This note discusses FX reserves management as practised by emerging market economies and, more specifically, by Saudi Arabia. It shares the Saudi Arabian Monetary Authority's experience on reserve adequacy, investment objectives, philosophy and process, portfolio tranching, risk management and...

Prior research suggests that corporate bond issuance in emerging market economies increases when the markets exhibit substantial liquidity. While the Malaysian corporate bond market has grown dramatically over the last few decades, having now become one of the largest among emerging market...

This paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It first reviews the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks - which have both increased in magnitude...

Credit has grown at a rapid pace in emerging markets (EMs) over the last 10 years. Banks have played a major role in the extension of credit and have continued to be its main source. Domestic banks have taken over business from foreign banks since 2008. However, developments across EMEs have...

The increasing size and concentration of official foreign exchange reserves after years of continued expansion, especially since the Asian crisis, have led to renewed interest in the way reserve management decisions are taken and in their possible impact on financial markets. Reserve management...

This volume features eight papers written for the conference quot;Financial market developments and their implications for monetary policyquot;. The event was jointly organised by the BIS Representative Office for Asia and the Pacific and Bank Negara Malaysia in Kuala Lumpur on 13 August 2007....

In recent years, issues related to the management of foreign exchange reserves have gained prominence, and reserve management practices have evolved rapidly. Against this background, the Monetary and Economic Department of the Bank for International Settlements organised an ad hoc meeting of...

This paper summarises ongoing work that investigates the pass-through from shorthorizon and long-horizon inflation forecasts as a way to assess the anchoring of inflation expectations across a sample of 44 economies. It reports an overall decline in the pass-through, with the share of economies...

We argue that, as emerging market economies (EMEs) gradually converge with advanced economies, the advantages they gain from participating in trade and global value chains (GVCs) have lessened, resulting in lower growth in world trade postcrisis. But EMEs can sustain their long-term growth by...

This note describes and analyses Chile's economic integration into the global trading system, including the impact on goods, services, capital and labour. This was a gradual process starting in the mid-1970s. Currently Chile is a very open economy, even though immigration is a relatively new...