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Corporate Investment in Emerging Markets : Financing vs. Real Options Channel

Corporate Investment in Emerging Markets : Financing vs. Real Options Channel »

Journal Issue

Volume/Issue: 2015/285

Series: IMF Working Papers

Author(s): Delong Li , Nicolas Magud , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 December 2015

DOI: http://dx.doi.org/10.5089/9781513539935.001

ISBN: 9781513539935

Keywords: financial frictions, real options, uncertainty shocks, interest, interest rates, markets, cash flows, General, All Countries,

We examine how firm and country heterogeneity shape the response of corporate investment in emerging markets to changes in global interest rates and volatility. We test for the presence of (i) a financing channel o...

Monetary Policy in India : Transmission to Bank Interest Rates

Monetary Policy in India : Transmission to Bank Interest Rates »

Journal Issue

Volume/Issue: 2015/129

Series: IMF Working Papers

Author(s): Sonali Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 June 2015

DOI: http://dx.doi.org/10.5089/9781513598796.001

ISBN: 9781513598796

Keywords: Monetary policy transmission, deposit rates, monetary policy, interest, interest rates, lending, bank interest rates, Monetary Policy (Targets, Instruments, and Effects),

This paper provides new evidence on the credit channel of monetary policy transmission in India. Using stepwise estimation of vector error correction models, the analysis finds significant, albeit slow, pass-throug...

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies »

Journal Issue

Volume/Issue: 2015/18

Series: IMF Working Papers

Author(s): Sohrab Rafiq

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

DOI: http://dx.doi.org/10.5089/9781498334037.001

ISBN: 9781498334037

Keywords: unconventional monetary policy, interest rates, exchange rate, international monetary fund, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have...

Food Inflation in India : The Role for Monetary Policy

Food Inflation in India : The Role for Monetary Policy »

Journal Issue

Volume/Issue: 2014/178

Series: IMF Working Papers

Author(s): Rahul Anand , Ding Ding , and Volodymyr Tulin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2014

DOI: http://dx.doi.org/10.5089/9781484392096.001

ISBN: 9781484392096

Keywords: food inflation, monetary fund, inflation dynamics, real interest rate, Monetary Policy (Targets, Instruments, and Effects), Forecasting and Simulation, Fiscal and Monetary Policy in Development,

Indian food and fuel inflation has remained high for several years, and second-round effects on core inflation are estimated to be large. This paper estimates the size of second-round effects using an estimated red...

India's Recent Macroeconomic Performance : An Assessment and Way Forward

India's Recent Macroeconomic Performance : An Assessment and Way Forward »

Journal Issue

Volume/Issue: 2014/68

Series: IMF Working Papers

Author(s): Muneesh Kapur , and Rakesh Mohan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2014

DOI: http://dx.doi.org/10.5089/9781484360675.001

ISBN: 9781484360675

Keywords: Exchange Rate, Growth, Oil Demand, Savings, inflation, financial stability, real interest rate, real interest rates, Monetary Policy (Targets, Instruments

The macroeconomic policy response in India after the North Atlantic financial crisis (NAFC) was rapid. The overshooting of the stimulus and its gradual withdrawal sowed seeds for inflationary and BoP pressures and...

Disentangling India's Investment Slowdown

Disentangling India's Investment Slowdown »

Journal Issue

Volume/Issue: 2014/47

Series: IMF Working Papers

Author(s): Rahul Anand , and Volodymyr Tulin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 March 2014

DOI: http://dx.doi.org/10.5089/9781475531183.001

ISBN: 9781475531183

Keywords: Investments, Policy Uncertainty, inflation, real interest rate, real interest rates, monetary policy, monetary fund, General, Criteria for Decision-Making under Risk and Uncertainty, Financial Markets and the Macroeconomy

This paper documents the recent slowdown in investment in India and explores its underlying causes. The sharp investment deceleration has sparked an intense debate about the role of interest rates, as well as busin...

Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons?

Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons? »

Journal Issue

Volume/Issue: 2014/37

Series: IMF Working Papers

Author(s): Fabian Lipinsky , and Li Lian Ong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2014

DOI: http://dx.doi.org/10.5089/9781484320143.001

ISBN: 9781484320143

Keywords: arbitrage pricing theory, Asian financial crisis, fundamentals, global financial crisis, idiosyncratic factors, integration, IOSCO, securities regulation, stock market, stock pricing

Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more 'idiosyn...

Alternative Monetary Policy Rules for India

Alternative Monetary Policy Rules for India »

Journal Issue

Volume/Issue: 2012/118

Series: IMF Working Papers

Author(s): Muneesh Kapur , and Michael Patra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503470.001

ISBN: 9781475503470

Keywords: McCallum Rule, Monetary Policy Reaction Function, Neutral Interest Rate, Taylor Rule, inflation, monetary base, monetary policy rules, central bank, Open Economy Macroeconomics,

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the...

Does the Business Environment Affect Corporate Investment in India?

Does the Business Environment Affect Corporate Investment in India? »

Journal Issue

Volume/Issue: 2012/70

Series: IMF Working Papers

Author(s): Kiichi Tokuoka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781463939069.001

ISBN: 9781463939069

Keywords: Business environment, Costs of doing business, inflation, gdp growth, inflation rate, real gdp, real interest rate, Asia and Pacific Department, Production and Organizations: General,

Since the global financial crisis, corporate investment has been weak in India. Sluggish corporate investment would not only moderate growth from the demand side but also constrain growth from the supply side over...

Causes of Asset Shortages in Emerging Markets

Causes of Asset Shortages in Emerging Markets »

Journal Issue

Volume/Issue: 2011/114

Series: IMF Working Papers

Author(s): Jiaqian Chen , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

DOI: http://dx.doi.org/10.5089/9781455262373.001

ISBN: 9781455262373

Keywords: Asset Shortage, Emerging Market, Capital Market, Regulation, financial assets, interest rates, capital markets, capital account, pension funds, Money and Interest Rates: General

We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We de...