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The Second Phase of Global Liquidity and Its Impact on Emerging Economies

In: Volatile Capital Flows in Korea

Citations

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Cited by:

  1. Javier Bianchi & Chenxin Liu & Enrique G. Mendoza, 2016. "Fundamentals News, Global Liquidity, and Macroprudential Policy," NBER Chapters, in: NBER International Seminar on Macroeconomics 2015, National Bureau of Economic Research, Inc.
  2. Abraham,Facundo & Cortina Lorente,Juan Jose & Schmukler,Sergio L., 2020. "Growth of Global Corporate Debt : Main Facts and Policy Challenges," Policy Research Working Paper Series 9394, The World Bank.
  3. Garcia-Barragan, Fernando & Liu, Guangling, 2022. "A new approach to capital control for emerging market economies," The North American Journal of Economics and Finance, Elsevier, vol. 61(C).
  4. Sakarya, Burchan, 2014. "Türk Bankacılık Sektöründe Yurtdışı Borçlanma ve Küresel Likidite [Foreign Borrowing in the Turkish Banking Sector and the Global Liquidity]," MPRA Paper 69197, University Library of Munich, Germany.
  5. Chari, Anusha & Dilts-Stedman, Karlye & Forbes, Kristin, 2022. "Spillovers at the extremes: The macroprudential stance and vulnerability to the global financial cycle," Journal of International Economics, Elsevier, vol. 136(C).
  6. Bruno, Valentina & Shin, Hyun Song, 2015. "Capital flows and the risk-taking channel of monetary policy," Journal of Monetary Economics, Elsevier, vol. 71(C), pages 119-132.
  7. Funke, Michael & Shu, Chang & Cheng, Xiaoqiang & Eraslan, Sercan, 2015. "Assessing the CNH–CNY pricing differential: Role of fundamentals, contagion and policy," Journal of International Money and Finance, Elsevier, vol. 59(C), pages 245-262.
  8. Monica Hernandez, 2023. "An Unintended Consequence of Uncoordinated International Monetary Policy on Central America," International Journal of Political Economy, Taylor & Francis Journals, vol. 52(1), pages 88-103, January.
  9. Caballero, Julián & Fernández, Andrés & Park, Jongho, 2019. "On corporate borrowing, credit spreads and economic activity in emerging economies: An empirical investigation," Journal of International Economics, Elsevier, vol. 118(C), pages 160-178.
  10. Castillo, Paul & Luna, Miriam & Vega, Hugo, 2015. "Tendencias de las emisiones de bonos en el exterior de empresas en América Latina," Revista Estudios Económicos, Banco Central de Reserva del Perú, issue 30, pages 57-72.
  11. Abuelfadl, Moustafa & Yamani, Ehab, 2021. "Currency news and international bond markets," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
  12. Bathia, Deven & Bouras, Christos & Demirer, Riza & Gupta, Rangan, 2020. "Cross-border capital flows and return dynamics in emerging stock markets: Relative roles of equity and debt flows," Journal of International Money and Finance, Elsevier, vol. 109(C).
  13. repec:zbw:bofrdp:2017_031 is not listed on IDEAS
  14. Yi Huang & Ugo Panizza & Richard Portes, 2018. "Corporate Foreign Bond Issuance and Interfirm Loans in China," NBER Working Papers 24513, National Bureau of Economic Research, Inc.
  15. Hossfeld, Oliver & Pramor, Marcus, 2018. "Global liquidity and exchange market pressure in emerging market economies," Discussion Papers 05/2018, Deutsche Bundesbank.
  16. Valentina Bruno & Hyun Song Shin, 2017. "Global Dollar Credit and Carry Trades: A Firm-Level Analysis," The Review of Financial Studies, Society for Financial Studies, vol. 30(3), pages 703-749.
  17. Bacchetta, Philippe & Cordonier, Rachel & Merrouche, Ouarda, 2023. "The rise in foreign currency bonds: The role of US monetary policy and capital controls," Journal of International Economics, Elsevier, vol. 140(C).
  18. Chang, Roberto & Fernández, Andrés & Gulan, Adam, 2017. "Bond finance, bank credit, and aggregate fluctuations in an open economy," Journal of Monetary Economics, Elsevier, vol. 85(C), pages 90-109.
  19. Forbes, Kristin & Reinhardt, Dennis & Wieladek, Tomasz, 2017. "The spillovers, interactions, and (un)intended consequences of monetary and regulatory policies," Journal of Monetary Economics, Elsevier, vol. 85(C), pages 1-22.
  20. Anaya, Pablo & Hachula, Michael & Offermanns, Christian J., 2017. "Spillovers of U.S. unconventional monetary policy to emerging markets: The role of capital flows," Journal of International Money and Finance, Elsevier, vol. 73(PB), pages 275-295.
  21. Amira Karimova & Ahmet Caliskan & Jamshid Karimov, 2015. "Dollarization and External Sustainability of Turkey," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 3(2), pages 1-11.
  22. Zinna, Gabriele, 2014. "Identifying risks in emerging market sovereign and corporate bond spreads," Emerging Markets Review, Elsevier, vol. 20(C), pages 1-22.
  23. Anni Huang & Narayan Kundan Kishor, 2019. "The rise of dollar credit in emerging market economies and US monetary policy," The World Economy, Wiley Blackwell, vol. 42(2), pages 530-551, February.
  24. Brandao-Marques, Luis & Gelos, Gaston & Ichiue, Hibiki & Oura, Hiroko, 2022. "Changes in the global investor base and the stability of portfolio flows to emerging markets," Journal of Banking & Finance, Elsevier, vol. 144(C).
  25. An, Jiyoun & Kim, Kyunghun & Pyun, Ju Hyun, 2021. "Does debt market integration amplify the international transmission of business cycles during financial crises?," Journal of International Money and Finance, Elsevier, vol. 115(C).
  26. Bonizzi, Bruno, 2017. "Institutional investors’ allocation to emerging markets: A panel approach to asset demand," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 47(C), pages 47-64.
  27. Caballero, Julián, 2021. "Corporate dollar debt and depreciations: All’s well that ends well?," Journal of Banking & Finance, Elsevier, vol. 130(C).
  28. repec:zbw:bofrdp:2016_022 is not listed on IDEAS
  29. Bianchi, Benedetta & Galstyan, Vahagn & Herzberg, Valerie, 2022. "Global risk and portfolio flows to emerging markets: Evidence from irish-resident investment funds," Journal of International Money and Finance, Elsevier, vol. 123(C).
  30. Julián Caballero & Andres Fernandez & Jongho Park, 2016. "On Corporate Borrowing, Credit Spreads and Economic Activity in Emerging Economies: An Empirical Investigation," IDB Publications (Working Papers) 95296, Inter-American Development Bank.
  31. Ayala, Diana & Nedeljkovic, Milan & Saborowski, Christian, 2017. "What slice of the pie? The corporate bond market boom in emerging economies," Journal of Financial Stability, Elsevier, vol. 30(C), pages 16-35.
  32. Chakrabarti, Prasenjit & Sen, Sudipta, 2023. "Foreign currency borrowing and risk exposure of firms: An emerging market economy viewpoint," Journal of Policy Modeling, Elsevier, vol. 45(6), pages 1246-1261.
  33. Avdjiev, Stefan & Gambacorta, Leonardo & Goldberg, Linda S. & Schiaffi, Stefano, 2020. "The shifting drivers of global liquidity," Journal of International Economics, Elsevier, vol. 125(C).
  34. Cortina, Juan J. & Ismail, Soha & Schmukler, Sergio L., 2018. "Firm financing and growth in the Arab region," Economic Systems, Elsevier, vol. 42(2), pages 361-383.
  35. Bruno, Valentina & Shim, Ilhyock & Shin, Hyun Song, 2017. "Comparative assessment of macroprudential policies," Journal of Financial Stability, Elsevier, vol. 28(C), pages 183-202.
  36. Enrique G. Mendoza, 2018. "Macroprudential Policy: Promise and Challenges," Central Banking, Analysis, and Economic Policies Book Series, in: Enrique G. Mendoza & Ernesto Pastén & Diego Saravia (ed.),Monetary Policy and Global Spillovers: Mechanisms, Effects and Policy Measures, edition 1, volume 25, chapter 7, pages 225-277, Central Bank of Chile.
  37. Christoph Kaufmann, 2023. "Investment Funds, Monetary Policy, and the Global Financial Cycle," Journal of the European Economic Association, European Economic Association, vol. 21(2), pages 593-636.
  38. Ricardo J. Caballero & Alp Simsek, 2020. "A Model of Fickle Capital Flows and Retrenchment," Journal of Political Economy, University of Chicago Press, vol. 128(6), pages 2288-2328.
  39. Akhilesh K. Verma & Rajeswari Sengupta, 2021. "Interlinkages between external debt financing, credit cycles and output fluctuations in emerging market economies," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 157(4), pages 965-1001, November.
  40. Calomiris, Charles W. & Larrain, Mauricio & Schmukler, Sergio L. & Williams, Tomas, 2022. "Large international corporate bonds: Investor behavior and firm responses," Journal of International Economics, Elsevier, vol. 137(C).
  41. Chris Garbers & Guangling Liu, 2017. "Macroprudential policy and foreign interest rate shocks: A comparison of different instruments and regulatory regimes," Working Papers 15/2017, Stellenbosch University, Department of Economics.
  42. Hardy, Bryan, 2023. "Foreign currency borrowing, balance sheet shocks, and real outcomes," Journal of International Money and Finance, Elsevier, vol. 139(C).
  43. Forbes, Kristin & Friedrich, Christian & Reinhardt, Dennis, 2023. "Stress relief? Funding structures and resilience to the covid shock," Journal of Monetary Economics, Elsevier, vol. 137(C), pages 47-81.
  44. Juan M. Hernandez & Enrique G. Mendoza, 2017. "Optimal v. simple financial policy rules in a production economy with “liability dollarization," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 35(82), pages 25-39, April.
  45. Banti, Chiara & Bose, Udichibarna, 2024. "Shifts in global credit and corporate access to finance," Journal of Financial Stability, Elsevier, vol. 74(C).
  46. Hiro Ito & Cesar M. Rodriguez, 2020. "Clamoring for greenbacks: Explaining the resurgence of the U.S. dollar in international debt," International Finance, Wiley Blackwell, vol. 23(3), pages 370-391, December.
  47. Alfaro, Laura & Asis, Gonzalo & Chari, Anusha & Panizza, Ugo, 2019. "Corporate debt, firm size and financial fragility in emerging markets," Journal of International Economics, Elsevier, vol. 118(C), pages 1-19.
  48. Stijn Claessens & Giulio Cornelli & Leonardo Gambacorta & Francesco Manaresi & Yasushi Shiinad, 2023. "Do Macroprudential Policies Affect Non-bank Financial Intermediation?," International Journal of Central Banking, International Journal of Central Banking, vol. 19(5), pages 185-236, December.
  49. Nady Rapelanoro, 2016. "Spillover effects of global liquiditys expansion on emerging countries: evidences from a Panel VAR approach," EconomiX Working Papers 2016-17, University of Paris Nanterre, EconomiX.
  50. Nady Rapelanoro, 2016. "Spillover effects of global liquidity’s expansion on emerging countries: evidences from a Panel VAR approach," Working Papers hal-04141593, HAL.
  51. Agnello, Luca & Castro, Vítor & Sousa, Ricardo M., 2022. "On the international co-movement of natural interest rates," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
  52. Ge, Futing & Zhang, Weiguo, 2022. "The determinants of cross-border bond risk premia," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
  53. Villalvazo, Sergio, 2024. "FDI flows and sudden stops in small open economies," Journal of Macroeconomics, Elsevier, vol. 79(C).
  54. Asis, Gonzalo & Chari, Anusha & Haas, Adam, 2021. "In search of distress risk in emerging markets," Journal of International Economics, Elsevier, vol. 131(C).
  55. Javier Bianchi & Enrique G. Mendoza, 2015. "Phases of Global Liquidity, Fundamentals News, and the Design of Macroprudential Policy," BIS Working Papers 505, Bank for International Settlements.
  56. De Gregorio, José & Jara, Mauricio, 2024. "The boom of corporate debt in emerging markets: Carry trade or save to invest?," Journal of International Economics, Elsevier, vol. 148(C).
  57. An, Hui & Wang, Hao & Delpachitra, Sarath & Cottrell, Simon & Yu, Xiao, 2022. "Early warning system for risk of external liquidity shock in BRICS countries," Emerging Markets Review, Elsevier, vol. 51(PA).
  58. Cheng, Jiameng & Dai, Yanke, 2020. "Is bitcoin a channel of capital inflow? Evidence from carry trade activity," International Review of Economics & Finance, Elsevier, vol. 66(C), pages 261-278.
  59. Eduardo Borensztein & Lei Sandy Ye, 2021. "Corporate debt overhang and investment in emerging economies: Firm‐level evidence," International Finance, Wiley Blackwell, vol. 24(1), pages 18-39, April.
  60. Lo Duca, Marco & Nicoletti, Giulio & Vidal Martínez, Ariadna, 2016. "Global corporate bond issuance: What role for US quantitative easing?," Journal of International Money and Finance, Elsevier, vol. 60(C), pages 114-150.
  61. Cerutti, Eugenio & Hong, Gee Hee, 2021. "Substitution patterns in capital inflows: Evidence from disaggregated capital flow data," Journal of International Money and Finance, Elsevier, vol. 112(C).
  62. Garbers, Chris & Liu, Guangling, 2018. "Macroprudential policy and foreign interest rate shocks: A comparison of loan-to-value and capital requirements," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 683-698.
  63. Abraham, Facundo & Cortina, Juan J. & Schmukler, Sergio L., 2021. "The rise of domestic capital markets for corporate financing: Lessons from East Asia," Journal of Banking & Finance, Elsevier, vol. 122(C).
  64. Enrique G. Mendoza, 2017. "Política macroprudencial: promesas y desafíos," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 20(2), pages 042-088, August.
  65. Borio, Claudio, 2016. "On the centrality of the current account in international economics," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 266-274.
  66. Chang, Roberto & Fernández, Andrés & Gulan, Adam, 2017. "Bond finance, bank credit, and aggregate fluctuations in an open economy," Journal of Monetary Economics, Elsevier, vol. 85(C), pages 90-109.
  67. repec:zbw:bofitp:2016_008 is not listed on IDEAS
  68. Shu, Chang & He, Dong & Dong, Jinyue & Wang, Honglin, 2018. "Regional pull vs global push factors: China and US influence on Asian financial markets," Journal of International Money and Finance, Elsevier, vol. 87(C), pages 112-132.
  69. Ivan, Miruna-Daniela & Banti, Chiara & Kellard, Neil, 2022. "Prime money market funds regulation, global liquidity, and the crude oil market," Journal of International Money and Finance, Elsevier, vol. 127(C).
  70. Kadırgan, Can, 2023. "Exchange rate driven balance sheet effect and capital flows to emerging market economies," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 35-45.
  71. repec:bdr:ensayo:v:35:y:2017:i:82:p:1-15 is not listed on IDEAS
  72. RAPELANORO, Nady, 2017. "Global excess liquidity spillovers and monetary policy in emerging economies," MPRA Paper 121006, University Library of Munich, Germany.
  73. Avdjiev, Stefan & Binder, Stephan & Sousa, Ricardo, 2021. "External debt composition and domestic credit cycles," Journal of International Money and Finance, Elsevier, vol. 115(C).
  74. Kim, Soyoung & Shin, Hyun Song, 2021. "Offshore EME bond issuance and the transmission channels of global liquidity," Journal of International Money and Finance, Elsevier, vol. 112(C).
  75. Zheng, Huanhuan, 2023. "Original sin redux and deviations from covered interest parity," Journal of International Money and Finance, Elsevier, vol. 139(C).
  76. Chris Garbers & Guangling Liu, 2017. "Flow specific capital controls for emerging markets," Working Papers 12/2017, Stellenbosch University, Department of Economics.
  77. Choi, Woo Jin, 2020. "Effects of US Monetary Policy on Gross Capital Flows: Cases in Korea," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 42(4), pages 59-90.
  78. Christensen, Jens H.E. & Fischer, Eric & Shultz, Patrick J., 2021. "Bond flows and liquidity: Do foreigners matter?," Journal of International Money and Finance, Elsevier, vol. 117(C).
  79. Timmer, Yannick, 2018. "Emerging market corporate bond yields and monetary policy," Emerging Markets Review, Elsevier, vol. 36(C), pages 130-143.
  80. Hasler, Nicole, 2016. "US International Equity Investment and Economic Fundamentals," VfS Annual Conference 2016 (Augsburg): Demographic Change 145840, Verein für Socialpolitik / German Economic Association.
  81. Caballero, Julián & Fernández, Andrés, 2017. "On corporate borrowing, credit spreads and economic activity in emerging economies: An empirical investigation," Bank of Finland Research Discussion Papers 31/2017, Bank of Finland.
  82. Feyen,Erik H.B. & Ghosh,Swati R. & Kibuuka,Katie & Farazi,Subika, 2015. "Global liquidity and external bond issuance in emerging markets and developing economies," Policy Research Working Paper Series 7363, The World Bank.
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