This paper takes an overview of the concepts and features of central bank money and private sector money and focuses on the actual performance of these types of money in selected advanced and emerging economies. In addition, digital coins (crypto assets), such as bitcoin, are newly emerged...

This study reviews the concepts and features of both central bank and private sector money and focuses on them in selected advanced and emerging economies. As a newly emerged form of private sector money, digital coins (cryptoassets) such as bitcoin have garnered much attention because their...

The Association of Southeast Asian Nations (ASEAN) is expected to benefit from the significant growth in the Asia-Pacific payments market. Growth in economic activity would increase the size, scale, and scope of payment transactions. Enabling the scale and scope of payments would in turn...

This study assesses how effective governance institutions and de jure financial openness influence the attitude of policy makers in pursuing further financial development by allowing the use of cryptocurrency. In other words, we examine the relationships between a) de jure openness to...

Two major economic problems are currently shadowing Asian economies. On the one hand, the slowdown in the US economy, ignited by the subprime mortgage crisis, may not be confined to the US region and may affect Asian countries as well. On the other hand, the recent fuel and food price increases,...

This paper seeks to draw lessons for developing countries based on a survey of the recent literature on financial globalization. First, while capital account openness holds promises (by potentially generating a lower cost of capital, better risk sharing, and stronger disciplines on policies),...

This paper studies the evolution of the natural interest rate in five Southeast Asian countries and considers the effect of economic shocks on the natural interest rate in these countries. The natural interest rate is the interest rate that would prevail in an economy in equilibrium and in the...

Capital flows to emerging market economies (EMEs) have been characterized by high volatility since the 1980s. In recent years (especially since 2003), although gross as well as net capital flows to the EMEs have increased, they could not be absorbed domestically. Overall, savings have flowed...

This paper provides an overview of the Reserve Bank of India's approach to macroprudential regulation and systemic risk management, and reviews lessons drawn from the Indian experience. It emphasizes the need for harmonization of monetary policy and prudential objectives, which may not be...

This paper analyzes the role and scope of macroprudential policy in preventing financial instability in the context of East Asian economies. It analyzes the behavior of the housing market in a dynamic setting to identify some of the factors responsible for the volatility of housing markets and...