One of the reasons behind the financial crisis in 1997 was excessive dependence of Asian economies on commercial banks for domestic financing. Banks were the major source of corporate financing because the other major source, bond markets, was underdeveloped and small. On the other hand, the...

This paper discusses the financial landscape of the Association of Southeast Asian Nations (ASEAN), a region engaged in building an economic community (a "single market and production base") by 2015. In particular, it reviews where ASEAN's financial markets and institutions now stand and...

This paper examines the prospect of realizing regional economic integration via the mechanism of a Free Trade Area of the Asia-Pacific (FTAAP). The FTAAP initiative represents a politically ambitious, high potential benefit option for achieving Asian regional integration. Among its desirable...

This paper analyzes consumption risk sharing among provinces in the People's Republic of China (PRC) during 1980 - 2007. The analysis finds that 9.4% of shocks to gross provincial product are smoothed by the interprovincial fiscal transfer system. This system also cushions a relatively large...

Does financial health shore up firm productivity? This paper empirically investigates this question and presents productivity as another driving factor in translating financial development into real economic progress. Our empirical framework employs Levinsohn and Petrin's (2003) semi-parametric...

This study examines a range of crossborder infrastructure development issues related to the Asian countries. Despite active pursuit of private investment in infrastructure by most developing countries in Asia and a growing number of success stories, the pace of such investment remains slow....

The Islamic finance industry has grown substantially in Asia over the last 2 decades. The Muslim populations in different Asian countries, especially in Southeast Asia, are increasing. Rapid Muslim population growth and improving living standards may enhance the popularity of Islamic finance as...

The global green bond market has grown rapidly in recent years, increasing from $ 3 billion in 2012 to over $ 100 billion in 2017.1 Given the broad acceptance and strong demand from investors, green bonds have emerged as an important financing solution, raising finance for climate change...

This paper focuses on the relevance to emerging economies of three major financial reforms following the global financial crisis of 2007 - 2009: (1) the improved capital requirements intended to reduce the risk of bank failure ("Basel III"), (2) the improved recovery and resolution regimes for...

Uzbekistan set an ambitious goal to achieve the status of an upper-middle-income country by 2030, with the focus on growing a large and solid middle-class social stratum. The current reforms in Uzbekistan largely target the development of small businesses and private entrepreneurship (SME) as...