This volume is a collection of the speeches, presentations and papers from a conference on "The International Financial Crisis and Policy Challenges in Asia and the Pacific". The event was co-hosted by the People's Bank of China (PBC) and the Bank for International Settlements (BIS) to mark the...

We explore the motivations for borrowers to raise foreign currency debt and swap the proceeds into local currency, rather than borrowing the local currency directly. The growing, and in some markets large, volume of such opportunistic swap-covered borrowing, suggests that it can be a...