The paper gives an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations....

One of the reasons behind the financial crisis in 1997 was excessive dependence of Asian economies on commercial banks for domestic financing. Banks were the major source of corporate financing because the other major source, bond markets, was underdeveloped and small. On the other hand, the...

This paper discusses the role of state intervention for prevention, containment, and resolution of financial crises based mainly on the Korean experience during the 1997 Asian financial crisis. Crises in emerging market and developing economies tend to be more complicated than those faced by...

One of the reasons behind the financial crisis in 1997 was the excessive dependence of Asian economies on commercial banks for domestic financing. Banks were the major source of corporate financing because bond markets were underdeveloped and small. To enhance corporate bond financing, it is...

Thailand's increasing importance as a regional co-production base and as an intra-regional trade and border trade hub is due mainly to recent changes in its economic structure, namely, the lack of operational workers, rises in wages, and increases in outward foreign direct investment (FDI),...

Following the 1997-1998 Asian financial crisis, financial authorities in ASEAN+3 embarked on several new initiatives for East Asia's financial cooperation, including: (i) regional economic surveillance led by the Economic Review and Policy Dialogue (ERPD); (ii) a regional liquidity support...

This paper investigates sources and determinants of foreign direct investment (FDI) flows to developing Asia using bilateral FDI flows for the period 1990-2005. The Triad (composed of Japan, EU, and the US) has accounted for about 35-40% of FDI inflows to developing Asia in recent years, with...

European Union (EU) countries offer a unique experience of financial regulatory and supervisory integration, complementing various other European integration efforts following the Second World War. Financial regulatory and supervisory integration was a very slow process before 2008, despite...

This paper assesses the spillover effects of the United States' unconventional monetary policy (i.e., quantitative easing programs adopted during 2008-2014) on the Asian credit market. With a focus on cross-border bank lending, we employed firm-level loan data with regard to the syndicated loan...

East Asia is a region of great global significance, currently accounting for around 30% of the global economy by most measures, e.g. production, trade, investment and finance. It has also become increasingly integrated in various ways. Integration at the micro-level has steadily progressed since...