MissDulani Seneviratne's Books

Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

By: Mr.Fei Han,MissDulani Seneviratne

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Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

By: Mr.Fei Han,MissDulani Seneviratne

Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central bank’s holdings of certain securities leads to a scarcity of those securities and hence higher search costs in the market. Using security-level data from the Japanese government bond (JGB) market, this paper finds evidence of the scarcity (flow) effects of the Bank of Japan (BOJ)’s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity effects could dominate other effects when the share of the BOJ’s holdings exceeds certain thresholds, suggesting that the flow effects may also depend on the stock.

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International Monetary Fund

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ISBN 10

1484355342

ISBN 13

9781484355343

China and Asia in Global Trade Slowdown

By: Gee Hee Hong,Mr.Jaewoo Lee,Wei Liao,MissDulani Seneviratne

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China and Asia in Global Trade Slowdown

By: Gee Hee Hong,Mr.Jaewoo Lee,Wei Liao,MissDulani Seneviratne

Asia and China made disproportionate contributions to the slowdown of global trade growth in 2015. China’s import growth slowed starkly, driven by both external and domestic factors, including a rebalancing of demand. Econometric results point to weak investment and rebalancing as the main causes of the import slowdown. Spillover effects from China’s rebalancing are estimated for some 60 countries using value-added trade data, and are found to be more negative on Asia and commodity exporters than others.

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International Monetary Fund

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ISBN 10

1475526601

ISBN 13

9781475526608

Global Banks’ Dollar Funding: A Source of Financial Vulnerability

By: Mr.Adolfo Barajas,Andrea Deghi,Claudio Raddatz,MissDulani Seneviratne,Peichu Xie,Yizhi Xu

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Global Banks’ Dollar Funding: A Source of Financial Vulnerability

By: Mr.Adolfo Barajas,Andrea Deghi,Claudio Raddatz,MissDulani Seneviratne,Peichu Xie,Yizhi Xu

Leading up to the global financial crisis, US dollar activity by global banks headquartered outside the United States played a crucial role in transmitting shocks originating in funding markets. Although post-crisis regulation has improved banking systems’ resilience, US dollar funding remains a global vulnerability, as evidenced by strains that reemerged in March 2020 in the midst of the COVID-19 crisis. We show that shocks to US dollar funding costs lead to financial stress in the home economies of these global non-US banks, and to spillovers to borrowers, especially emerging economies. US dollar funding vulnerability amplifies these negative effects, while some policy-related factors act as mitigators, such as swap line arrangements between central banks and international reserve holdings. Thus, these vulnerabilities should be monitored and, to the extent possible, controlled.

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International Monetary Fund

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ISBN 10

1513549146

ISBN 13

9781513549149

Monetary Policy Transmission in Emerging Asia

The Role of Banks and the Effects of Financial Globalization

By: Nasha Ananchotikul,MissDulani Seneviratne

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Monetary Policy Transmission in Emerging Asia

The Role of Banks and the Effects of Financial Globalization

By: Nasha Ananchotikul,MissDulani Seneviratne

Given the heavy reliance on bank lending as the main source of financing in most Asian economies, banks could potentially play a pivotal role in monetary policy transmission. However, we find that Asia’s bank lending channel or, more broadly, credit channel of domestic monetary policy is not very strong at the aggregate level. Using bank-level data for nine Asian economies during 2000–2013, we show that heterogeneity of bank characteristics (e.g., ownership type, financial position), degree of foreign bank penetration of the domestic banking sector, and global financial conditions all have a bearing on the response of domestic credit to changes in domestic monetary policy, and may account for the apparently weak credit channel at aggregate level.

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International Monetary Fund

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ISBN 10

1513506005

ISBN 13

9781513506005

China’s Growing Influence on Asian Financial Markets

By: Mr.Serkan Arslanalp,Wei Liao,Shi Piao,MissDulani Seneviratne

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China’s Growing Influence on Asian Financial Markets

By: Mr.Serkan Arslanalp,Wei Liao,Shi Piao,MissDulani Seneviratne

This paper finds that financial spillovers from China to regional markets are on the rise. The main transmission channel appears to be trade linkages, although direct financial linkages are playing an increasing role. Without an impact on global risk premiums, China’s influence on regional markets is not yet to the level of the United States, but comparable to that of Japan. If China-related shocks are coupled with a rise in global risk premiums, as in August 2015 and January 2016, spillovers to the region could be significantly larger. Over the medium term, China’s financial spillovers could rise further with tighter financial linkages with the region, including through the ongoing internationalization of the renminbi and China’s capital account liberalization.

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International Monetary Fund

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ISBN 10

1475529201

ISBN 13

9781475529203

Can Countries Manage Their Financial Conditions Amid Globalization?

By: Mr.Nicolas Arregui,Selim Elekdag,Mr.R. G Gelos,Romain Lafarguette,MissDulani Seneviratne

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Can Countries Manage Their Financial Conditions Amid Globalization?

By: Mr.Nicolas Arregui,Selim Elekdag,Mr.R. G Gelos,Romain Lafarguette,MissDulani Seneviratne

This paper examines the evolving importance of common global components underlying domestic financial conditions. It develops financial conditions indices (FCIs) that make it possible to compare a large set of advanced and emerging market economies. It finds that a common component, “global financial conditions,” accounts for about 20 percent to 40 percent of the variation in countries’ domestic FCIs, with notable heterogeneity across countries. Its importance, however, does not seem to have increased markedly over the past two decades. Global financial conditions loom large, but evidence suggests that, on average, countries still appear to hold considerable sway over their own financial conditions—specifically, through monetary policy. Nevertheless, the rapid speed at which foreign shocks affect domestic financial conditions may also make it difficult to react in a timely and effective manner, if deemed necessary.

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International Monetary Fund

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ISBN 10

1484339053

ISBN 13

9781484339053

Trade Integration and Business Cycle Synchronization

A Reappraisal with Focus on Asia

By: Mr.Romain A Duval,Mr.Kevin C. Cheng,Kum Hwa Oh,Richa Saraf,MissDulani Seneviratne

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Trade Integration and Business Cycle Synchronization

A Reappraisal with Focus on Asia

By: Mr.Romain A Duval,Mr.Kevin C. Cheng,Kum Hwa Oh,Richa Saraf,MissDulani Seneviratne

This paper reexamines the relationship between trade integration and business cycle synchronization (BCS) using new value-added trade data for 63 advanced and emerging economies during 1995–2012. In a panel framework, we identify a strong positive impact of trade intensity on BCS—conditional on various controls, global common shocks and country-pair heterogeneity—that is absent when gross trade data are used. That effect is bigger in crisis times, pointing to trade as an important crisis propagation mechanism. Bilateral intra-industry trade and trade specialization correlation also appear to increase co-movement, indicating that not only the intensity but also the type of trade matters. Finally, we show that dependence on Chinese final demand in value-added terms amplifies the international spillovers and synchronizing impact of growth shocks in China.

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International Monetary Fund

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ISBN 10

1475523599

ISBN 13

9781475523591

Infrastructure and Income Distribution in ASEAN-5

What are the Links?

By: MissDulani Seneviratne,Mr.Yan Sun

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Infrastructure and Income Distribution in ASEAN-5

What are the Links?

By: MissDulani Seneviratne,Mr.Yan Sun

Adequate infrastructure has long been viewed as an important factor in economic development. Based on regressions covering 76 advanced and emerging market economies, this paper estimates the impact of infrastructure and investment on income distribution. It finds that better infrastructure, both quality and quantity, promotes income equality, while the link between investment and income distribution is weak.

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International Monetary Fund

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ISBN 10

1589068017

ISBN 13

9781589068018

House Price Synchronicity, Banking Integration, and Global Financial Conditions

By: Adrian Alter,Jane Dokko,MissDulani Seneviratne

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House Price Synchronicity, Banking Integration, and Global Financial Conditions

By: Adrian Alter,Jane Dokko,MissDulani Seneviratne

We examine the relationship between house price synchronicity and global financial conditions across 40 countries and about 70 cities over the past three decades. The role played by cross-border banking flows in residential property markets is examined as well. Looser global financial conditions are associated with greater house price synchronicity, even after controlling for bilateral financial integration. Moreover, we find that synchronicity across major cities may differ from that of their respective countries’, perhaps due to the influence of global investors on local house price dynamics. Policy choices such as macroprudential tools and exchange rate flexibility appear to be relevant for mitigating the sensitivity of domestic housing markets to the rest of the world.

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International Monetary Fund

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ISBN 10

1484385691

ISBN 13

9781484385692

Reaping the Benefits from Global Value Chains

By: Mr.Kevin C. Cheng,Sidra Rehman,MissDulani Seneviratne,Shiny Zhang

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Reaping the Benefits from Global Value Chains

By: Mr.Kevin C. Cheng,Sidra Rehman,MissDulani Seneviratne,Shiny Zhang

Against the backdrop of the rise of global value chains (GVCs), particularly in Asia, this paper documents key developments of GVCs and investigates what factors cause economies to reap greater benefits from GVC participation. Key findings include: first, moving toward a more upstream position in production and raising economic complexity are associated with the country increasing its share of GVC value added. Second, fostering GVC participation and expanding the share of the domestic value added in a value chain require efforts to reduce trade barriers, enhance infrastructure, foster human capital formation, support research and development, and improve institutions.

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International Monetary Fund

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ISBN 10

1513510436

ISBN 13

9781513510439

Asean Bond Market Development

Where Does it Stand? Where is it Going?

By: Mr.Shanaka J. Peiris,MissDulani Seneviratne,Mr.Mangal Goswami,Andreas Jobst,Mahmood Pradhan,Mr.Joshua Felman,Mr.Simon Gray

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Asean Bond Market Development

Where Does it Stand? Where is it Going?

By: Mr.Shanaka J. Peiris,MissDulani Seneviratne,Mr.Mangal Goswami,Andreas Jobst,Mahmood Pradhan,Mr.Joshua Felman,Mr.Simon Gray

Since the Asian crisis, ASEAN5 countries have expended considerable effort in trying to develop their domestic bond markets. Yet today these markets are not much larger, relative to GDP, than they were a decade before. How can we explain this? And does this mean that domestic markets have not, in fact, developed? The paper argues that bond market growth has been held back by a sharp fall in investment rates, which has left firms with little need for bond borrowing. Even so, markets have developed in other ways, to such an extent that substantial amounts of foreign portfolio investment have begun to flow into ASEAN5 bonds. These developments have important ramifications. With the investor base growing and infrastructure investment likely to rise, ASEAN5 bond markets could expand rapidly over the next decade, holding out the prospect that the region could finally achieve "twin engine" financial systems.

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International Monetary Fund

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ISBN 10

145526542X

ISBN 13

9781455265428

Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

By: Mr.Fei Han,MissDulani Seneviratne

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Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

By: Mr.Fei Han,MissDulani Seneviratne

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Publisher

International Monetary Fund

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ISBN 10

1484355342

ISBN 13

9781484355343

Book's by MissDulani Seneviratne

Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

China and Asia in Global Trade Slowdown

China and Asia in Global Trade Slowdown

Global Banks’ Dollar Funding: A Source of Financial Vulnerability

Global Banks’ Dollar Funding: A Source of Financial Vulnerability

Monetary Policy Transmission in Emerging Asia

Monetary Policy Transmission in Emerging Asia

China’s Growing Influence on Asian Financial Markets

China’s Growing Influence on Asian Financial Markets

Can Countries Manage Their Financial Conditions Amid Globalization?

Can Countries Manage Their Financial Conditions Amid Globalization?

Trade Integration and Business Cycle Synchronization

Trade Integration and Business Cycle Synchronization

Infrastructure and Income Distribution in ASEAN-5

Infrastructure and Income Distribution in ASEAN-5

House Price Synchronicity, Banking Integration, and Global Financial Conditions

House Price Synchronicity, Banking Integration, and Global Financial Conditions

Reaping the Benefits from Global Value Chains

Reaping the Benefits from Global Value Chains

Asean Bond Market Development

Asean Bond Market Development

Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

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