During the past decade, domestic government bond markets in EMEs have developed further. Market depth has increased, maturities have lengthened and the investor base has generally broadened, although the degree of progress has varied across countries and several deficiencies remain. The...

We assess the effectiveness of macroprudential policies in 12 Asia-Pacific economies, using comprehensive databases of capital flow measures (CFMs) and domestic macroprudential measures. We show that banking sector CFMs and bond market CFMs are effective in slowing down banking inflows and bond...

This paper evaluates the effectiveness of macroprudential policies in five Asia-Pacific countries (Australia, Indonesia, New Zealand, the Philippines and Thailand). We use supervisory bank-level data and apply a common empirical strategy. We find that macroprudential policies are effective in...

Household credit in Asia-Pacific has grown strongly over the past two decades. Managing household credit booms and their financial stability implications has become a central task for policymakers. In this article, we assess the effects of changes in interest rates and macroprudential measures...

Bank Negara Malaysia and the Bank for International Settlements (BIS) co-hosted a research conference on “Financial systems and the real economy” in Kuala Lumpur, Malaysia, on 17–18 October 2016. This conference was the culmination of the BIS Asian Office's two-year research programme on...

Emerging markets have grown rapidly over the past two decades, and sovereign and corporate borrowers are increasingly reliant on bond financing. Given widespread concern over what will happen to emerging market bonds as central banks in major advanced economies start to unwind quantitative...