China has reached a stage where further financial sector reforms appear essential. As the reform process progresses and macrofinancial linkages deepen, the preservation of financial stability will become a major policy preoccupation. This publication draws upon contributions from senior Chinese...

This study takes stock of progress made so far in the financial sectors of sub-saharan African countries. It recommends further reforms and specific measures in the areas of supervision, development of monetary operations and financial markets, external sector liberalization, central bank...

This June 2002 issue of the Global Financial Stability Report analyzes developments and issues in world markets. The report highlights that the economic recovery that began during the first quarter of 2002 has brought improvements in financial market conditions. Mature equity and bond markets...

This paper examines the influence of credit derivative and structured credit markets on financial stability. Credit derivative and structured credit markets have grown rapidly in size and complexity in recent years. This paper reviews the growth of the credit derivative, the factors that have...

This study uses the Multiplicative Error Model (MEM) to explore asymmetric volatility spillovers between crude oil and other major asset markets. We have extended the MEM of Engle et al. (2012) and ddd to include asymmetric volatility spillovers and developed the spillover balance as well as...