Abstract
The analysis so far has shown how global liquidity—boosted by easy money policy in advanced economies—has affected emerging markets, particularly in Asia. The focus has been on the implications on financial and macroeconomic stability and on the behavior of economic agents. It has also pointed to the limited effectiveness of standard monetary policy and the need for developing new early-warning indicators . From the development perspective, it is also of interest to find out how changing global liquidity and capital flows may affect socioeconomic issues such as income inequality , unemployment , and poverty . In this chapter, we show in particular how capital inflows to emerging Asia can also change these indicators.
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