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Capital Flows and Real Exhange Rates in Emerging Asian Countries

dc.contributor.authorJuthathip Jongwanich
dc.date.accessioned2015-01-30T14:45:18Z
dc.date.available2015-01-30T14:45:18Z
dc.date.issued2010-07-01
dc.identifier.issn1655-5252
dc.identifier.urihttp://hdl.handle.net/11540/1948
dc.description.abstract"This paper examines the nexus between capital flows and real exchange rate (RER) in emerging Asian countries using a dynamic panel-data model for 2000–2009. In contrast to previous studies, capital flows here are separated into foreign direct investment (FDI), portfolio investment, and other investment (bank loans) flows. Inflows and outflows are also treated separately in the model. The estimation results show that compositions of capital flows matter in determining impacts of the flows on the RER. Portfolio investment and other investment (including bank loans) bring in a faster RER appreciation than FDI. However, the magnitudes of appreciation among capital flows are close to each other. The increasing importance of merger and acquisition activities in FDI makes the flows behave closer to other forms of capital flows, especially portfolio investment. The estimation results also show that capital outflows bring about a greater degree of exchange rate adjustment than capital inflows. All in all, the results imply that the swift rebound of capital flows in the region could result in excessive appreciation of the (real) currencies, especially when capital flows are in a form of portfolio investment and bank loans."
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleCapital Flows and Real Exhange Rates in Emerging Asian Countries
dc.typeWorking Papers
dc.subject.expertDevelopment
dc.subject.expertFinance
dc.subject.expertDevelopment Challenges
dc.subject.expertDevelopment Issues
dc.subject.expertDevelopment Problems
dc.subject.expertMicroenterprises Finance
dc.subject.expertCommercial Finance Companies
dc.subject.expertEnterprise Financing
dc.subject.expertFinancial Analysis
dc.subject.expertBanking Finance And Investment
dc.subject.adbADB
dc.subject.adbProject finance
dc.subject.adbDevelopment plans
dc.subject.adbStrategic planning
dc.subject.adbBusiness Financing
dc.subject.adbInvestment Requirements
dc.subject.adbInsurance Companies
dc.subject.adbInternational Monetary Relations
dc.subject.adbInternational Financial Market
dc.subject.adbExchange Rate
dc.subject.naturalInsurers
dc.subject.naturalInsurance stocks
dc.subject.naturalInsurance holding companies
dc.subject.naturalInsurance carriers
dc.subject.naturalInsurance agencies
dc.subject.naturalBusiness subsidies
dc.subject.naturalInvestment companies
dc.subject.naturalInternational banks and banking
dc.subject.naturalStock exchanges
dc.title.seriesEconomics Working Papers
dc.title.volumeno 210
dc.contributor.imprintAsian Development Bank
oar.themeDevelopment
oar.themeFinance
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic Republic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji
oar.countryKiribati
oar.countryMarshall Islands
oar.countryMicronesia, Federated States of
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryChina, People's Republic of
oar.countryHong Kong, China
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-001293
oar.authorJongwanich, Juthathip
oar.importtrue
oar.googlescholar.linkpresenttrue


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  • Regional Economic Integration Working Paper Series
    The Asian Development Bank Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. The series is a quick-disseminating, informal publication that seeks to provide information, generate discussion, and elicit comments.

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