Minsuk Kim's Books

The New Normal

A Sector-level Perspective on Productivity Trends in Advanced Economies

By: Ms.Era Dabla-Norris,Mr.Si Guo,Mr.Vikram Haksar,Minsuk Kim,Ms.Kalpana Kochhar,Kevin Wiseman,Aleksandra Zdzienicka

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The New Normal

A Sector-level Perspective on Productivity Trends in Advanced Economies

By: Ms.Era Dabla-Norris,Mr.Si Guo,Mr.Vikram Haksar,Minsuk Kim,Ms.Kalpana Kochhar,Kevin Wiseman,Aleksandra Zdzienicka

Total factor productivity growth was stagnant or slowing in many advanced countries even prior to the crisis. This paper documents sector-level productivity patterns across advanced economies prior to the crisis and examines the role of product and labor market rigidities as well as innovation and investments in information technology and human capital in driving productivity differences across sectors and countries. Since productivity payoffs of reforms evolve over time, we also focus on large changes in the structural indicators examine their dynamic impact on productivity, employment, and output. Our results suggest that reform priorities depend on country-specific settings, including the scale of specific policy distortions and the distance from the technology frontier. Productivity gains from reforms are large and materialize predominantly in the medium term, with some important variations across industries and countries.

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International Monetary Fund

Published Date

ISBN 10

1498345719

ISBN 13

9781498345712

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence

By: Minsuk Kim

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Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence

By: Minsuk Kim

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.

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International Monetary Fund

Published Date

ISBN 10

1513511149

ISBN 13

9781513511146

Private Sector Deleveraging and Growth Following Busts

By: Ms.Sally Chen,Minsuk Kim,Marijn Otte,Kevin Wiseman,Aleksandra Zdzienicka

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Private Sector Deleveraging and Growth Following Busts

By: Ms.Sally Chen,Minsuk Kim,Marijn Otte,Kevin Wiseman,Aleksandra Zdzienicka

Balance sheet recessions have been a drag on activity after the Global Financial Crisis, underscoring the important role of balance sheet adjustment for resuming sustained growth. In this paper we examine private sector deleveraging experiences across 36 advanced and emerging economies countries since 1960. We consider the common features and divergent experiences of deleveraging episodes across countries, and analyze empirically the impact of different aspects of deleveraging during the bust phase of leverage cycles on subsequent medium-term growth. The results suggest that larger and quicker unwinding of non-financial sector debt overhangs is associated with sizable medium-term output gains, and that policies should focus on facilitating up-front balance sheet adjustment.

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International Monetary Fund

Published Date

ISBN 10

1498307922

ISBN 13

9781498307925

Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers

By: Mrs.Vanessa Le Lesle,Ms.Franziska Ohnsorge,Minsuk Kim,Srikant Seshadri

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Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers

By: Mrs.Vanessa Le Lesle,Ms.Franziska Ohnsorge,Minsuk Kim,Srikant Seshadri

There is much speculation regarding a “race for dominance” among financial centers in Asia, arising from the anticipated financial opening up of China. This frame of reference is, to an extent, a predilection that results from a traditional understanding of financial centers as possessing historical, geographic, and scale economy advantages. This paper, however, suggests that there is an alternative prism through which the evolution of financial centers in Asia needs to be viewed. It underscores the importance of “complementarity” rather than “dominance” to better serve regional and global financial stability. We posit that such complementarity is vital, through network analysis of the roles of Hong Kong SAR and Singapore as the current leading financial centers in the region. This analysis suggests that a competition for dominance can result in de-stabilizing levels of interconnectivity that render the global “network” as a whole more susceptible to rapid propagation of shocks. We then examine the regulatory and policy challenges that may be encountered in furthering such complementary coexistence.

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International Monetary Fund

Published Date

ISBN 10

149835713X

ISBN 13

9781498357135

The New Normal

A Sector-level Perspective on Productivity Trends in Advanced Economies

By: Ms.Era Dabla-Norris,Mr.Si Guo,Mr.Vikram Haksar,Minsuk Kim,Ms.Kalpana Kochhar,Kevin Wiseman,Aleksandra Zdzienicka

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The New Normal

A Sector-level Perspective on Productivity Trends in Advanced Economies

By: Ms.Era Dabla-Norris,Mr.Si Guo,Mr.Vikram Haksar,Minsuk Kim,Ms.Kalpana Kochhar,Kevin Wiseman,Aleksandra Zdzienicka

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Publisher

International Monetary Fund

Published Date

ISBN 10

1498345719

ISBN 13

9781498345712

Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers

By: Mrs.Vanessa Le Lesle,Ms.Franziska Ohnsorge,Minsuk Kim,Srikant Seshadri

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Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers

By: Mrs.Vanessa Le Lesle,Ms.Franziska Ohnsorge,Minsuk Kim,Srikant Seshadri

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International Monetary Fund

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ISBN 10

1498334466

ISBN 13

9781498334464

Private Sector Deleveraging and Growth Following Busts

By: Ms.Sally Chen,Minsuk Kim,Marijn Otte,Kevin Wiseman,Aleksandra Zdzienicka

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Private Sector Deleveraging and Growth Following Busts

By: Ms.Sally Chen,Minsuk Kim,Marijn Otte,Kevin Wiseman,Aleksandra Zdzienicka

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International Monetary Fund

Published Date

ISBN 10

1498333400

ISBN 13

9781498333405

Canada

Selected Issues

By: International Monetary Fund. Western Hemisphere Dept.

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Canada

Selected Issues

By: International Monetary Fund. Western Hemisphere Dept.

This Selected Issues paper assesses Canada’s post-crisis export performance of non-energy products using model-based benchmarks. Specifically, the analysis explores whether the pre-crisis relationship between Canada’s non-energy exports and their determinants still holds in the post-crisis period. At the aggregate level, Canada’s non-energy exports do not seem to have performed particularly poorly relative to the benchmark. Of the 23 non-energy products, five products outperformed their respective benchmarks both in growth and level terms, while seven products underperformed by the same measures. The statistical tests show that a total of 13 products had a structural break during the global financial crisis of 2007–2008. At the aggregate level, the time paths of non-energy exports’ elasticities confirm the increasing importance of US business investment. The findings at the product level reinforce those at the aggregate level, but also reveal some interesting differences between across products. A decomposition of Canada’s non-energy export growth based on the post-crisis elasticities confirms the significant contributions from US consumption and non-US demand.

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International Monetary Fund

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ISBN 10

1498385303

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9781498385305

Book's by Minsuk Kim

The New Normal

The New Normal

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence

Private Sector Deleveraging and Growth Following Busts

Private Sector Deleveraging and Growth Following Busts

Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers

Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers

The New Normal

The New Normal

Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers

Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers

Private Sector Deleveraging and Growth Following Busts

Private Sector Deleveraging and Growth Following Busts

Canada

Canada

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