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Why Complementarity Matters For Stability Hong Kong Sar And Singapore As Asian Financial Centers

Why Complementarity Matters for Stability   Hong Kong SAR and Singapore as Asian Financial Centers PDF

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Author: Mrs. Vanessa Le Lesle
Publisher: International Monetary Fund
ISBN: 149835713X
Size: 60.77 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 46
View: 3631


There is much speculation regarding a “race for dominance” among financial centers in Asia, arising from the anticipated financial opening up of China. This frame of reference is, to an extent, a predilection that results from a traditional understanding of financial centers as possessing historical, geographic, and scale economy advantages. This paper, however, suggests that there is an alternative prism through which the evolution of financial centers in Asia needs to be viewed. It underscores the importance of “complementarity” rather than “dominance” to better serve regional and global financial stability. We posit that such complementarity is vital, through network analysis of the roles of Hong Kong SAR and Singapore as the current leading financial centers in the region. This analysis suggests that a competition for dominance can result in de-stabilizing levels of interconnectivity that render the global “network” as a whole more susceptible to rapid propagation of shocks. We then examine the regulatory and policy challenges that may be encountered in furthering such complementary coexistence.

Drivers Of Financial Integration Implications For Asia

Drivers of Financial Integration     Implications for Asia PDF

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Author: Nasha Ananchotikul
Publisher: International Monetary Fund
ISBN: 1513532820
Size: 11.13 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 41
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Deeper intraregional financial integration is prominent on Asian policymakers’ agenda. This paper takes stock of Asia’s progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims. Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informational frictions, continue to buttress trade integration and capital market development, remove restrictions to foreign flows and bank penetration, and promote a common regulatory framework.

Regional Economic Outlook April 2015

Regional Economic Outlook  April 2015 PDF

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Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1475568533
Size: 68.18 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 120
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Asia and the Pacific remains the global growth leader, albeit with a moderated pace of expansion since the global financial crisis. There is considerable diversity across the region: growth in China is slowing to a more sustainable pace, while in Japan a pickup in growth is expected. Non-oil commodity exporters have experienced sharply falling prices, while net importers have benefited from large changes in terms of trade. The April 2015 Regional Economic Outlook examines the volatility risks from this regional diversity, as well as Asia and Pacific’s role in global value chains and the factors affecting financial integration in Asia.

Global Economic Prospects January 2016

Global Economic Prospects  January 2016 PDF

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Author: WorldBank
Publisher: World Bank Publications
ISBN: 1464806764
Size: 53.36 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 284
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The January 2016 edition of Global Economic Prospects discusses current global and regional economic developments and prospects, analyzing key challenges and opportunities confronting developing countries. This volume addresses, among other topics, spillovers from large emerging markets and macroeconomic vulnerabilities during resource development. Global Economic Prospects is a World Bank Group Flagship Report. Semiannually (January and June), it examines global economic developments and prospects, with a special focus on developing countries. The report includes analysis of topical policy challenges faced by developing countries through in-depth research in the January edition and shorter analytical pieces in the June edition.

World Bank East Asia And Pacific Economic Update Spring 2020

World Bank East Asia and Pacific Economic Update  Spring 2020 PDF

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Author: World Bank
Publisher: World Bank Publications
ISBN: 1464815658
Size: 53.55 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 234
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Growth in the developing East Asia and Pacific region slowed sharply in 2020Q1 because of the negative impact of the Covid-19 on economic activity. The decline has been broad-based reflecting the interconnectedness of the EAP economies and reverberations from the global economy as the virus turned into a pandemic. The Covid-19 outbreak followed an extended period of subdued growth in the region amid multiple external headwinds and heightened trade policy uncertainty. China and other regional economies have implemented monetary and fiscal policy measures to mitigate the negative impact of the outbreak. Growth in the East Asia and Pacific (EAP) region is projected to slow from 5.8 percent in 2019 to lower-than-expected [5.2 percent in 2020], reflecting the expected negative effects of the COVID-19. In this baseline scenario, which is subject to significant uncertainty, growth in the region is expected to recover to [5.6 percent in 2021], as the impact of Covid-19 gradually dissipates. In the medium-term regional growth is expected to continue its downward trend reflecting multiple structural headwinds. Policymakers should focus on designing economically efficient transmission control policies that consider both the marginal costs and the marginal benefits of preventive measures. Such policies would ideally be based on countries’ preparedness and exposure as well as economic circumstances. Targeted fiscal and monetary polices can help reduce the economic disruption caused by COVID-19 in the short term. In the medium-term, there is need to restore depleted buffers, address sources of financial instability, and invest in preventing and coping with infectious disease. Given the growing interdependence between EAP countries, coordinated policies and investments could increase resilience to shocks.

Energy Subsidy Reform

Energy Subsidy Reform PDF

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Author: Mr.Benedict J. Clements
Publisher: International Monetary Fund
ISBN: 1484346963
Size: 72.77 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 194
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Energy subsidies have wide-ranging economic consequences. Although they are aimed at protecting consumers, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. Subsidies also distort resource allocation by encouraging excessive energy consumption, artificially promoting capital-intensive industries, reducing incentives for investment in renewable energy, and accelerating the depletion of natural resources. Most subsidy benefits are captured by higher-income households, reinforcing inequality. Even future generations are affected through the damaging effects of increased energy consumption on global warming. This book provides (1) the most comprehensive estimates of energy subsidies currently available for 176 countries and (2) an analysis of “how to do” energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions.

Finance And Development December 2013

Finance and Development  December 2013 PDF

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Author: International Monetary Fund. External Relations Dept.
Publisher: International Monetary Fund
ISBN: 1484384385
Size: 64.74 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 60
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For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

World Economic Outlook October 2013

World Economic Outlook  October 2013 PDF

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Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 148432725X
Size: 21.39 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 205
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Global growth is in low gear, and the drivers of activity are changing. These dynamics raise new policy challenges. Advanced economies are growing again but must continue financial sector repair, pursue fiscal consolidation, and spur job growth. Emerging market economies face the dual challenges of slowing growth and tighter global financial conditions. This issue of the World Economic Outlook examines the potential spillovers from these transitions and the appropriate policy responses. Chapter 3 explores how output comovements are influenced by policy and financial shocks, growth surprises, and other linkages. Chapter 4 assesses why certain emerging market economies were able to avoid the classical boom-and-bust cycle in the face of volatile capital flows during the global financial crisis.

World Economic Outlook October 2016

World Economic Outlook  October 2016 PDF

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Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1475551584
Size: 26.38 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 288
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According to the October 2016 "World Economic Outlook," global growth is projected to slow to 3.1 percent in 2016 before recovering to 3.4 percent in 2017. The forecast, revised down by 0.1 percentage point for 2016 and 2017 relative to April’s report, reflects a more subdued outlook for advanced economies following the June U.K. vote in favor of leaving the European Union (Brexit) and weaker-than-expected growth in the United States. These developments have put further downward pressure on global interest rates, as monetary policy is now expected to remain accommodative for longer. Although the market reaction to the Brexit shock was reassuringly orderly, the ultimate impact remains very unclear, as the fate of institutional and trade arrangements between the United Kingdom and the European Union is uncertain. Financial market sentiment toward emerging market economies has improved with expectations of lower interest rates in advanced economies, reduced concern about China’s near-term prospects following policy support to growth, and some firming of commodity prices. But prospects differ sharply across countries and regions, with emerging Asia in general and India in particular showing robust growth and sub-Saharan Africa experiencing a sharp slowdown. In advanced economies, a subdued outlook subject to sizable uncertainty and downside risks may fuel further political discontent, with anti-integration policy platforms gaining more traction. Several emerging market and developing economies still face daunting policy challenges in adjusting to weaker commodity prices. These worrisome prospects make the need for a broad-based policy response to raise growth and manage vulnerabilities more urgent than ever.

Saudi Arabia

Saudi Arabia PDF

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Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1475544677
Size: 62.48 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : en
Pages : 77
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Saudi Arabia: Selected Issues

Making The Most Of Public Investment In Mena And Cca Oil Exporting Countries

Making the Most of Public Investment in MENA and CCA Oil Exporting Countries PDF

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Author: Maria A. Albino-War
Publisher:
ISBN: 9781498314954
Size: 71.45 MB
Format: PDF, Kindle
Category :
Languages : en
Pages : 31
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Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating growth and closing infrastructure gaps, as well as concerns about fiscal vulnerabilities. When public investment is inefficient, higher levels of spending may simply lead to larger budget deficits, without sufficiency increasing the quantity or quality of public infrastructure in support of economic growth. This paper examines the efficiency of public investment in the MENA and CCA oil exporters using several techniques, including a novel application of the efficiency frontier analysis, estimates of unit investment costs, and assessments of public investment processes. The analysis confirms that these oil exporters have substantial room to improve public investment efficiency. Reforms in the public financial and investment management systems are needed to achieve this objective.

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