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IMF-Propping Up the Chinese Economy: Credit versus Fiscal Stimulus
December 13, 2017--Credit booms are addictive. Credit supports growth and the perception of wealth. Yet credit booms are risky, and are often followed by financial busts and economic slowdowns. The challenge is taming credit without hurting growth.
Mainland China is experiencing a major credit boom. As of end-2016, total social financing—a broad measure of credit-exceeded 200 percent of GDP. The credit-to-GDP gap-a measure of financial vulnerability-is the second highest among 44 economies covered by BIS (after Hong Kong SAR).
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Source: IMF
South Korea considers cryptocurrency tax as regulators grapple with 'speculative mania'
December 12, 2017--South Korea said on Wednesday it may tax capital gains from cryptocurrency trading as global regulators worried about a bubble, with Australia's central bank chief warning of a 'speculative mania' that has seen the digital asset making rip-roaring gains.
As bitcoin futures made their world debut on a U.S. stock exchange this week, policy makers have been forced to contend with cryptocurrencies becoming more of a mainstream play and the need to regulate them.
According to Taking Stock, the World Bank's bi-annual economic report on Vietnam released today, the pace of growth is expected to increase to 6.7 percent this year. view the World Bank Report-Taking Stock An Update on Vietnam's Recent Economic Developments 3 predictions for the Australian ETF industry in 2018
The Australian exchange traded product industry is set to grow significantly based on the momentum generated in 2017. This year to November, the Australian ETF industry reached an all-time high of $35.5 billion, up from $25 billion in 2016. view more BetaShares Australian ETF Review- November 2017 view more Chart of the Week: The Walking Debt: Resolving China's Zombies view more JPX-ETF Monthly Report-November 2017 Tokyo Financial Exchange Takes First Step Toward Bitcoin Futures view more IMF Working Paper-Reassessing the Perimeter of Government Accounts in China view the IMF Working Paper-Reassessing the Perimeter of Government Accounts in China China AMC claims largest ETF market share in the Mainland view more If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: World Bank
December 11, 2017--With the end of the year drawing near, we thought it was an opportune time to discuss the year to come for the ETF industry. In this post, we outline our top 3 predictions for the ETF industry in 2018.
In our view, a growing audience of younger investors, an increasing array of fixed income options, and continued growth in Active ETFs,will drive growth in 2018.
Source: betashares.com.au
December 11, 2017--BIG!
November in the ETF industry was big! And not just big but BIG! November broke essentially every record I can think of: a) All time record FuM; b) Record $ monthly FuM growth; c) Record monthly $ net inflows; and d) All time highest monthly value traded. Told you it was big!
The Australian ETF total industry FuM at the month end was $35.5B, a growth rate of 6.0% or monthly growth of $2B. While asset growth provided approximately 35%, the majority came from net new money into the industry which amounted to a record $1.3B.
Source: betashares.com.au
December 11, 2017--China's "zombies" are non-viable firms that are adding to the country's rising corporate debt problem, and are bad business.
Zombie firms are highly indebted and incur persistent losses, but continue to operate with the support of local governments or soft loans by banks-adding very little value to economic prospects. China has already made a lot of progress in resolving these firms- and should continue its efforts to send the zombies packing.
Source: IMF
December 11, 2017--The JPX-ETF Monthly Report-November 2017 is now available.
view report
Source: JPX (Japan Exchange Group)
December 8, 2017--Working group planned to start analyzing bitcoin in January
Legislation would be needed for Japan to copy U.S. moves.
One of Japan's leading financial exchanges is starting preparations to launch bitcoin derivatives, echoing U.S. rivals that plan to list contracts tracking the cryptocurrency as soon as this month.
Source: Bloomberg
December 8, 2017--Summary:
China's official general government accounts do not include off-budget quasi-fiscal spending unlike the IMF's augmented government accounts. This paper argues that the broader concept of augmented government remains relevant despite recent positive measures to separate off-budget units from the government
In fact, new avenues to finance public infrastructure, such as Special Construction Funds and Government Guided Funds, have emerged and this paper re-defines the perimeter of augmented government to include them. Finally, concrete steps for improving China's fiscal accounts are put forward. If these steps are taken, the perimeter of general government would expand relative to official statistics but would likely be narrower than where augmented aggregates place it.
Source: IMF
December 8, 2017--China Asset Management Corp (China AMC), the sixth largest fund manager in the Mainland by total assets under management, has topped its larger peers in the exchange-traded fund (ETF) market by gaining the largest market share in this space, the company says.
China AMC's ETF products have delivered a "stellar" performance in the first 11 months of 2017, according to a company spokesperson.
Source: asiaasset.com
