The deepening financial liberalisation and the tightening of financial integration globally have made it more challenging to manage macroeconomic policies in general, and to contain the spread of financial turbulence in particular. The financial sector has been shown to be inherently...

The subprime crisis had affected many economies, including those of the SEACEN region. Various measures to deal with both liquidity and solvency measures were taken by both the central banks and the relevant authorities. These included marrying micro- and macro- prudential measures of financial...

This issue has four excellent articles - Dr. William (“Bill”) M. Isaac, former Chairman of the U.S. Federal Deposit Insurance Corporation, and now a top global banking industry consultant, has submitted a thought-provoking article on lessons learned from the 2008 banking crisis in the U.S....

The paper demonstrates that the economies of Indonesia, Korea, Philippines and Thailand, which are among the first group of emerging markets to embrace the inflation targeting framework of monetary policy, tend to adopt a form of an asymmetrical exchange rate behaviour wherein appreciation...

In response to the global financial crises in the 1980s and 1990s, national and international institutions started to monitor the soundness of the financial system more intensively. A wide range of instruments/indicators is used to assess financial system stability in analytical practice. These...

Most of the developing countries in the past were striving to maintain a comfortable level of foreign exchange reserves sufficient to cover imports of goods and services. These days, several emerging economies hold a high volume of foreign exchange reserves. This paper reviews the foreign...