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...

While the domestic bond markets of Asia-Pacific have grown considerably since the Asian Financial Crisis of 1997, it is clear that they remain undeveloped relative to the region's weight in the world economy. This paper adds to the policy debate on this issue by proposing that in order to...

We examine the recent development of the foreign bond market - termed Kangaroo bonds - in Australia. Initially, a perspective is provided on the scale and scope of this market with particular attention paid to the characteristics of issuers. Overwhelmingly, this market is high credit quality and...

The domestic bond markets of the Asia and Pacific region have grown considerably since the Asian financial crisis of 1997, although they remain undeveloped relative to the region's weight in the world economy. This paper proposes that in order to encourage further development of these markets,...

In light of the experience of the global financial crisis, this book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises, improving the ability to manage and resolve crises, managing...

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...

Brazil is the largest stock market in South America, whereas Argentina is one of the smallest. Nonetheless, the most important stock indices representing these markets (the Brazil Bovespa and the Argentinian Merval) are highly correlated with two-way Granger causality. This feature facilitates...