Nasha Ananchotikul's Books

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

151351623X

ISBN 13

9781513516233

Drivers of Financial Integration – Implications for Asia

By: Nasha Ananchotikul,Shi Piao,Ms.Edda Zoli

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Drivers of Financial Integration – Implications for Asia

By: Nasha Ananchotikul,Shi Piao,Ms.Edda Zoli

Deeper intraregional financial integration is prominent on Asian policymakers’ agenda. This paper takes stock of Asia’s progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims. Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informational frictions, continue to buttress trade integration and capital market development, remove restrictions to foreign flows and bank penetration, and promote a common regulatory framework.

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International Monetary Fund

Published Date

ISBN 10

1513532820

ISBN 13

9781513532820

Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets

By: Nasha Ananchotikul,Ms.Longmei Zhang

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Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets

By: Nasha Ananchotikul,Ms.Longmei Zhang

In recent years, portfolio flows to emerging markets have become increasingly large and volatile. Using weekly portfolio fund flows data, the paper finds that their short-run dynamics are driven mostly by global “push” factors. To what extent do these cross-border flows and global risk aversion drive asset volatility in emerging markets? We use a Dynamic Conditional Correlation (DCC) Multivariate GARCH framework to estimate the impact of portfolio flows and the VIX index on three asset prices, namely equity returns, bond yields and exchange rates, in 17 emerging economies. The analysis shows that global risk aversion has a significant impact on the volatility of asset prices, while the magnitude of that impact correlates with country characteristics, including financial openness, the exchange rate regime, as well as macroeconomic fundamentals such as inflation and the current account balance. In line with earlier literature, portfolio flows to emerging markets are also found to affect the level of asset prices, as was the case in particular during the global financial crisis.

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International Monetary Fund

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ISBN 10

1498340229

ISBN 13

9781498340229

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

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International Monetary Fund

Published Date

ISBN 10

1513506005

ISBN 13

9781513506005

Drivers of Financial Integration – Implications for Asia

By: Nasha Ananchotikul,Shi Piao,Ms.Edda Zoli

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Drivers of Financial Integration – Implications for Asia

By: Nasha Ananchotikul,Shi Piao,Ms.Edda Zoli

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International Monetary Fund

Published Date

ISBN 10

1513554816

ISBN 13

9781513554815

Drivers of Financial Integration

Implications for Asia

By: Nasha Ananchotikul,Shi Piao,Edda Zoli

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Drivers of Financial Integration

Implications for Asia

By: Nasha Ananchotikul,Shi Piao,Edda Zoli

Deeper intraregional financial integration is prominent on Asian policymakers' agenda. This paper takes stock of Asia's progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims. Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informatio.

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ISBN 10

1513516493

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9781513516493

Book's by Nasha Ananchotikul

Monetary Policy Transmission in Emerging Asia

Monetary Policy Transmission in Emerging Asia

Drivers of Financial Integration – Implications for Asia

Drivers of Financial Integration – Implications for Asia

Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets

Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets

Monetary Policy Transmission in Emerging Asia

Monetary Policy Transmission in Emerging Asia

Drivers of Financial Integration – Implications for Asia

Drivers of Financial Integration – Implications for Asia

Drivers of Financial Integration

Drivers of Financial Integration

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