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    Capital Flows and Financial Stability in Emerging Economies

    Baum, Christopher F; Pundit, Madhavi; Ramayandi, Arief | October 2017
    Abstract
    There is mixed evidence for the impact of international capital flows on financial sector's stability. This paper investigates the relationship between components of gross capital flows and various financial stability indicators for 16 emerging and newly industrialized economies. Departing from panel data methods, for each financial stability proxy, we employ systems of seemingly unrelated regression estimators to allow variation in the estimated relationship across countries, while permitting crossequation restrictions to be imposed within a country. The findings suggest that, after controlling for macroeconomic factors, there are significant effects of different gross capital flow measures on the financial stability proxies. However, the effects are not homogeneous across our sample economies and across flows. Country-specific financial and macroeconomic characteristics help to explain some of these differences.
    Citation
    Baum, Christopher F; Pundit, Madhavi; Ramayandi, Arief. 2017. Capital Flows and Financial Stability in Emerging Economies. © Asian Development Bank. http://hdl.handle.net/11540/7499. License: CC BY 3.0 IGO.
    ISSN
    2313-6537 (Print)
    2313-6545(electronic)
    Keywords
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Market Development
    Economics
    Erosion
    International Economics
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Foreign and Domestic Financing
    Foreign Direct Investment
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
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    Citable URI
    http://hdl.handle.net/11540/7499
    Metadata
    Show full item record
    Thumbnail
    ewp-522.pdf (804.2Kb)
    Author
    Baum, Christopher F
    Pundit, Madhavi
    Ramayandi, Arief
    Theme
    Finance
    Economics
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise