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Exchange Rate Dynamics and United States Dollar-Denominated Sovereign Bond Prices in Emerging Markets
This paper conducts an empirical test on dollar-denominated sovereign credit spreads in emerging markets, such as the Philippines, to examine their relationship with each country’s exchange rate and the United States Treasury yields.
Capital Flows and Financial Stability in Emerging Economies
Evidence for the impact of international capital flows on the financial sector’s stability is mixed. This paper looks at the relationship between capital flows and financial stability in emerging economies.
A Contagion through Exposure to Foreign Banks during the Global Financial Crisis
This paper develops an empirical methodology to test the contagion effect at the country level using bilateral data on bank claims between countries.
Asia Bond Monitor - November 2016
Emerging East Asian bond yields rose for nearly all markets and for most tenors between 31 October and 18 November amid uncertainty over future US economic policy and the likelihood of a Federal Reserve rate hike in December.
Developing Local Currency Bond Markets in Asia
Asian economies have come a long way in building local currency bond markets, but more needs to be done to strengthen market infrastructure and institutions, address inconsistent policies and regulations, and enhance corporate governance.
Exploring Risk-Adjusted Fiscal Sustainability Analysis for Asian Economies
This paper explores the analytical tools available for gauging fiscal sustainability under uncertainty to help national authorities in managing and mitigating fiscal vulnerability in Asia.
Managing Capital Flows in Asia: An Overview of Key Issues
Global capital flows into emerging markets, including those in Asia, continue to be volatile, generating both benefits and costs.
Assessing Mandated Credit Programs: Case Study of the Magna Carta in the Philippines
This paper examines the Magna Carta Law in the Philippines, which mandates banks to allocate 2% of their total loan portfolios to medium-sized firms and 8% to micro and small firms.
The Impact of Financial Factors on the Output Gap and Estimates of Potential Output Growth
Findings suggest that financial factors have positive and statistically significant effects on the output gap of the G-5 and high-income economies in Asia, but do not affect those of middle-income Asian economies.
Institutional Quality, Trade Openness, and Financial Development in Asia: An Empirical Investigation
Findings suggest that better governance and institutional quality foster financial development in developing economies while economic growth and trade openness are key determinants of financial depth in developed economies.