistent balance of payments surpluses. The region has consequently become a net exporter of capital to the rest of the world while still depending very heavily on gross financing from the rest of the world. This paper has two parts. It briefly considers the dynamics of international capital flows to Emerging Asia, focusing on the types of flows into and out of the region. One way of overcoming the liquidity effects of persistent capital inflow is for policymakers to employ sterilized intervention. The paper therefore goes on to estimate the extent of monetary sterilization in Emerging Asia over the sample period 1990m1 to 2007m12.

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Article provided by Camera di Commercio di Genova in its journal Economia Internatzionale / International Economics.

Volume (Year): 62 (2009)
Issue (Month): 3 ()
Pages: 325-340

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Handle: RePEc:ris:ecoint:0002
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  1. Mark Carlson & Leonardo Hernandez, 2002. "Determinants and repercussions of the composition of capital inflows," International Finance Discussion Papers 717, Board of Governors of the Federal Reserve System (U.S.).
  2. Reinhart, Carmen & Montiel, Peter, 2001. "The Dynamics of Capital Movements to Emerging Economies During the 1990s," MPRA Paper 7577, University Library of Munich, Germany.
  3. Ouyang, Alice Y. & Rajan, Ramkishen S. & Willett, Thomas D., 2010. "China as a reserve sink: The evidence from offset and sterilization coefficients," Journal of International Money and Finance, Elsevier, vol. 29(5), pages 951-972, September.
  4. Tony Cavoli & Ramkishen S. Rajan, 2005. "The Capital Inflows Problem in Selected Asian Economies in the 1990s Revisited: The Role of Monetary Sterilization," SCAPE Policy Research Working Paper Series 0518, National University of Singapore, Department of Economics, SCAPE.
  5. Romain Ranciere & Olivier Jeanne, 2006. "The Optimal Level of International Reserves for Emerging Market Countries; Formulas and Applications," IMF Working Papers 06/229, International Monetary Fund.
  6. Jie Li & Ramkishen Rajan, 2005. "Can High Reserves Offset Weak Fundamentals? A Simple Model of Precautionary Demand for Reserves," Centre for International Economic Studies Working Papers 2005-09, University of Adelaide, Centre for International Economic Studies.
  7. Chuhan, Punam & Perez-Quiros, Gabriel & Popper, Helen, 1996. "International capital flows : do short-term investment and direct investment differ?," Policy Research Working Paper Series 1669, The World Bank.
  8. Dasgupta, Dipak & Ratha, Dilip, 2000. "What factors appear to drive private capital flows to developing countries? and how does official lending respond?," Policy Research Working Paper Series 2392, The World Bank.
  9. Alice Ouyang & Ramkishen Rajan & Tom Willett, 2008. "Managing the Monetary Consequences of Reserve Accumulation in Emerging Asia," Global Economic Review, Taylor & Francis Journals, vol. 37(2), pages 171-199.
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