Capital Flows, Capitalization, and Openness in Emerging East Asian Economies

CAPITAL FLOWS AND ECONOMIC PERFORMANCE : Are Emerging Economies Different ?

Macroeconomic, International Linkage and Effects of External Shocks in Southeast Asian Emerging Economies

This study is an attempt to examine the effects of external shocks on macroeconomic variables in selective small open emerging economies in Southeast Asia. A quarterly Global Vector Autoregressive (GVAR) model, including 33 countries, was used throughout 1979–2013. The empirical results showed that the target countries were affected by external shocks, especially the shocks in the U.S, Euro are...

Capital Flows: Emerging Issues

I. Recent Currency Crises A salient fact of Mexico’s and Thailand’s recent currency crises is the active role played by the monetary authority in contributing to the loss of reserves. In both cases, domestic credit showed a sizable increase, driven in part by central bank loans to the financial sector. This stands in sharp contrast with the standard economist’s model in which the proximate caus...

Accounting for the East Asian Crisis: A Quantitative Model of Capital Outflows in Small Open Economies

To what degree can the qualitative and quantitative aspects of the East Asian crisis be accounted for within a dynamic general equilibrium model? This paper investigates that question using a framework in which the crisis itself is modeled as an exogenous shock to the country risk premium. This exercise has empirical discipline because the scale of the shock can be measured by the movement in t...

A Capital Accord for Emerging Economies?

The Basel 1988 Capital Accord is arguably the most successful of all recent financial ‘standards’. Although it was designed for internationally active banks in G10 countries, more than 100 countries c laim to adhere to it and many apply the Accord to all banks. Significant changes to this Accord are currently under discussion and a final version is to be published in 2002 for implementation by ...