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IMF Working Paper-Inflation Co-Movement in Emerging and Developing Asia: The Monsoon Effect
July 11, 2019--Summary:
Co-movement (synchronicity) in inflation rates among a set of 13 emerging and developing countries in Asia is shown to be strongest for the food component, partly due to common rainfall shocks—a result which the paper terms the 'monsoon effect'. Economies with higher trade integration and co-movement in nominal effective exchange rates also experience greater food-inflation co-movement.
By contrast, cross-country co-movement in core inflation is weak and the aforementioned determinants have little explanatory power. suggesting a prominent role for idiosyncratic domestic factors in driving core inflation. In the context of the growing literature on the globalization of inflation. these results suggest that common weather patterns are partly responsible for any role played by a so-called ‘global factor’ among inflation rates in emerging and developing economies. in Asia at least.
view the IMF Working Paper-Inflation Co-Movement in Emerging and Developing Asia: The Monsoon Effect
Source: IMF
BetaShares launches Australian Government Bond ETF
July 10, 2019--BetaShares pleased to announce the latest addition to our market-leading cash and fixed income product suite, the BetaShares Australian Government Bond ETF (ASX: AGVT).
AGVT aims to track the performance of an index that provides exposure to a portfolio of high quality, income-producing bonds issued primarily by Australian federal and state governments, and with a component issued by supranationals, sovereign agencies and similar organisations
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Source: BetaShares
Taiwan Is Home to the World's Fastest-Growing ETF Market
July 10, 2019--Assets invested in the funds have increased 67% to $41 billion
Cash-rich insurers, global bond rally helped spur expansion
A surge in bond-buying from life insurers has made Taiwan's exchange-traded fund market the fastest-growing in the world.
Taiwan's insurers are snapping up ETFs domiciled locally, but comprised mostly of U.S. corporate bonds, as they seek to offset lower yields on other investments.
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Source: Bloomberg
Thailand's Growth Moderates as Global Risks Intensify
July 8, 2019--Thailand's economic growth began to moderate in early 2019 in the context of weaker global growth. The country's growth rate is projected to fall from 4.1 percent in 2018 to 3.5 percent in 2019, according to the World Bank's Thailand Economic Monitor, released today.
Exports contracted by 4 percent in the first quarter of 2019-the first quarterly contraction in three years. Private investment and household consumption continued to grow close to their three-year high, helped by low inflation, increasing employment and rising recurrent fiscal spending.
view the World Bank Thailand Economic Monitor July 2019: Harnessing Fintech for Financial Inclusion
Source: World Bank
Japanese pension funds put record amounts into alternatives
July 5, 2019--Allocation to alternative investments, such as real estate, by Japanese pension funds is at a record high, with many intending to increase their holdings further, a survey has revealed.
The survey by JP Morgan Asset Management (JPMAM), which polled 120 Japanese pension funds, found that the average Japanese pension fund now allocates 17.1% of its portfolio to alternative investments.
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Source: ipe.com
Malaysia's Economy to See Continued Growth, But Downside Risks are Elevated
July 1, 2019--Reforms to public service will help enable future growth and shared prosperity
Malaysia's economy is expected to grow at 4.6 percent in 2019, according to the 20th edition of the World Bank's Malaysia Economic Monitor, launched today.
Given Malaysia's deep financial and trade integration with the global economy, unresolved trade tensions, heightened protectionist tendencies among major economies, a sharper-than-expected slowdown in larger economies, as well as volatility in financial and commodity markets pose risks to growth in the near term.
With an uncertain external environment and subdued business confidence, policy actions should aim to strengthen fiscal buffers, facilitate private investment and ensure adequate social protection for lower-income households, the report adds. In the medium term, bold reforms and measures are needed, particularly to boost human capital and to increase the level of public sector revenues.
view the Malaysia Economic Monitor, June 2019: Re-energizing the Public Service
Source: World Bank
Indonesia Maintains Steady Economic Growth in 2019
July 1, 2019--Maritime economy presents opportunities for greater prosperity
Coordinated and prudent macroeconomic policies have underpinned Indonesia's steady economic growth amid global volatility and a series of unusually damaging natural disasters, according to the World Bank’s June 2019 Indonesia Economic Quarterly released today.
The country's real GDP growth remained broadly stable at 5.1 percent during the first quarter of 2019. Despite global volatility, Indonesia’s economy has grown at a consistent pace with quarterly GDP growth remaining between 4.9 to 5.3 percent over the past 3.5 years.
view the June 2019 Indonesia Economic Quarterly: Oceans of Opportunity
Source: World Bank
Vietnam's economy slows down amidst heightened uncertainties
July 1, 2019--Vietnam's growth momentum moderated since the beginning of the year, but outlook remains positive, according to Taking Stock, the World Bank's bi-annual economic report on Vietnam released today.
During the reported period, the service sector performed robustly-signaling sustained buoyancy in domestic demand and especially private consumption. The public debt-to-GDP ratio declined from a peak of 63.7 percent in 2016 to an estimated 58.4 in 2018. Recent slower growth reflected the repercussions of unfavorable external factors on key economic sectors. The outbreak of African swine fever and a decline in international prices dampened agricultural outputs while weaker external demand moderated growth of the export-oriented manufacturing sector.
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Source: World Bank
China Will Scrap Securities Firm Ownership Limits by 2020, Li Says
July 1, 2019--The change brings removal of caps forward by one year
Move comes amid China's continuing trade tensions with U.S.
China said it will bring forward plans to remove foreign ownership limits on financial companies, as it speeds up efforts to open the $44 trillion industry to overseas competitors.
Full foreign ownership of securities firms, futures businesses and life insurance companies will be allowed by 2020, Premier Li Keqiang said at the World Economic Forum in Dalian on Tuesday.
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Source: Bloomberg
IMF Working paper-Anatomy of Sudden Yen Appreciations
July 1, 2019--Summary:
The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure on domestic consumer prices.
On the other hand, large and sharp appreciations run the risk of lowering actual and expected inflation, squeezing corporate profits, generating a negative wealth effect through depressed equity prices, and reducing confidence in the Bank of Japan's efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important amplifiers.
view the IMF Working paper-Anatomy of Sudden Yen Appreciations
Source: IMF
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