This paper explores the impact of advanced countries' quantitative easing on emerging market economies (EMEs) and how macroprudential policy and good governance play a role in preventing potential financial vulnerabilities. We used confidential locational bank statistics data from the Bank for...

This paper examines how an appreciation of the currency of the People's Republic of China (PRC) - renminbi - affects the country's exports in the context of production fragmentation, using a panel data set of the PRC's trade for 1992/93-2008/09. It constructs two exchange rates for renminbi: one...

This paper examines the prospect of realizing regional economic integration via the mechanism of a Free Trade Area of the Asia-Pacific (FTAAP). The FTAAP initiative represents a politically ambitious, high potential benefit option for achieving Asian regional integration. Among its desirable...

The People's Republic of China (PRC)'s current account surplus, its growing foreign exchange reserves, and its shifting policies on exchange rate adjustment have become a central preoccupation of United States (US) trade policy. The paper considers the evolving political economy of the US policy...

The global economy has been facing a series of adverse shocks in recent years including the COVID-19 pandemic, climate crisis, the Russian invasion of Ukraine, high inflation, and interest rate shocks driven by global monetary policy normalization. The high cost of fossil fuels since 2021,...

The possible crucial role of international bank lending in transmitting adverse economic disturbance from developed economies to emerging economies in the 2008 - 2009 global financial crisis has placed capital flows into sharper scrutiny in academic and policy discussions. The authors construct...

Financial safety nets in Asia have come a long way since the Asian Financial Crisis (AFC) of 1997 - 98. Not wanting to rely solely on the International Monetary Fund (IMF) again, the Chiang Mai Initiative (CMI) was created in 2000. When the CMI also proved inadequate following the Global...

The squeeze in United States dollar liquidity that emerged with the global financial crisis highlighted the risks inherent in the current global financial system. Asia was adversely affected by the crisis not only because of its dependence on trade, but also because of its heavy reliance on the...

The increasing occurrence of national, regional, and global financial crises, together with their rising costs and complexity, have increased calls for greater regional and global monetary cooperation. This is particularly necessary in light of volatile capital flow movements that can quickly...

Multilateral development banks (MDBs) are an innovative institutional model to channel financing and knowledge to developing countries. In Latin America, the balance of forces between competition and collaboration among MDBs and other sources of development finance have formed a system that is...