The Rising Resilience of Emerging Market and Developing Economies

2012 ◽  
Author(s):  
Abdul G. Abiad ◽  
John C. Bluedorn ◽  
Jaime Guajardo ◽  
Petia B. Topalova
Keyword(s):  
Developing Economies ◽  
Emerging Market

scholarly journals Guidance Note For Developing Government Local Currency Bond Markets

2021 ◽  
Vol 21 (001) ◽  
Author(s):  
◽  
Keyword(s):  
Technical Assistance ◽  
Developing Economies ◽  
Emerging Market ◽  
World Bank Group ◽  
Bond Markets ◽  
Sector Reform ◽  
Local Currency ◽  
Guidance Note ◽  
Financial Sector Reform ◽  
Bank Group

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

The future of national economies with developing economies markets

2020 ◽  
pp. 54-60
Author(s):  
A. Martynov
Keyword(s):  
Developing Economies ◽  
Emerging Market ◽  
Emerging Market Economies ◽  
Market Economies ◽  
The Future ◽  
Relevant Topic ◽  
National Economies

The article is devoted to the increasingly relevant topic of further approval of emerging market economies (EME). The author substantiates the position that there is a fundamental similarity between the national economies of the former socialist countries, which are now appropriately called postsocialist, and an impressive number of postdeveloping countries. Special attention is focused on an unexplored issue concerning the consequences of the expected nearfuture unprecedented technological and resource changes in relation to EME.

A Decade After the 2009 Global Recession: Macroeconomic Developments

2021 ◽  
pp. 2150011
Author(s):  
Wee Chian Koh ◽  
Shu Yu
Keyword(s):  
Low Income ◽  
Developing Economies ◽  
Emerging Market ◽  
Bank Lending ◽  
Low Income Countries ◽  
Short Term ◽  
Fiscal Stimulus ◽  
Cross Border ◽  
Global Recession ◽  
The Impact

Emerging market and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals — such as large foreign exchange reserves, sound fiscal positions, and low inflation — suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows — such as portfolio investment and cross-border bank lending — fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns.

What Does Digital Money Mean for Emerging Market and Developing Economies?

2021 ◽  
pp. 217-241
Author(s):  
Erik Feyen ◽  
Jon Frost ◽  
Harish Natarajan ◽  
Tara Rice
Keyword(s):  
Developing Economies ◽  
Emerging Market ◽  
Digital Money

The Rising Resilience of Emerging Market and Developing Economies

2012 ◽  
Vol 12 (300) ◽  
pp. 1 ◽  
Author(s):  
Abdul Abiad ◽  
John C Bluedorn ◽  
Jaime Guajardo ◽  
Petia Topalova ◽  
◽  
...  
Keyword(s):  
Developing Economies ◽  
Emerging Market

Statement by the Managing Director to the International Monetary and Financial Committee on the Global Economy and Financial Markets

Policy Papers ◽  
2011 ◽  
Vol 2011 (28) ◽  
Author(s):  
Keyword(s):  
Financial Markets ◽  
Global Economy ◽  
Developing Economies ◽  
Emerging Market ◽  
Balance Sheets ◽  
Fiscal Adjustment ◽  
Advanced Economies ◽  
Global Demand ◽  
Private Demand ◽  
Major Progress

The recovery is solidifying. However, old policy challenges still need to be fully addressed and new challenges are arising, especially on account of rising commodities prices. In many advanced economies the handoff from public to private demand is proceeding. But unemployment remains high and weak public balance sheets and still vulnerable financial sectors mean that the recovery is subject to downside risks. In many emerging market economies, overheating and financial imbalances present growing policy concerns. Monetary policy should stay accommodative in advanced economies, but needs further tightening in a number of emerging and developing economies to rein in inflationary pressure and rapid credit growth. Additionally, in emerging surplus economies, real exchange rate appreciation is needed to help contain inflation and support global demand rebalancing. In most economies, the time has come to begin fiscal adjustment by implementing measures to steadily reduce debt ratios toward more prudent levels. Moreover, financial sector repair and reform need to accelerate. Absent major progress on all these fronts, the recovery will remain vulnerable and job creation will continue to fall short of requirements in many parts of the world.

ECB's QE will buoy EM bond markets

2015 ◽  
Keyword(s):  
Interest Rates ◽  
Developing Economies ◽  
Emerging Market ◽  
Investor Sentiment ◽  
Central Banks ◽  
Capital Inflows ◽  
Bond Markets ◽  
Quantitative Easing ◽  
Content Type ◽  
Large Current

Subject Opposite forces are shaping investor sentiment towards EM assets. Significance Investor sentiment towards emerging market (EM) assets is being shaped by the conflicting forces of a strong dollar and the launch of a sovereign quantitative easing (QE) programme by the ECB. While the latter is likely to encourage investment into higher-yielding assets, such as EM debt, the former will keep the currencies of developing economies under strain, particularly those most sensitive to a rise in US interest rates due to heavier reliance on capital inflows to finance large current account deficits, such as Turkey and South Africa. Impacts EM bonds will benefit from ECB-related inflows, while the strength of the dollar will keep local currencies under strain. Higher-yielding EMs will benefit the most from the ECB's bond-buying scheme since they provide the greatest scope for 'carry trades'. The collapse in oil prices is forcing EM central banks to turn increasingly dovish, putting further strain on local currencies.

scholarly journals Financial structure and the development of domestic bond markets in emerging economies

2018 ◽  
Vol 21 (1) ◽  
pp. 86-112 ◽  
Author(s):  
Iain Hardie ◽  
Lena Rethel
Keyword(s):  
Emerging Economies ◽  
Developing Economies ◽  
Emerging Market ◽  
Secondary Data ◽  
Corporate Bond ◽  
Market Development ◽  
Bond Markets ◽  
The North ◽  
Domestic Debt ◽  
First Time

AbstractIn the period from the 1990s emerging market financial crises until the North Atlantic financial crisis of 2008, the development of domestic bond markets in developing economies was a prominent agenda item in international financial reform circles. The crises of the 1990s drew attention to the vulnerabilities generated by frequently occurring double mismatches of currency denominations and maturities in the borrowing of emerging economies. This led to a series of reform efforts targeted at both increasing liquidity and the range of borrowers in domestic bond markets. In the aggregate, these efforts were successful: For emerging market economies as a whole, domestic debt now exceeds international debt. Moreover, domestic corporate bond markets have emerged in many countries, often for the first time. However, the nature of market development has been far from uniform, and often has not been in line with government aims. In this paper, we examine the interplay of government and business actors in market development. Drawing on 155 interviews with policy and market actors as well as secondary data, we show that the main explanation of variation in market development lies in the pre-existing structure of financial markets, conceptualized as a heterogeneous set of interest/influence constellations.

scholarly journals IMF Managing Director's Statement to the Development Committee, April 2020

Policy Papers ◽  
2020 ◽  
Vol 20 (023) ◽  
Author(s):  
Keyword(s):  
Developing Economies ◽  
Emerging Market ◽  
Health Spending ◽  
External Financing ◽  
Export Prices ◽  
Administrative Capacity ◽  
Investment Capital ◽  
Capital Outflows ◽  
Development Committee ◽  
Speed Of Propagation

The global coronavirus outbreak is a crisis like no other and poses daunting challenges for policymakers in many emerging market and developing economies (EMDEs), especially where the pandemic encounters weak public health systems, capacity constraints, and limited policy space to mitigate the outbreak’s repercussions. A severe economic impact in the first half of 2020 is inevitable. Medium-term projections are clouded by uncertainty regarding the pandemic’s magnitude and speed of propagation, as well as the longer-term impact of measures to contain the outbreak, such as travel bans and social distancing. However, most EMDEs are already suffering from disruptions to global value chains, lower foreign direct investment, capital outflows, tighter financing conditions, lower tourism and remittances receipts, and price pressures for some critical imports such as foods and medicines. Commodity exporters have to absorb, in addition, a sharp decline in export prices, notably for oil. Further, in most countries, the coronavirus outbreak is producing unanticipated health spending needs and revenue losses as activity slows. Coping with these challenges is especially difficult for countries with limited administrative capacity, tight external financing constraints and/or already high debt levels, and thus requires substantial support from the international community.

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