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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Volume (Year): 62 (2009)
Issue (Month): 3 ()
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- Alice Ouyang & Ramkishen Rajan & Tom Willett, 2008.
"Managing the Monetary Consequences of Reserve Accumulation in Emerging Asia,"
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"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.
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Finance Working Papers
22562, East Asian Bureau of Economic Research.
- 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.
- Mark A. 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.).
- 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.
- 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.
- 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.
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