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The Future of China's Bond Market

This book analyzes segments of China's bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market.

The Future of China's Bond Market

This book analyzes segments of China's bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market.

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China: 1980-2002

The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China: 1980-2002 »

Source: The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China : 1980-2002

Volume/Issue: 2003/67

Series: IMF Working Papers

Author(s): Zhongxia Jin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

ISBN: 9781451848922

Keywords: exchange rate, foreign exchange, real exchange rate, real interest rate, exchange reserves, Econometric Methods: - Multiple/Simultaneous Equation Models, Money and Interest Rates, Macroeconomic - Aspects of Public Finance, Macroeconomic Policy, and General Outlook

Based on China's experience between 1980 and 2002, a cointegrated vector autoregression model was established to explore the relationships among real interest rates, real exchange rates and balance of payments in C...

Fixed Investment and Capital Flows

Fixed Investment and Capital Flows »

Source: Fixed Investment and Capital Flows : A Real Options Approach

Volume/Issue: 1998/125

Series: IMF Working Papers

Author(s): Jorge Chan-Lau , and Peter Clark

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

ISBN: 9781451937398

Keywords: capital flows, irreversible investment, interest rate spread, strategic behavior, capital stock, rate of return, investors, cost of capital

This paper draws a link between international capital flows and the real options approach to investment by extending a model of real estate investment. It explains gradual investment, investment booms, and investme...

The Balance of Trade, the Terms of Trade, and the Real Exchange Rate

The Balance of Trade, the Terms of Trade, and the Real Exchange Rate »

Source: The Balance of Trade, the Terms of Trade, and the Real Exchange Rate : An Intertemporal Optimizing Framework

Volume/Issue: 1988/2

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1988

ISBN: 9781451930924

Keywords: terms of trade, terms of trade shocks, relative price, trade changes, real rate of interest

This paper uses an intertemporal optimizing model of a small open economy to analyze how terms of trade changes affect real exchange rates and the trade balance. We consider temporary current, anticipated future, a...

In Search of Lost Time: Examining the Duration of Sudden Stops in Capital Flows1

In Search of Lost Time: Examining the Duration of Sudden Stops in Capital Flows1 »

Source: In Search of Lost Time: Examining the Duration of Sudden Stops in Capital Flows

Volume/Issue: 2019/230

Series: IMF Working Papers

Author(s): Antonio David , and Carlos Eduardo Gonçalves

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2019

ISBN: 9781513516080

Keywords: Balance of payments statistics, Private capital flows, Sudden stops, Real interest rates, Interest rate increases, Capital Flows, Duration Analysis., WP, sudden stop, exchange rate regime

This paper investigates what factors affect the duration of sudden stops in capital flows using quarterly data for a large panel of countries. We find that countries with floating exchange rate regimes tend to expe...

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows »

Source: If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows

Volume/Issue: 2015/256

Series: IMF Working Papers

Author(s): Swarnali Ahmed

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2015

ISBN: 9781498367196

Keywords: Fed liftoffs, policy responses, policy framework, emerging market economies, interest, market, portfolio, interest rate, Monetary Policy (Targets, Instruments

After more than six years of ultra-low interest rates, a Fed liftoff (rate hike) is just a matter of time. This paper goes back to history to understand the spillover effect - or what is termed in the paper as the...

Capital Flows to Transition Economies

Capital Flows to Transition Economies »

Source: Capital Flows to Transition Economies : Master or Servant?

Volume/Issue: 2002/11

Series: IMF Working Papers

Author(s): Leslie Lipschitz , Alex Mourmouras , and Timothy Lane

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2002

ISBN: 9781451842791

Keywords: Central and Eastern Europe, Capital flows, International finance, convergence, macroeconomic policy, capital inflows, exchange rate, real appreciation, capital market, Money And Interest Rates

This paper discusses the forces driving capital flows in the transition countries of Central and Eastern Europe (CEE). It argues that various influences-specifically, the real exchange rate history and trend and th...

The Effectiveness of Monetary Policy Transmission Under Capital Inflows

The Effectiveness of Monetary Policy Transmission Under Capital Inflows »

Source: The Effectiveness of Monetary Policy Transmission Under Capital Inflows : Evidence from Asia

Volume/Issue: 2012/265

Series: IMF Working Papers

Author(s): Sonali Jain-Chandra , and Filiz Unsal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 November 2012

ISBN: 9781475525823

Keywords: Monetary policy transmission, dynamic factor model, structural VAR, long-term interest rates, bond yields, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

The effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The...

Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?

Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)? »

Source: Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?

Volume/Issue: 2020/106

Series: IMF Working Papers

Author(s): Katharina Bergant , Francesco Grigoli , Niels-Jakob Hansen , and Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2020

ISBN: 9781513547763

Keywords: Balance of payments, Financial crises, Monetary policy, Central banks, Interest rate policy, Macroprudential policies, capital controls., WP, capital control, VIX

We show that macroprudential regulation can considerably dampen the impact of global financial shocks on emerging markets. More specifically, a tighter level of regulation reduces the sensitivity of GDP growth to V...

The Multilateral Aspects of Policies Affecting Capital Flows

The Multilateral Aspects of Policies Affecting Capital Flows »

Source: The Multilateral Aspects of Policies Affecting Capital Flows

Volume/Issue: 2011/084

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 October 2011

ISBN: 9781498338394

Keywords: Bank regulations, Bank supervision, Capital flows, Developed countries, Emerging markets, International cooperation, Monetary policy, Surveillance, Financial regulation and supervision, Foreign investment

The crisis is prompting a reconsideration of capital flows and the policies that affect them. A breakdown in the domestic stability of a large country can spill over into stress in other countries and even to the g...

The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus1

The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus1 »

Source: The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus

Volume/Issue: 2019/244

Series: IMF Working Papers

Author(s): Pragyan Deb , Albe Gjonbalaj , and Swarnali Hannan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2019

ISBN: 9781513516097

Keywords: Accounting, Aging, Assets, Balance of trade, Bank deposits, Bilateral trade, Bonds, Capital, Capital account, Capital flows

China's current account surplus has declined significantly from its peak in 2008 and the external position in 2018 was in line with medium-term fundamentals and desirable policies. While cyclical factors and expans...