Since its launch in September 2006, the Asian Research Programme has focused on policy-oriented studies for central banks and supervisory authorities in the Asia-Pacific region. Under the programme, the BIS Representative Office for Asia and the Pacific has co-organised a series of conferences,...

This paper analyses various facets of the economic impact of globalisation in EMEs, focussing in particular on international trade and migration. It covers both aggregate (growth and inflation) and distributional (inequality, sectoral concentration) effects. The paper concludes with a discussion...

This paper discusses different facts and trends with regard to globalisation in emerging market economies (EMEs). It focuses primarily on the real (as opposed to financial) side of the economy over the last 2-3 decades, and highlights important similarities and differences across countries with...

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 document recent developments in the use of sterilization bonds by six central banks in emerging Asia, and discuss the implications for monetary policy and the financial sector. An important development in the sterilization of foreign exchange interventions in past years has been the frequent...

In economies and sectors tightly connected by trade linkages, the increased use of intermediate imported inputs could be expected to lead to greater transmission of cross-border cost shocks. This paper presents some results from on-going research investigating cross-border price spillovers to...

A long period of high public debt-to-GDP ratios will alter the interactions between fiscal policy, monetary policy and government debt management. But opinions differ on exactly how. Four perspectives were explored in this workshop: historical analysis of policies in financial crises;...