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The Instability of the Emerging Market Assets Demand Schedule

  • Valpy FitzGerald
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    This paper addresses the nature of the demand schedule for emerging market assets in both its macroeconomic and microeconomic dimensions. The former is usually analysed in terms of the 'push factors' (such as interest rates or contagion) determining international capital flows; while the latter is normally approached through the portfolio composition decisions (such as herding or risk appetite) of investment managers. Bringing these two perspectives together contributes to an understanding of how sudden shifts in the demand schedule can cause large and asymmetric shocks for emerging market countries. Official interventions by agencies such as the IMF focus on 'supply' interventions (such as improving information or avoiding default) and neglect the need to stabilise demand. The chapter suggests that official intervention is required in order to stabilise and lengthen demand schedules, and thus construct an orderly international market in emerging market assets.

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    File URL: http://www3.qeh.ox.ac.uk/RePEc/qeh/qehwps/qehwps91.pdf
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    Paper provided by Queen Elizabeth House, University of Oxford in its series QEH Working Papers with number qehwps91.

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    Handle: RePEc:qeh:qehwps:qehwps91
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    1. Woochan Kim & Shang-Jin Wei, 1999. "Foreign Portfolio Investors before and during a Crisis," CID Working Papers 6, Center for International Development at Harvard University.
    2. Blinder, Alan S, 1987. "Credit Rationing and Effective Supply Failures," Economic Journal, Royal Economic Society, vol. 97(386), pages 327-52, June.
    3. Mankiw, N Gregory, 1986. "The Allocation of Credit and Financial Collapse," The Quarterly Journal of Economics, MIT Press, vol. 101(3), pages 455-70, August.
    4. Razin, A & Sadka, E & Yuen, C-W, 1997. "A Pecking Order of Capital Inflows and International Tax Principles," Papers 12-97, Tel Aviv - the Sackler Institute of Economic Studies.
    5. Gehrig, Thomas, 1993. " An Information Based Explanation of the Domestic Bias in International Equity Investment," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(1), pages 97-109.
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    1. Market demand schedule in Wikipedia English ne '')

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