Distinguished Speaker Series: Capital Flows: The Role of Bank and Non-Bank Balance Sheets | Asian Development Bank

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Distinguished Speaker Series: Capital Flows: The Role of Bank and Non-Bank Balance Sheets

Event | 15 March 2019 ADBI, Tokyo, Japan

Due to unforeseen circumstances this event has been cancelled. We apologize for any inconvenience this may cause.

Speaker Details

Speaker: Yuko Hashimoto
Affiliation: IMF
Time: 14:30–15:30

Background

This seminar will feature Dr Yuko Hashimoto of the International Monetary Fund. Dr Hashimoto’s research assesses the role of non-bank balance sheet exposures in driving capital flows during the global financial crisis, using a previously unexplored panel dataset collected by the IMF. The findings reveal that the response of total and bank-related capital flows during periods of heightened global risk aversion are associated with exposures to foreign assets in non-bank financial institutions’ balance sheets. This association is strongest among emerging economies in the sample. A possible mechanism is that non-banks tend to be less well-hedged than banks to global risks and respond more strongly to changes in global financial conditions by adjusting their derivatives contracts with banks. Banks, in turn, change their foreign exposures in interbank money markets. One implication is that the large retrenchment in bank flows during the global financial crisis may have been driven by responses to risks by non-banks rather than bank portfolio behavior.

About the Speaker

Yuko Hashimoto is a senior economist in the Research Department of the IMF. She has conducted extensive research in international finance, exchange rates, international reserve management, and the financial sector, focusing on both advanced and emerging economies. She has published many policy-oriented papers in leading journals. Her current assignments at the IMF include global risk assessment and multilateral surveillance. and economic analyses of Estonia and Montenegro. Before joining the IMF, she was an associate professor at Toyo University, a visiting scholar at the Hong Kong Institute for Monetary Research, and a visiting lecturer at the Japan Bank for International Cooperation. She holds a PhD in Economics from the University of Tokyo.

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