Bank internationalisation traditionally takes the form of lending to non-residents, but increasingly non-resident securities are purchased. These assets are funded mostly by international loans and deposits, rather than the issuance of securities. Within the Asia Pacific region, the largest net...

We consider recent events in financial markets and the subsequent responses by monetary and fiscal authorities, which are impressive for their scale, innovation and flexibility in the face of sharply deteriorating circumstances. Internationally, the economic malaise has brought perverse...