Foreign exchange reserves have grown dramatically in emerging Asia over the past decade. Many of these reserves have been sterilized, via the issuance of non-monetary liabilities by central banks, with the sterilization instruments held largely by domestic banks. We investigate the effects of...

Central bank balance sheets in emerging Asia expanded rapidly over the past decade because of the unprecedented rise in foreign reserve assets. The corresponding expansion of the central banks' liabilities has created dangers - risks of inflation and financial instability and financial market...

The most liquid of bonds – often referred to as benchmarks – serve as the focus of price discovery, and in doing so, help to improve the efficiency of financial markets. In this paper, we summarise our ongoing research to see if benchmark bonds exist in emerging market economies and to...