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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...

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1. Verfasser:	Qureshi, Mahvash Saeed (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Washington, D.C International Monetary Fund 2012
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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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

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