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Routledge Handbook of Banking and Finance in Asia
The Routledge Handbook of Banking and Finance in Asia brings together leading scholars, policymakers, and practitioners to provide a comprehensive and cutting-edge guide to Asia’s financial institutions, markets, and systems. Part I provides a country-by-country overview of banking and finance in East, Southeast, and South Asia, including examples from China, Japan, Hong Kong, India, and Singapore. Part II contains thematic chapters, covering topics such as commercial banking, development banking, infrastructure finance, stock markets, insurance, and sovereign wealth funds. It also includes examinations of banking regulation and supervision, and analyses of macroprudential regulation, capital flow management measures, and monetary policy. Finally, it provides new insights into topical issues such as SME, green, and Islamic finance. This handbook is an essential resource for scholars and students of Asian economics and finance and for professionals working in financial markets in Asia.
From Stress to Growth
Asian financial systems, which serve the most economically dynamic region of the world, survived the global economic crisis of the last several years. In From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World, scholars affiliated with the Peterson Institute for International Economics and the Asian Development Bank argue in separate essays that Asian systems must strengthen their quality, diversity, and resilience to future shocks in order to deliver growth in coming years. The book examines such phenomena as the dominance of state-owned banks, the growth of non-bank lending (the so-called shadow banks), and the need to develop local bond markets, new financial ...
Trade and Employment in Asia
This volume investigates the links between employment, trade and structural transformation. In the context of global rebalancing, accompanied by inevitable changes in trade patterns between Asia and the rest of the world, the volume’s chapters analyze the links between trade openness and trends in employment and its quality. Specifically, through Asian case studies (both analytical and econometric), the volume examines how trade and export-led growth models have led to specialization and evolving demands on various types of labor. The rapidly changing labor market contours in developing Asia during this era of globalization, along with the new context resulting from the recent global financial crisis and new insights from theoretical literature, have led to the need for such studies. This volume helps fill this gap in the literature.
Globalization and the New Normal
This study expands the empirical specification of Cerra and Saxena (2008), and allows short-term output growth regimes to be determined by globalization. Relying on a non-linear dynamic panel representation, it reconciles the earlier results in the literature regarding the two opposite narratives of the effects of globalization on output growth. Countries experience higher growth, on average, the more open and integrated they are into the world. However, once they reach a certain globalization threshold (endogenously estimated), countries may also experience a new normal, persistently lower short-term output growth following a financial crisis. The benefits, as well as vulnerabilities, accrue earlier in the globalization process for low- and middle-income countries. To solely reap the globalization benefits on growth, sound policies should be in place to mitigate the negative effects stemming from increased vulnerabilities brought by globalization.
Approaches to Macrofinancial Surveillance in Article IV Reports
The Fund has made good progress over the past two years in integrating macrofinancial analysis into Article IV surveillance for a wide range of members. Building on past work to enhance financial sector analysis, Fund staff has sought to develop a consistent and forward-looking view on how the financial sector affects each member’s economic outlook with the aim of strengthening staff’s capacity to provide advice on macro-critical questions. The focus has been on developing a fuller understanding of macrofinancial linkages, and applying this analysis to inform policy advice. Staff has sought to articulate the role of the financial sector in the macroeconomic baseline, and to integrate the...
Asian Development Outlook April 2023
This publication highlights brighter economic prospects for Asia and the Pacific amid ongoing challenges. It forecasts growth across the region's developing economies of 4.8% this year and in 2024, up from 4.2% in 2022. The reopening of the People's Republic of China (PRC) will boost regional economic growth through supply chain linkages and demand for goods and services. Growth in the PRC is expected to rebound to 5.0% this year from 3.0% in 2022. Healthy domestic demand in India will also support regional growth: India is forecast to grow by 6.4% in 2023. Growth in the Caucasus and Central Asia, the Pacific, and Southeast Asia will be lifted as tourism recovers. Meanwhile, headline inflati...
World Development Report 2022
The COVID-19 pandemic triggered the largest global economic crisis in more than a century. In 2020, economic activity contracted in 90 percent of countries, the world economy shrank by about 3 percent, and global poverty increased for the first time in a generation. Governments responded rapidly with fiscal, monetary, and financial policies that alleviated the worst immediate economic impacts of the crisis. Yet the world must still contend with the significant longer-term financial and economic risks caused by, or exacerbated by, the pandemic and the government responses needed to mitigate its effects. World Development Report 2022: Finance for an Equitable Recovery examines the central role...
Official Financial Flows, Capital Mobility, and Global Imbalances
We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental variables (42 cents to the dollar on average compared to 24 without instruments), reflecting a possible downward bias in regressions without instruments owing to an endogenous response of net official flows to private financial flows. We consistently find larger impacts of net official flows when international capital flows are restricted and smaller impacts when capital is highly mobile. A further result is that there is an important positive effect of lagged net official flows on current accounts that we believe operates through the portfolio balance channel.
Assessing World Bank Support for Trade, 1987-2004
An independent evaluation of the World Bank's extensive support to developing countries on trade issues between 1987 and 2004. The study assesses the development effectiveness of World Bank trade-related advocacy, capacity-building, lending and research. It examines the extent to which the Bank's policies and assistance have met its stated objectives in the area of trade and makes recommendations to strengthen the effectiveness of future Bank trade assistance.
The Book Publishing Industry
This volume provides an innovative and detailed overview of the book publishing industry, including details about the business processes in editorial, marketing and production. The work explores the complex issues that occur every day in the publishing industry.
