연구정보
[경제] Institutional Quality and Macrofinancial Resilience in Asia
동남아시아 일반 국외연구자료 연구보고서 - Asian Development Bank 발간일 : 2022-08-16 등록일 : 2022-08-21 원문링크
We examine the effect of institutions on macrofinancial resilience in Asia. Focusing on a panel of 12 Asian economies from the first quarter of 1996 to the fourth quarter of 2020, we find that institutions for economies with high levels of institutional quality support the resilience of real GDP per capita, FDI, and portfolio equity during periods of elevated financial stress. Our results also suggest portfolio rebalancing effects at play in crisis times. For economies with low levels of institutional quality, institutions may help to stabilize portfolio debt during crisis times, although the magnitude of the effects are small. As well as pointing toward resilience thresholds in institutional quality, we provide insights on critical subcomponents of overall institutional quality, notably rule of law, political stability, and regulatory quality. The findings help to inform the direction of policy efforts toward strengthening institutional capacity, and structural reforms for enhancing economic development and resilience to shocks.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
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