{
  "title": "Surging Capital Flows to Emerging Asia: Facts, Impacts, and Responses",
  "publication": "IMF Working Papers, May 1, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/surging-capital-flows-to-emerging-asia-facts-impacts-and-responses-25940",
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  "summary": "Net capital flows to emerging Asia rebounded at a record pace following the global financial crisis, raising concerns about overheating and financial stability.",
  "sections": [
    {
      "heading": "Executive summary and key findings",
      "content": "- Net capital flows to emerging Asia rebounded at a record pace following the global financial crisis.\n- The paper documents the size and composition of the most recent surge to Asian emerging markets from a historical perspective.\n- Comparative analysis across episodes of strong inflows considers developments in:\n  - the broader economy,\n  - asset prices,\n  - corporate variables.\n- Main empirical findings:\n  - Little evidence of a significant build-up of imbalances during the most recent surge.\n  - Little evidence of resource misallocation during the most recent surge.\n- Policy inference on inflow management:\n  - Asian countries have used regulatory measures during past surges.\n  - There is not strong evidence of the efficacy of these regulatory measures without supporting monetary and fiscal policies."
    },
    {
      "heading": "Data, scope, and methodology",
      "content": "- Geographic focus: emerging Asia.\n- Comparative, historical perspective across multiple surge episodes.\n- Variables examined include:\n  - net capital flows,\n  - asset prices,\n  - corporate variables,\n  - balance of payments statistics."
    },
    {
      "heading": "Policy implications and country experiences",
      "content": "- Countries employed regulatory measures to manage risks associated with inflows.\n- Effectiveness caveat:\n  - Regulatory measures alone are not shown to be strongly effective without complementary monetary and fiscal policies.\n- Suggests a mix of policy tools is necessary to address risks from surging capital inflows."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Authors: Sylwia Nowak, Sanjaya P Panth, Ravi Balakrishnan, Yiqun Wu\n- Publication date: May 1, 2012\n- Series: Working Paper No. 2012/130\n- Issue: 130\n- Volume: 2012\n- Pages: 28\n- DOI: https://doi.org/10.5089/9781475503821.001\n- Stock No: WPIEA2012130\n- ISBN: 9781475503821\n- ISSN: 1018-5941"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Balance of payments; Balance of payments statistics; Capital flows; Capital inflows; Economic and financial statistics; Financial crises; Global financial crisis of 2008-2009; Private capital flows\n- Keywords: Asia; Asia and Pacific; Balance of payments statistics; Capital flows; capital inflows; central bank; ED142; equity ratio; financial crisis; Global; Global financial crisis of 2008-2009; IMF staff calculation; Indonesia; interest rate; macroprudential policy; net capital; net capital flow; portfolio debt; portfolio equity; portfolio flow; Private capital flows; Thailand; WP\n\nSource: Surging Capital Flows to Emerging Asia: Facts, Impacts, and Responses, IMF Working Papers 2012, 130 (2012) by Sylwia Nowak, Sanjaya P Panth, Ravi Balakrishnan, and Yiqun Wu. May 1, 2012. Pages: 28. DOI: https://doi.org/10.5089/9781475503821.001\n\n---\n\n Content in this bundle\n\n- wp12130\n  - wp12130 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp12130 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/surging-capital-flows-to-emerging-asia-facts-impacts-and-responses-25940"
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    "Authors: Sylwia Nowak, Sanjaya P Panth, Ravi Balakrishnan, Yiqun Wu",
    "Published: May 1, 2012",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475503821.001",
    "Net capital flows to emerging Asia rebounded at a record pace following the global financial crisis.",
    "The paper documents the size and composition of the most recent surge to Asian emerging markets from a historical perspective.",
    "Comparative analysis across episodes of strong inflows considers developments in:",
    "Main empirical findings:",
    "Policy inference on inflow management:",
    "Geographic focus: emerging Asia.",
    "Comparative, historical perspective across multiple surge episodes.",
    "Variables examined include:",
    "Countries employed regulatory measures to manage risks associated with inflows.",
    "Effectiveness caveat:",
    "Suggests a mix of policy tools is necessary to address risks from surging capital inflows.",
    "Authors: Sylwia Nowak, Sanjaya P Panth, Ravi Balakrishnan, Yiqun Wu",
    "Publication date: May 1, 2012",
    "Series: Working Paper No. 2012/130",
    "Issue: 130",
    "Volume: 2012",
    "Pages: 28",
    "DOI: https://doi.org/10.5089/9781475503821.001",
    "Stock No: WPIEA2012130",
    "ISBN: 9781475503821",
    "ISSN: 1018-5941",
    "Subjects: Balance of payments; Balance of payments statistics; Capital flows; Capital inflows; Economic and financial statistics; Financial crises; Global financial crisis of 2008-2009; Private capital flows",
    "Keywords: Asia; Asia and Pacific; Balance of payments statistics; Capital flows; capital inflows; central bank; ED142; equity ratio; financial crisis; Global; Global financial crisis of 2008-2009; IMF staff calculation; Indonesia; interest rate; macroprudential policy; net capital; net capital flow; portfolio debt; portfolio equity; portfolio flow; Private capital flows; Thailand; WP",
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