International Capital Flows and Business Cycles in the Asia Pacific Region PDF Download

Author: Soyoung Kim
Publisher: 대외경제정책연구원
ISBN:
Category : Business cycles
Languages : en
Pages : 80

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Author: Soyoung Kim
Publisher:
ISBN: 9788932240268
Category :
Languages : en
Pages : 65

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Book Description

Author: Soyoung Kim
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description
This article documents evidence of business cycle synchronization in selected Asia Pacific countries since the 1990s. We explain business cycle synchronization by the channel of international capital flows and boom-bust cycles. Using the vector auto-regression method, we find that most Asian countries experience boom-bust cycles following capital inflows, where the boom in output is mostly driven by consumption and investment. Empirical evidence also shows that capital flow shocks are positively correlated in the region, which supports the conclusion that capital market liberalization has contributed to business cycle synchronization.

Author: Akira Kohsaka
Publisher: Routledge
ISBN: 1317615735
Category : Business & Economics
Languages : en
Pages : 295

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Book Description
Growth perspectives in emerging market economies are increasingly dependent on international capital flows in recent decades because of their influences on business cycles. In fact, volatile international capital flows has been one of the main concerns for the macroeconomic policy authorities. Focusing on emerging economies in the Pacific region, this book reveals how they are different from those in other regions in terms of international macro-financial linkages to the global capital market and domestic financial development,. The book also discusses how these characteristics have interacted with their macroeconomic policy regimes and their macroeconomic performance throughout the two major international financial crises in the past more than two decades. It suggests facts that have strengthened the resilience of these emerging economies in the Pacific region against the global financial crisis along with the intensified intra-regional economic integration through trade and investment. The book also examines their macroeconomic management focusing on monetary policy regimes and suggests that their factual unorthodox policies with exchange rate management and capital controls have contributed to their resilience against the intrinsic volatility of the international capital market and financial flows.

Author: Reuven Glick
Publisher: Cambridge University Press
ISBN: 9780521623230
Category : Business & Economics
Languages : en
Pages : 148

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"This is a very timely book that brings the reader to the forefront of current research on macroeconomic policy issues in economies subject to sizable capital flows".--Guillermo A. Calvo, University of Maryland.

Author: Martin Feldstein
Publisher:
ISBN: 9780226241043
Category : Business & Economics
Languages : en
Pages : 487

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Book Description
Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Author: Martin Andersson
Publisher: Routledge
ISBN: 1134409397
Category : Business & Economics
Languages : en
Pages : 280

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Book Description
The authors consider how the Asia-Pacific economies have developed since the financial crises and highlight two inter-related themes: the effect of global forces on the national Asian economies and the different development paths of these economies as they jointly enter this new phase. Questions raised by the book include: * is globalization a threat to development and prosperity in the Asia-Pacific or did globalization rather facilitate and accelerate the pace of industrialization among late industrializers in the region? * is there a single Asia-Pacific development model or did the crisis show this to be false? * did the financial crisis reveal structural weaknesses in an Asia-Pacific state-led model or was state leadership already in demise? Development and Structural Change in Asia-Pacific provides a useful and relevant account of how the global economy has led to structural changes within Asian economies

Author: Yin-Wong Cheung
Publisher: Emerald Group Publishing
ISBN: 0857247468
Category : Business & Economics
Languages : en
Pages : 447

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Book Description
The process of Asia's rise to a position of eminence in global finance has accelerated in the wake of the international financial crisis. This volume intends to explore and understand the dynamics created by this process of transition.

Author: Muhammad Akhtaruzzaman
Publisher: Springer
ISBN: 981139069X
Category : Business & Economics
Languages : en
Pages : 203

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Book Description
This book offers a comprehensive analysis of the debates on international capital flows, and presents a new evidence-based answer to the long-standing question of why capital doesn’t tend to flow from rich to poor countries as predicted by standard neoclassical theory – a puzzle known as the Lucas paradox. Further, the book reviews alternative approaches to conventional estimates of the marginal product of capital (MPK) and considers whether these estimates actually help us understand observed international capital flows. A rigorous quantitative approach is subsequently used to provide clear empirical evidence on the determinants of capital flows across borders. The findings of this empirical analysis suggest that generous economic policies on capital account convertibility are more influential than differences in institutional quality in terms of determining international capital flows. In closing, the relative importance of various types of political risk (e.g. expropriation and corruption) is examined. After determining that expropriation risk has one of the greatest effects on foreign direct investment (FDI), the book proposes an appealingly intuitive explanation for the lack of FDI flows to many capital-scarce developing countries.

Author: Suiwah Leung
Publisher: Australian National University, Research School of Social Sciences
ISBN:
Category : Business & Economics
Languages : en
Pages : 44

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Book Description
Booklet examining the responses of several Asian countries to recent surges in capital inflows. Examines the difficulties faced by these countries in trying to maintain pegged exchange rates and monetary independence.