Capital Flows During Quantitative Easing and Aftermath: Experiences of Asian Countries

Park, Donghyun; Ramayandi, Arief

doi:10.2139/ssrn.2511117

Cited by 18 publications

(37 citation statements)

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“…In contrast, Eichengreen and Gupta (2014) and Park, Ramayandi, and Shin (2014) found little evidence that economies with stronger macroeconomic fundamentals experienced smaller declines in exchange rates, foreign reserves, and stock prices. What they considered critical was the size of financial markets as economies with larger markets experienced more pressure on exchange rates, foreign reserves, and equity prices.…”

Section: IImentioning

confidence: 87%

“…The policy, which is known as quantitative easing (QE), consisted of various periods and may have contributed to an expansion of global liquidity, some of which flowed into emerging markets. Park, Ramayandi, and Shin (2014), for example, found that QE, especially during the first period, had a tangible effect on capital flows into emerging markets. In addition, we can expect the unwinding of advanced economies' unconventional monetary expansion to have a tangible effect on financial stability in emerging markets as the capital flows reverse themselves; indeed, it is precisely such concerns about capital outflows that triggered turbulence in emerging financial markets when in May 2013, the US Federal Reserve Chairman Ben Bernanke merely signaled the intention to possibly start unwinding QE.…”

Section: Introductionmentioning

confidence: 99%

“…Eichengreen and Gupta (2014), for example, define financial instability as the sharp currency depreciations suffered by many emerging markets during the taper tantrum of May 2013 and try to identify the most important drivers of the depreciation. In addition to assessing the effect of QE on capital flows into emerging markets, Park, Ramayandi, and Shin (2014) perform a similar empirical exercise, also defining financial instability as exchange rate depreciation during the taper tantrum. In this paper, we instead define financial instability in emerging markets as a decline in their equity markets and examine the decline during the taper tantrum.…”

Section: Introductionmentioning

confidence: 99%

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Taper Tantrum and Emerging Equity Market Slumps

Estrada

Park

Ramayandi

2015

Emerging Markets Finance and Trade

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The views expressed in this paper are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. Terms of use: Documents inADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.By making any designation of or reference to a particular territory or geographic area, or by using the term "country" in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. Note: In this publication, "$" refers to US dollars.The ADB Economics Working Paper Series is a forum for stimulating discussion and eliciting feedback on ongoing and recently completed research and policy studies undertaken by the Asian Development Bank (ADB) staff, consultants, or resource persons. The series deals with key economic and development problems, particularly those facing the Asia and Pacific region; as well as conceptual, analytical, or methodological issues relating to project/program economic analysis, and statistical data and measurement. The series aims to enhance the knowledge on Asia's development and policy challenges; strengthen analytical rigor and quality of ADB's country partnership strategies, and its subregional and country operations; and improve the quality and availability of statistical data and development indicators for monitoring development effectiveness.

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Section: IImentioning

confidence: 87%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Taper Tantrum and Emerging Equity Market Slumps

Estrada

Park

Ramayandi

2015

Emerging Markets Finance and Trade

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“…11 The list of emerging economies is identical to that in Park, Ramayandi, and Shin (2016) that also follows Eichengreen and Gupta (2015) and Lim, Mohapatra, and Stocker (2014). Table 1 shows summary statistics of the variables used in the regressions below.…”

Section: Empirical Findingsmentioning

confidence: 99%

“…12 We also measured direct and indirect exposures in Q1 2008, and the main results did not change. See Eichengreen and Gupta (2015) and Park, Ramayandi, and Shin (2016) for the motivation for including these as explanatory variables. Measures of direct and indirect exposures are calculated by using bilateral foreign claims in three data sources: consolidated banking statistics foreign claims on immediate counterparty (Table 2a) and ultimate risk bases (Table 2b), and locational banking statistics cross-border total claims (Table 2c).…”

Section: Empirical Findingsmentioning

confidence: 99%

A Contagion Through Exposure to Foreign Banks During the Global Financial Crisis

Park

Shin²

2017

SSRN Journal

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The Politics of Capitalist Diversity in Europe: Explaining Ireland’s Divergent Recovery from the Euro Crisis

Brazys¹,

Regan²

2017

Perspect. polit.

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The 2008 financial crisis hit few places harder than the Euro periphery. Faced with high levels of public debt, Portugal, Italy, Ireland, Greece, and Spain were each compelled to implement harsh austerity reforms. Yet despite this common policy response, the recoveries have shown significant divergence. In particular, Ireland seems to have managed to succeed economically in a way that the other peripheral countries have not. The prevailing narrative is that Ireland’s recovery from the crisis is due to “austerity” and improved “cost competitiveness.” Drawing upon theories from the study of comparative capitalism we challenge this narrative, and argue that the Irish recovery is an outcome of a state-led enterprise policy aimed at nurturing a close relationship with corporate firms from Silicon Valley. Using qualitative and quantitative investigation we find evidence that this state-led FDI growth model, rather than austerity induced competitiveness, kick-started Ireland’s recovery from crisis. As Ireland is a critical case for the “success” story of austerity in Europe, our findings represent a significant challenge to the politics of adjustment. It suggests the strategies of business-state elites, and not simply the workings of electoral coalitions, explains the politics of adjustment in advanced capitalism.

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Capital Flows During Quantitative Easing and Aftermath: Experiences of Asian Countries

Cited by 18 publications

References 9 publications

Taper Tantrum and Emerging Equity Market Slumps

Taper Tantrum and Emerging Equity Market Slumps

A Contagion Through Exposure to Foreign Banks During the Global Financial Crisis

The Politics of Capitalist Diversity in Europe: Explaining Ireland’s Divergent Recovery from the Euro Crisis

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