Capital flows in the APEC region:
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
Washington, DC
Internat. Monetary Fund
1995
|
| Series: | International Monetary Fund: Occasional paper
122 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | VII, 76 S. graph. Darst. |
| ISBN: | 1557754667 |
Staff View
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| 300 | |a VII, 76 S. |b graph. Darst. | ||
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| 490 | 1 | |a International Monetary Fund: Occasional paper |v 122 | |
| 650 | 4 | |a Flujos de capital - Pacífico, Area del | |
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| 650 | 7 | |a Macro-economie |2 gtt | |
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| 650 | 4 | |a Capital movements |z Pacific Area | |
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| adam_text | Contents
Page
Preface vii
I Introduction I
II Portfolio Capital Flows to the Developing Country
Members of APEC
Shogo Ishii and Steven Dunaway 3
Recent Experience 3
Composition and Geographic Distribution of Capital Flows 3
Recent Trends and Characteristics of Portfolio Capital Flows 5
Bonds 8
Equities 11
Sources and Destinations of Portfolio Capital Flows 12
Investor Base 12
Recipients of Flows 13
Portfolio Capital Flows Among APEC Countries 13
III Macroeconomic Management in APEC Economies:
The Response to Capital Inflows
Mohsin S. Khan and Carmen M. Reinhart 15
Capital Inflows 15
Characteristics of the Inflows 17
Macroeconomic Effects 19
External Factors and Sustainability Issues 23
Causes of the Inflows 25
Sustainability of the Capital Inflows 25
Policy Response 26
Monetary and Exchange Rate Policy 26
Sterilized Versus Nonsterilized Intervention 27
Banking Regulation and Supervision 28
Fiscal Policy 28
Structural Measures 29
Policy Mix and Sequencing 29
References • 29
IV Effect of Capital Flows on the Domestic Financial Sectors
in APEC Developing Countries
David Folkerts Landau, Garry J. Schinasi, Marcel Cassard,
Victor K. Ng, Carmen M. Reinhart, and Michael G. Spencer 31
Banking Sector as a Conduit for Capital Inflows 32
Capital Inflows, Central Bank Intervention, and Domestic
Credit Expansion 32
D
Banking Sector, Infrastructure, and Capital Inflows 37
Impact of Portfolio Capital Rows on Emerging Equity Markets 41
Spillovers, Price Volatility, Market Liquidity, and Market Efficiency 42
Role of the Financial Infrastructure 46
Conclusions 49
Improving the Banking Systems 50
Improving the Domestic Equity Markets 50
Remaining Risks 50
Appendix
Elements of Commercial Bank Regulations in Selected APEC
Developing Countries 51
References 57
Tables
2 1. Capital Flows to Developing Countries 5
2 2. Capital Flows to APEC Developing Countries 6
2 3. Credit Ratings of APEC Developing Country Sovereign Borrowers 10
3 1. Asia: Balance of Payments 17
3 2. Foreign Direct Investment for Selected Asian Countries 18
3 3. Bond and Equity Issues 19
3 4. Key Indicators for Selected Latin American and Asian Economies 22
3 5. Latin America: Balance of Payments 23
4 1. Indicators of Banking Activity in Selected APEC Countries 36
4 2. Net Capital Flows to APEC Developing Countries 41
4 3. Daily Market Index Return Volatility and Extreme Price
Movement Analysis 42
4 4. Volatility Spillover Analysis 43
4 5. Selected Stock Markets: Recent Developments 46
4 6. Market Efficiency Tests 47
4 7. Portfolio Flow Versus Trading Volume 48
Charts
2 1. Capital Flows to Developing Countries 4
2 2. Composition of Capital Flows to APEC Developing Countries 6
2 3. Capital Flows to APEC Developing Countries 6
2 4. Net Foreign Direct Investment in APEC Developing Countries 7
2 5. Net Portfolio Capital Flows to APEC Developing Countries 7
2 6. International Bond and Equity Issues by APEC Developing Countries 7
2 7. International Bond Issues by APEC Developing Countries and
U.S. Long Term Interest Rates, 1990 Second Quarter 1994 8
2 8. Maturing Bonds of APEC Developing Countries 9
2 9. International Equity Issues by APEC Developing Countries,
1990 Second Quarter 1994 11
3 1. Balance on the Capital Account 16
3 2. Capital Flows in Developing Countries 18
3 3. Share Prices for Selected Emerging Markets in Asia 20
3 4. Official Reserves for Selected Asian Countries 21
3 5. Real Exchange Rates for Selected Asian Countries 24
4 1. Stock Market Trends, January 1988 July 1994 45
Appendix Tables to Section II
Al. Capital Flows to APEC Developing Countries by Country 58
A2. Net Foreign Direct Investment in APEC Developing Countries 59
A3. Net Portfolio Flows to APEC Developing Countries 60
D
A4. International Bond Issues by APEC Developing Countries 61
A5. International Bond Issues by APEC Developing Countries
by Type of Borrower 62
A6. Yield Spreads at Launch for Unenhanced Bond Issues by
APEC Developing Countries 63
A7. Enhancements of International Bond Issues by APEC
Developing Countries 64
A8. International Bond Issues by APEC Developing Countries
by Currency of Denomination 65
A9. International Equity Issues by APEC Developing Countries 66
A10. International Equity Issues by APEC Developing Countries by Type 67
All. Emerging Market Equity Funds Designated for APEC
Developing Countries 68
A12. Net Equity Flows to APEC Developing Countries Through
Emerging Market Mutual Funds 69
A13. International Bond Issues by Country and Sector, 1990 June 1994 70
A14. International Equity Issues by Country and Sector,
1990 June 1994 71
A15. Net Purchases of Foreign Bonds by U.S. Investors 72
A16. Net Purchases of Foreign Equities by U.S. Investors 72
A17. Portfolio Flows from Japan to Southeast Asia and China 73
A18. Samurai Bond Issues by APEC Developing Countries 73
A19. Net Purchases of Equities in Asian Stock Exchanges
by Japanese Investors 74
A20. List of Developing Country Stock Exchanges Designated
by the Japanese Securities Dealers Association 74
A21. Net Assets of Emerging Market Country Funds Listed
on the Osaka Securities Exchange 74
The following symbols have been used throughout this paper
... to indicate that data are not available;
— to indicate that the figure is zero or less than half the final digit shown, or that the item
does not exist;
between years or months (e.g., 1991 92 or January June) to indicate the years or
months covered, including the beginning and ending years or months;
/ between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.
Billion means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term country, as used in this paper, does not in all cases refer to a territorial entity that
is a state as understood by international law and practice; the term also covers some territor¬
ial entities that are not states, but for which statistical data are maintained and provided
internationally on a separate and independent basis.
D
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| subject_GND | (DE-588)4162044-6 (DE-588)4044982-8 (DE-588)1071861417 |
| title | Capital flows in the APEC region |
| title_auth | Capital flows in the APEC region |
| title_exact_search | Capital flows in the APEC region |
| title_full | Capital flows in the APEC region ed. by Mohsin S. Khan ... |
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| title_full_unstemmed | Capital flows in the APEC region ed. by Mohsin S. Khan ... |
| title_short | Capital flows in the APEC region |
| title_sort | capital flows in the apec region |
| topic | Flujos de capital - Pacífico, Area del Kapitaalbeweging gtt Macro-economie gtt Capital movements Asia Capital movements Pacific Area Internationale Kapitalbewegung (DE-588)4162044-6 gnd |
| topic_facet | Flujos de capital - Pacífico, Area del Kapitaalbeweging Macro-economie Capital movements Asia Capital movements Pacific Area Internationale Kapitalbewegung Asien Pazifischer Raum Konferenzschrift |
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