Surges:
This paper examines why surges in capital flows to emerging market economies (EMEs) occur, and what determines the allocation of capital across countries during such surge episodes. We use two different methodologies to identify surges in EMEs over 1980-2009, differentiating between those mainly cau...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/22 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper examines why surges in capital flows to emerging market economies (EMEs) occur, and what determines the allocation of capital across countries during such surge episodes. We use two different methodologies to identify surges in EMEs over 1980-2009, differentiating between those mainly caused by changes in the country''s external liabilities (reflecting the investment decisions of foreigners), and those caused by changes in its assets (reflecting the decisions of residents). Global factors-including US interest rates and risk aversion¡-are key to determining whether a surge will occur, but domestic factors such as the country''s external financing needs (as implied by an intertemporal optimizing model of the current account) and structural characteristics also matter, which explains why not all EMEs experience surges. Conditional on a surge occurring, moreover, the magnitude of the capital inflow depends largely on domestic factors including the country''s external financing needs, and the exchange rate regime. Finally, while similar factors explain asset- and liability-driven surges, the latter are more sensitive to global factors and contagion |
| Beschreibung: | 1 Online-Ressource (43 p) |
| ISBN: | 1463931840 9781463931841 |
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| 520 | 3 | |a This paper examines why surges in capital flows to emerging market economies (EMEs) occur, and what determines the allocation of capital across countries during such surge episodes. We use two different methodologies to identify surges in EMEs over 1980-2009, differentiating between those mainly caused by changes in the country''s external liabilities (reflecting the investment decisions of foreigners), and those caused by changes in its assets (reflecting the decisions of residents). Global factors-including US interest rates and risk aversion¡-are key to determining whether a surge will occur, but domestic factors such as the country''s external financing needs (as implied by an intertemporal optimizing model of the current account) and structural characteristics also matter, which explains why not all EMEs experience surges. Conditional on a surge occurring, moreover, the magnitude of the capital inflow depends largely on domestic factors including the country''s external financing needs, and the exchange rate regime. Finally, while similar factors explain asset- and liability-driven surges, the latter are more sensitive to global factors and contagion | |
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| id | DE-604.BV048344163 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:18Z |
| indexdate | 2024-07-10T09:35:25Z |
| institution | BVB |
| isbn | 1463931840 9781463931841 |
| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Qureshi, Mahvash Saeed Verfasser aut Surges Qureshi, Mahvash Saeed Washington, D.C International Monetary Fund 2012 1 Online-Ressource (43 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/22 This paper examines why surges in capital flows to emerging market economies (EMEs) occur, and what determines the allocation of capital across countries during such surge episodes. We use two different methodologies to identify surges in EMEs over 1980-2009, differentiating between those mainly caused by changes in the country''s external liabilities (reflecting the investment decisions of foreigners), and those caused by changes in its assets (reflecting the decisions of residents). Global factors-including US interest rates and risk aversion¡-are key to determining whether a surge will occur, but domestic factors such as the country''s external financing needs (as implied by an intertemporal optimizing model of the current account) and structural characteristics also matter, which explains why not all EMEs experience surges. Conditional on a surge occurring, moreover, the magnitude of the capital inflow depends largely on domestic factors including the country''s external financing needs, and the exchange rate regime. Finally, while similar factors explain asset- and liability-driven surges, the latter are more sensitive to global factors and contagion Online-Ausg Ghosh, Atish R. Sonstige oth Kim, Jun Il Sonstige oth Zalduendo, Juan Sonstige oth http://elibrary.imf.org/view/IMF001/12577-9781463931841/12577-9781463931841/12577-9781463931841.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Qureshi, Mahvash Saeed Surges |
| title | Surges |
| title_auth | Surges |
| title_exact_search | Surges |
| title_exact_search_txtP | Surges |
| title_full | Surges Qureshi, Mahvash Saeed |
| title_fullStr | Surges Qureshi, Mahvash Saeed |
| title_full_unstemmed | Surges Qureshi, Mahvash Saeed |
| title_short | Surges |
| title_sort | surges |
| url | http://elibrary.imf.org/view/IMF001/12577-9781463931841/12577-9781463931841/12577-9781463931841.xml |
| work_keys_str_mv | AT qureshimahvashsaeed surges AT ghoshatishr surges AT kimjunil surges AT zalduendojuan surges |