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Causes of Asset Shortages in Emerging Markets

Patrick Imam and Jiaqian Chen

No 2011/114, IMF Working Papers from International Monetary Fund

Abstract: We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We develop a model that explains how asset shortage develop, and then econometrically estimate the causes of asset shortages. We conclude with policy implications.

Keywords: WP; asset shortage; fixed income; incomplete market; money supply; supply and demand; Emerging Market; Capital Market; Regulation; asset issuance; asset supply; private equity; EM asset class; venture capital; asset shortage problem; asset class; asset shortage Indexit; risk asset class; asset shortage persistence; supply of financial assets; Capital markets; Pension spending; Foreign assets; Stocks; Securities markets; East Asia; Middle East; Global (search for similar items in EconPapers)
Pages: 41
Date: 2011-05-01
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