Financial Market Infrastructures (FMIs) play a critical role in the financial system and the broader economy by facilitating the clearing, settlement and recording of monetary and other financial transactions and thereby maintaining and promoting financial stability and economic growth. However,...

There is a growing concern over the rapid increase in mortgage loans and consumer credit of households in SEACEN economies in recent years. Rising household credit has important implications for the economy. Periods of excessive credit growth has often been linked with episodes of financial and...

The role of international banking and lending to the emerging markets has been long debated. To date, the balance of evidence supports the view that foreign bank entry into the domestic banking system has been largely a positive one. The liberalisation of local banking systems and the presence...

This paper attempts to examine the real sector propagation of the recent global financial crisis in the SEACEN economies. This is of particular interest as SEACEN economies are known for their trade-oriented nature. In particular, during the subprime crisis, weak demand, particularly in...

This study attempts to review policy options available for the authorities and examine their relative effectiveness in SEACEN member economies during the recent global financial crisis. During normal times, authorities often have space and flexibility to use policies impacting macroeconomic...

New financial products (NFP) are often defined as the emergence of new financial instruments in more sophisticated and developed financial markets. In the development of more complete markets, the existence of new financial products can improve resource allocation, thereby supporting longer term...

The 2008-2009 Global Financial Crisis (GFC) brought the global economy to the brink of a global depression not seen since the Great Depression of the 1930’s. While several of the European peripheral countries remain deeply-mired in dealing with banking and sovereign debt problems, the Asian...

Global financial crises have demonstrated that monetary policy is not the only approach for stabilisation and robust microprudential regulation and supervision are not sufficient to mitigate risks to financial system stability. These lessons imply that policymakers, especially financial...

The study provides a review of the twin liberalisation programmes in the SEACEN countries, with emphasis on the sequencing and pacing of reforms in the domestic financial sector and the capital account. It also analyses the macroeconomic developments in the SEACEN countries during 1990 to 1995...

A well developed non-bank financial sector is viewed as an important component of a healthy and efficient financial system that can provide a sound base for growth and prosperity in the economy. This study observes that the non-bank financial sector has developed significantly in the SEACEN...