type="main" <p>Since the late 1990s' Asian crisis, ASEAN-5 countries have expended considerable effort in developing their bond markets. However, the size of these markets relative to GDP has hardly changed. Can we explain this? And does it mean that domestic markets have not, in fact, developed?...</p>

Purpose – The purpose of this paper is to show how network analysis can be used for effective cross-border financial surveillance, which requires the monitoring of direct and indirect systemic linkages. Design/methodology/approach – This paper illustrates how network analysis could make a...

Purpose – This paper aims to present a case study on how to develop financial markets in one of the emerging economies of the MENA region – Kuwait. Design/methodology/approach – The analysis proceeds in two steps: first, the need for developing and deepening these markets is established;...

This paper studies a policy often used to defend currency pegs: raising short-term interest rates to stem demand for foreign reserves. Yet, this mechanism is absent from most monetary models. This paper develops a model with asset market frictions where this policy can be effective. The friction...

The paper first discusses the current trends in Islamic finance, which has become mainstream with currently more than US$800 billion of assets worldwide and a buoyant market for sukuk bonds. However, this exorbitant growth raises many challenges, particularly in the areas of banking, capital...

Purpose – The purpose of this paper is to show how network analysis can be used for effective cross‐border financial surveillance, which requires the monitoring of direct and indirect systemic linkages. Design/methodology/approach – This paper illustrates how network analysis could make a...