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This occasional paper was written by Hyun Song Shin (Princeton University).A widespread opinion before the credit crisis of 2007-8 was that securitization enhances financialstability by dispersing credit risk. After the credit crisis, securitization was blamed for allowing the“hot potato” of...

This occasional paper was written by Stephen Grenville (Lowy Institute for International Policy, Australian National University and Asian Development Bank Institute).Capital flows were at the heart of the Asian Crisis of 1997-8. The inflows were too large before the crisis, and the reversals...

This occasional paper was written by Barry Eichengreen (University of California, Berkeley), Eduardo Borensztein (Interamerican Development Bank) and Ugo Panizza (Interamerican Development Bank).Fostering local bond markets is a priority of policy makers in both East Asia and Latin America. This...

This occasional paper was written by Tony Latter (Hong Kong Institute for Monetary Research and the University of Hong Kong).This paper aims to move the debate on Asian monetary union forward towards concrete exploratory work.The arguments in favour of monetary union – which is taken to mean,...

This occasional paper was written by Takatoshi Ito (University of Tokyo) and Tomoko Hayashi (Japan Bank for International Cooperation).Inflation targeting has become a popular monetary policy framework for the pursuit of price stability among many countries, advanced and developing, since the...

This working paper was written by Juan Carlos Martinez Oliva (Bank of Italy).In view of the debate on exchange rate stabilization in Asia, this paper introduces a new and original approach to the determination of equilibrium real exchange rates (ERER) across ASEAN+3. Existing literature usually...

This working paper was written by Wenlang Zhang (Hong Kong Monetary Authority) and Gaofeng Han (Hong Kong Monetary Authority).Labour markets in China have experienced remarkable changes in the past decade. In this paper we use above-scale industrial firm-level data of 2001-2008 to study how...

This working paper was written by Aidan Yao (Hong Kong Monetary Authority) and Honglin Wang (Hong Kong Institute for Monetary Research).Since their inception in late 2007, the Qualified Domestic Institutional Investor (QDII) funds, which help Chinese investors to invest in foreign capital...