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Causes of Asset Shortages in Emerging Markets

  • Jiaqian Chen
  • Patrick A. Imam

We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We develop a model that explains how asset shortage develop, and then econometrically estimate the causes of asset shortages. We conclude with policy implications.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/114.

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Length: 41
Date of creation: 01 May 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/114
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  1. Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. "Testing for Unit Roots in Heterogeneous Panels," Cambridge Working Papers in Economics 9526, Faculty of Economics, University of Cambridge.
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  11. Eduardo Borensztein & Kevin Cowan & Barry Eichengreen & Ugo Panizza (ed.), 2008. "Bond Markets in Latin America: On the Verge of a Big Bang?," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026325, June.
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