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Asian Perspectives on Financial Sector Reforms and Regulation

by Eswar S. Prasad Masahiro Kawai

Although emerging economies as a group performed well during the global recession, weathering the recession better than advanced economies, there were sharp differences among them and across regions. The emerging economies of Asia had the most favorable outcomes, surviving the ravages of the global financial crisis with relatively modest declines in growth rates in most cases. China and India maintained strong growth during the crisis and played an important role in facilitating global economic recovery.In this informative volume, the second in a series on emerging markets, editors Masahiro Kawai and Eswar Prasad and the contributors analyze the major domestic macroeconomic and financial policy issues that could limit the growth potential of Asian emerging markets, such as rising inflation and surging capital inflows, with the accompanying risks of asset and credit market bubbles and of rapid currency appreciation. The book examines strategies to promote financial stability, including reforms for financial market development and macroprudential supervision and regulation.

Changes in the Structure of Earnings During the Polish Transition

by Michael P. Keane Eswar S. Prasad

A report from the International Monetary Fund.

The Dollar Trap

by Eswar S. Prasad

The U.S. dollar's dominance seems under threat. The near collapse of the U.S. financial system in 2008-2009, political paralysis that has blocked effective policymaking, and emerging competitors such as the Chinese renminbi have heightened speculation about the dollar's looming displacement as the main reserve currency. Yet, as The Dollar Trap powerfully argues, the financial crisis, a dysfunctional international monetary system, and U.S. policies have paradoxically strengthened the dollar's importance. Eswar Prasad examines how the dollar came to have a central role in the world economy and demonstrates that it will remain the cornerstone of global finance for the foreseeable future. Marshaling a range of arguments and data, and drawing on the latest research, Prasad shows why it will be difficult to dislodge the dollar-centric system. With vast amounts of foreign financial capital locked up in dollar assets, including U.S. government securities, other countries now have a strong incentive to prevent a dollar crash. Prasad takes the reader through key contemporary issues in international finance--including the growing economic influence of emerging markets, the currency wars, the complexities of the China-U.S. relationship, and the role of institutions like the International Monetary Fund--and offers new ideas for fixing the flawed monetary system. Readers are also given a rare look into some of the intrigue and backdoor scheming in the corridors of international finance.The Dollar Trap offers a panoramic analysis of the fragile state of global finance and makes a compelling case that, despite all its flaws, the dollar will remain the ultimate safe-haven currency.

Effects of Financial Globalization on Developing Countries: Some Empirical Evidence

by Eswar S. Prasad Kenneth Rogoff Shang-Jin Wei M. Ayhan Kose

This paper reviews recent empirical evidence, including some new research, on the effects of financial globalisation for developing countries. It focuses on three issues: whether financial globalisation promotes economic growth in developing countries; the impact on macroeconomic volatility in these countries; and factors that can help to harness the benefits of financial globalisation.

Financial Integration and Macroeconomic Volatility

by M. Ayhan Kose Eswar S. Prasad Marco E. Terrones

A report from the International Monetary Fund.

Global Business Cycles: Convergence or Decoupling?

by M. Ayhan Kose Christopher Otrok Eswar S. Prasad

A report from the International Monetary Fund.

IMF Policy Discussion Paper

by Eswar S. Prasad

A report from the International Monetary Fund.

IMF Policy Discussion Paper

by Eswar S. Prasad Raghuram G. Rajan

A report from the International Monetary Fund.

IMF Staff Papers

by Robert Flood Eswar S. Prasad Sean M. Culhane David Einhorn Jelena Kmezic Rosalind Oliver

An Unbiased Appraisal of Purchasing Power ParityPaul Cashin and C. John McDermottIs Africa Integrated in the Global Economy?Arvind Subramanian and Natalia T. TamirisaThe High-Yield Spread as a Predictor of Real Economic Activity: Evidence of a Financial Accelerator for the United StatesAshoka Mody and Mark P. TaylorThe Art of Making Everybody Happy: How to Prevent a SecessionMichel Le Breton and Shlomo WeberRationing Rules and Outcomes: The Experience of Singapore's Vehicle Quota SystemLing Hui Tan"Big Bang" Versus Gradualism in Economic Reforms: An Intertemporal Analysis with an Application to ChinaAndrew Feltenstein and Saleh M. NsouliStructural Vulnerabilities and Currency CrisesSwati R. Ghosh and Atish R. Ghosh

IMF Staff Papers

by Robert Flood Eswar S. Prasad Sean M. Culhane Nicolas Magud Rosalind Oliver

An Unbiased Appraisal of Purchasing Power ParityPaul Cashin and C. John McDermottIs Africa Integrated in the Global Economy?Arvind Subramanian and Natalia T. TamirisaThe High-Yield Spread as a Predictor of Real Economic Activity: Evidence of a Financial Accelerator for the United StatesAshoka Mody and Mark P. TaylorThe Art of Making Everybody Happy: How to Prevent a SecessionMichel Le Breton and Shlomo WeberRationing Rules and Outcomes: The Experience of Singapore's Vehicle Quota SystemLing Hui Tan"Big Bang" Versus Gradualism in Economic Reforms: An Intertemporal Analysis with an Application to ChinaAndrew Feltenstein and Saleh M. NsouliStructural Vulnerabilities and Currency CrisesSwati R. Ghosh and Atish R. Ghosh

International Evidence on the Determinants of Trade Dynamics

by Eswar S. Prasad Jeffery A. Gable

A report from the International Monetary Fund.

International Trade and the Business Cycle

by Eswar S. Prasad

A report from the International Monetary Fund.

Labor Market Adjustment in Canada and the United States

by Eswar S. Prasad Alun Thomas

A report from the International Monetary Fund.

New Paradigms for Financial Regulation

by Eswar S. Prasad Masahiro Kawai

The global financial crisis has led to a sweeping reevaluation of financial market regulation and macroeconomic policies. Emerging markets need to balance the goals of financial development and broader financial inclusion with the imperative of strengthening macroeconomic and financial stability. The third in a series on emerging markets, New Paradigms for Financial Regulation develops new analytical frameworks and provides policy prescriptions for how the frameworks should be adapted to a world of more free and more volatile capital. This volume provides an overview of the global regulatory landscape from the perspective of Asian emerging markets. The contributors discuss the many challenges ahead in developing sound and flexible financial regulatory systems for emerging market economies. The challenges are heightened by the rising integration of these economies into global trade and finance, the growing sophistication of their financial systems as globalization and emergence processes accelerate, and their potential vulnerability to instability arising from the financial markets in the advanced economies. The contributors provide guidance about pitfalls to be avoided, general principles that should guide the creation of sound regulatory systems, and valuable analytic perspectives about how to continue to broaden the financial sector and innovate while still maintaining financial and macroeconomic stability.

The Unbearable Stability of the German Wage Structure: Evidence and Interpretation

by Eswar S. Prasad

A report from the International Monetary Fund.

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