Since its launch in September 2006, the Asian Research Programme has focused on policy-oriented studies for central banks and supervisory authorities in the Asia-Pacific region. Under the programme, the BIS Representative Office for Asia and the Pacific has co-organised a series of conferences,...

Despite a few landmark achievements such as the Chiang Mai Initiative, financial deepening and monetary integration in East Asia has been slow. Meanwhile, proliferation of FTAs and China's successful accession to the WTO have enabled faster progress on trade integration among the East Asian...

This paper develops a multilateral currency system where national currencies are used for trade settlement in East Asia, comprising the Association of Southeast Asian Nations (ASEAN) member countries, the People's Republic of China, Japan, and the Republic of Korea (ASEAN 3). The currency scheme...

This paper analyzes the macroeconomic adjustment from the crisis in East Asia in a broad international perspective. The stylized pattern from the previous 160 currency crisis episodes over the period from 1970 to 1995 shows a V-type adjustment of real GDP growth in the years prior to and...

This paper analyzes the macroeconomic adjustment from the crisis in East Asia in a broad international prospective. The stylized pattern from the previous 160 currency crisis episodes over the period from 1970 to 1995 shows a V-type adjustment of real GDP growth in the years prior to and...

This paper attempts to define, construct a policy framework, and analyze interactions with monetary policy of macroprudential policy. The available pieces of evidence suggest that the effects of the LTV and DTI regulations for financial stability are rather unclear in Korea.It also shows that...