SURGING CAPITAL FLOWS TO EMERGING ASIA: FACTS, IMPACTS AND RESPONSES

Ravi Balakrishnan (), Sylwia Nowak (), Sanjaya Panth () and Yiqun Wu
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Ravi Balakrishnan: International Monetary Fund, USA
Sanjaya Panth: International Monetary Fund, USA

Journal of International Commerce, Economics and Policy (JICEP), 2013, vol. 04, issue 02, 1-24

Abstract: Net capital flows to Emerging Asia rebounded at a record pace following the global financial crisis, raising concerns about overheating and financial stability. This paper documents the size and composition of the most recent surge to Asian emerging markets from a historical perspective and compares developments in the broader economy, asset prices, and corporate variables across the different episodes of strong inflows. We find little evidence of a significant build-up of imbalances and resource misallocation during the most recent surge. We also review country experiences in managing the risks associated with inflows and argue that Asian countries have used regulatory measures during past surges.

Keywords: Capital inflows; Emerging Asia; global financial crisis (GFC); macroprudential measures; E58; F21; F32; G15; G28 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (15)

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Working Paper: Surging Capital Flows to Emerging Asia: Facts, Impacts, and Responses (2012)
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DOI: 10.1142/S1793993313500075

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