This paper investigates the long-run pattern of private saving in Indonesia, Malaysia, Singapore, and Thailand. These countries have not only maintained saving levels that are currently among the highest in the world but have also experienced a sustained increase in their rate of private saving...

This paper looks at the causes of the reduction in trade finance in South East Asian countries post-1997, with a particular focus on the role of export credit agencies. It concludes that while such agencies did not cause or prolong the problem, they did not contribute significantly to a...

This paper exploits a panel dataset comprising 1,565 banks in 20 emerging countries during 1989- 2001 and compares the response of the volume of loans and the rates on loans and deposits to various measures of monetary conditions across domestic and foreign banks. It also looks for systematic...

This paper examines empirical determinants of private saving for a sample of economies in Southeast Asia and Latin America over the period 1975–95. It uses panel estimations to establish relationships between private saving rates and a range of policy and nonpolicy variables. The findings show...

The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the nontradable sector, and hypothesizes that the slowdown...

The global financial crisis originated in advanced economies, but had a major impact on emerging markets. The impact, however, was not uniform. Even in a relatively homogenous group of countries such as ASEAN-4 (Indonesia, Malaysia, the Philippines and Thailand), there were considerable...

The paper extends a standard semi-structural model to account for nonlinear and asymmetric effects of monetary policy credibility. In our setting, central bank credibility is proportional to the deviation of inflation expectations from the announced inflation target, with positive deviations...

Since the adoption of the inflation targeting framework by Bank Indonesia (BI), monetary policy communication has played an increasingly important role in BI's policy toolkit. This paper assesses BI's monetary policy communication from three perspectives: i) its transparency and clarity, ii) its...