This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively small, resulting in strong bank-dependence, and are split sharply along national...

This paper examines the developments of cross-border portfolio assets and liabilities in the Asia and Pacific region over the periods of 2001-2017. Rapid increases in both portfolio foreign assets and liabilities have taken place particularly after the 2008-2009 global financial crisis. These...

The ASEAN+3 finance ministers’ group has developed its economic review and policy dialogue (ERPD) process as part of regional financial cooperation efforts. Recently the group has decided to integrate the ERPD process with the regional liquidity support facility, called the Chiang Mai...