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Author: Bo Jiang
Publisher: International Monetary Fund
ISBN: 1498314023
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
Using a new firm-level dataset with comprehensive information on Asian firms’ FX liabilities, we show that Asia’s nonfinancial corporate sector is vulnerable to a tightening of global financial conditions. Higher global interest rates and exchange rate depreciation increase the probability of default of Asian firms. A 30 percent currency depreciation is associated with a two-notch downgrade in the corporate credit rating (e.g., from A to BBB+), resulting in 7 percent of Asian firms falling into bankruptcy. But the impact is nonlinear—as the firms’ FX liability increases, the balance sheet channel of exchange rate offsets, then dominates, the competitiveness channel. The balance sheet channel offsets the competitiveness channel when the share of U.S. dollar debt is between 10 and 20 percent. We also find that currency depreciation increases firm-level investment on average, but for firms with the share of FX liabilities above 20 percent, investment contracts with depreciation.
Author: Bo Jiang
Publisher: International Monetary Fund
ISBN: 1498314023
Category : Business & Economics
Languages : en
Pages : 47
Get Book Here
Book Description
Using a new firm-level dataset with comprehensive information on Asian firms’ FX liabilities, we show that Asia’s nonfinancial corporate sector is vulnerable to a tightening of global financial conditions. Higher global interest rates and exchange rate depreciation increase the probability of default of Asian firms. A 30 percent currency depreciation is associated with a two-notch downgrade in the corporate credit rating (e.g., from A to BBB+), resulting in 7 percent of Asian firms falling into bankruptcy. But the impact is nonlinear—as the firms’ FX liability increases, the balance sheet channel of exchange rate offsets, then dominates, the competitiveness channel. The balance sheet channel offsets the competitiveness channel when the share of U.S. dollar debt is between 10 and 20 percent. We also find that currency depreciation increases firm-level investment on average, but for firms with the share of FX liabilities above 20 percent, investment contracts with depreciation.
Author: Bo Jiang
Publisher: International Monetary Fund
ISBN: 1498311504
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
Using a new firm-level dataset with comprehensive information on Asian firms’ FX liabilities, we show that Asia’s nonfinancial corporate sector is vulnerable to a tightening of global financial conditions. Higher global interest rates and exchange rate depreciation increase the probability of default of Asian firms. A 30 percent currency depreciation is associated with a two-notch downgrade in the corporate credit rating (e.g., from A to BBB+), resulting in 7 percent of Asian firms falling into bankruptcy. But the impact is nonlinear—as the firms’ FX liability increases, the balance sheet channel of exchange rate offsets, then dominates, the competitiveness channel. The balance sheet channel offsets the competitiveness channel when the share of U.S. dollar debt is between 10 and 20 percent. We also find that currency depreciation increases firm-level investment on average, but for firms with the share of FX liabilities above 20 percent, investment contracts with depreciation.
Author: Mr.Harald Finger
Publisher: International Monetary Fund
ISBN: 1513512331
Category : Business & Economics
Languages : en
Pages : 76
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Book Description
This paper looks empirically at some economic effects of volatile exchange rates and financial conditions and examines policy responses for managing such volatility. It also sheds light on some economic costs that stem from volatile capital flows and exchange rates and analyzes how countries deploy their policy toolkits in response. The data-driven analysis should contribute to ongoing reflections about how to manage volatile capital flows and exchange rates both in Asian EMEs and more broadly.
Author: Minsuk Kim
Publisher: International Monetary Fund
ISBN: 1513511149
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
This paper examines how financial development influences the debt dollarization of nonfinancial firms in a sample of emerging market economies (EMEs). The macroeconomic channels are identified from an optimal portfolio allocation model and assessed empirically using the accounting information of nonfinancial firms from 21 EMEs during 2009–2017. The results show that financial development, measured by the private credit-to-GDP ratio, mainly reduces the influence of exchange rate volatility in determining a firm's debt currency composition, among other channels. Furthermore, the effect of exchange rate volatility becomes statistically insignificant beyond an estimated threshold credit-to-GDP ratio of 100 percent.
Author: GASTON. SAHAY GELOS (RATNA.)
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 2040
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Book Description
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1589068408
Category : Business & Economics
Languages : en
Pages : 98
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Book Description
Asia has been hard hit by the global financial crisis. Despite strong fundamentals, its pervasive linkages to the rest of the world have exposed it to the collapse of demand and credit in advanced countries. Exports and industrial production have fallen sharply, capital has started to flow out of the region, and leading indicators suggest further weakness ahead. Against this background, the May 2009 APD REO will discuss the latest developments in Asia, examine the prospects for the period ahead, and consider the policy steps needed to revive economic activity and restore corporate and financial sector health.
Author: National Intelligence Council
Publisher: Cosimo Reports
ISBN: 9781646794973
Category :
Languages : en
Pages : 158
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Book Description
"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Author: World Bank Group
Publisher: World Bank Publications
ISBN: 1464813248
Category : Business & Economics
Languages : en
Pages : 345
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Book Description
Global growth has eased but remains robust and is projected to reach 3.1 percent in 2018. It is expected to edge down in the next two years, to 2.9 percent by 2020, as global slack dissipates, trade and investment moderate, and financing conditions tighten. Growth in advanced economies is predicted to decelerate toward potential rates as monetary policy normalizes and the effects of U.S. fiscal stimulus wane. In emerging market and developing economies (EMDEs), growth in commodity importers will remain robust, while the rebound in commodity exporters is projected to mature during the next two years. Progress in per capita income growth will be uneven, however, remaining particularly subdued in Sub-Saharan Africa. Risks to the outlook remain tilted to the downside. The possibilities of escalating trade protectionism and disorderly financial market movements have increased substantially in recent months, and the risk of heightened geopolitical tensions continues to cloud the outlook. EMDE policymakers need to rebuild monetary and fiscal policy buffers and be prepared for rising global interest rates and possible episodes of financial market turbulence. In the longer run, EMDEs need to tackle ongoing structural challenges and boost potential growth, by promoting competitiveness, adaptability to technological change, and trade openness. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing countries, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.
Author: Azizul Hassan
Publisher: Springer Nature
ISBN: 9811654611
Category : Business & Economics
Languages : en
Pages : 489
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Book Description
This book very specifically focuses on technology application in tourism in Asia. The book contains twenty-seven chapters in four sections (i.e., theories, innovations, practices, and future research directions), based on the intriguing qualities and importance of technology applications in the Asian tourism business. This book, a blend of comprehensive and extensive efforts by the contributors and editor, is designed to extensively cover technology applications in tourism in Asia, including distinct topics such as mobile computing, new product designs, innovative technology usages in tourism promotion, technology-driven sustainable tourism development, location-based apps, mobility, accessibility, the post crisis situation of COVID-19, etc. This book is a significant contribution towards the very limited knowledge of technology applications in tourism, with selected examples of Asian countries. The importance of technology in Asian tourism is rapidly increasing, and has led to a rise in luxury, allowing citizens to enjoy leisure travel over both long and short distances. The rise of low-cost airlines and the region’s growing, affluent middle class have changed the tourism environment dramatically. More tourists are booking their holidays online as a result of technological advancements. Online travel is the most important and well-established aspect of Asia's Internet economy. Considering the ongoing trend of technology applications in the tourism industry in Asia, more research attempts like this book need to be made aiming towards exploring diverse aspects. As tourism is an expanding area, this book can serve as a reading companion for tourism students, policy planners and industry professionals. This book is expected to be appreciated by expatriate researchers and researchers having a keen interest in the Asian tourism industry.
Author: Ronald C. Brown
Publisher: Cambridge University Press
ISBN: 1107379482
Category : Law
Languages : en
Pages : 571
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Book Description
This book deals with international labor and employment law in the East Asia Region (EA), particularly dealing with China, South Korea and Japan. It explores and explains the effects of globalization and discusses the role played by international labor law as it affects lawyers, business, labor, labor unions and human resource management, and the labor issues that can arise in dealing in EA trade and investment. The text, and the readings (from area experts), are organized and written to provide the reader with, first, a broad understanding and insight into the global dimensions of the fast-emerging area of labor and employment issues (e.g., global legal standards and their interplay with domestic and foreign laws); and second, to show how these laws and approaches play out in specific EA countries (comparing global approaches with the specific laws of each country on four common agenda items: regulatory administration, workers' rights, trade unions and dispute resolution).
