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Economics, Finance sector development, Governance and public sector management
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Economics, Finance sector development, Poverty
Economics, Energy, Finance sector development, Governance and public sector management
Economics, Education, Finance sector development, Governance and public sector management, Infrastructure
Economics, Education, Finance sector development
Economics, Education, Finance sector development
Economics, Finance sector development, Industry and trade
The PRC’s international capacity cooperation exports both industrial capacity and financial risk
International capacity cooperation (国际产能合作guoji channeng hezuo) was a 2014 addition to the “Go Global” policy suite that the People’s Republic of China’s (PRC) central bureaucracy expanded throughout 2016. It is the result of seeking a way forward from “new normal” low industrial growth rates and is a novel solution to the industrial capacity utilization problems the PRC has suffered since the 2008–2009 spending stimulus flooded into traditional industries. Steel, cement, aluminum, paper, glass, and everything from pork production to robots are in 2017 mired in cyclical overcapacity.
Blockchain pilots making waves in developing Asia
We’ve all heard the buzz about the potential applications of blockchain technology. But what’s actually happening in developing countries in Asia and the Pacific? Beyond bitcoin payments and remittances, blockchain exists largely in the pilot stage. Governments and banks are collaborating with technology firms to see if it can be used to solve persistent problems like traceability, identification, and trust.
Is corruption “sand in the wheels” for credit markets? Evidence from European MSMEs
Bank credit is a crucial financing tool for micro, small, and medium-sized enterprises (MSMEs) given their difficulty in entering equity markets. However, accessing bank credit is not as easy as one might think. Specifically, MSMEs often face difficulties when they need to provide valid collateral to loan officers (Cowan, Drexler, and Yañez, 2015).
Costs of expanded public pension coverage in emerging Asia
The fiscal burden of public pensions in most emerging Asian economies is relatively small, reflecting relatively young populations and limited coverage of the retired-age population in public pension programs. Nonetheless, these conditions are likely to change dramatically in the coming decades. First, many Asian economies will face rapidly aging populations, which will raise pension and other old-age-related spending substantially. Second, as economies develop, political pressures to expand the coverage of public pensions and raise the level of pension benefits relative to income will likely increase.
Distortions, growth catch-up, and the middle-income trap
In theory, a distortion refers to a departure from the perfect competitive equilibrium with no externalities and in which resources have been optimally allocated so that each economic agent maximizes his or her own welfare. Thus, distortions are closely associated with market imperfections. In reality, an economy with no distortions does not exist—both advanced and developing economies use government interventions, such as stabilization policies, development strategies, industrial policies, administrative regulations, and so forth, which can be viewed as distortions, broadly defined.
Twenty years after the Asian financial crisis: The evolution of Asian financial cooperation
When Asia was hit by its regional financial crisis 20 years ago, Asian policy makers were quick to call for regional solutions to what was perceived to be a common problem: Asian countries’ dependence on foreign finance. Prominent political figures and scholars argued for a greater regional focus of monetary and economies policies, suggesting the introduction of currency baskets modeled on trade patterns, financial structures, and even Asian currency units akin to the European Currency Unit, the euro’s predecessor.
Kick-start private infrastructure with future tax-sharing bonds
Everybody from President Trump to the Global Infrastructure Forum is trying to think of innovative ways to attract long-term private and institutional investors to pay for the huge and largely unmet demand for new highways, railways, and dams. Promising ideas, including guarantees or gap funding, the concessional blending of finance, and bankability enhancements, have been tried but are not enough to convince overseas pension schemes or high net worth individuals to invest their idling funds in worthwhile projects, especially in emerging economies with untried issuers (Regan, 2017).
Monetary policy spillovers in emerging Asia
For a number of years, the central banks of the major advanced economies have pursued historically unprecedented ultra-low interest rate policies and negative interest rate policies. Facing the zero lower bound problem, they have also implemented various asset purchase programs, known as “quantitative easing,” with the aim of reducing long-term interest rates. There has been growing evidence that advanced countries’ unconventional monetary policies (UMPs) have caused significant spillovers to the financial markets of emerging market economies (EMEs).
Asia’s financial connections with the rest of the world: Changing patterns
As economies in East Asia and the Pacific (EAP) have developed, they have also become important in international financial transactions, both as sources and destinations of cross-border bank lending, foreign direct investment (FDI), and portfolio investments. But, as we document in a new paper (Didier, Llovet, and Schmukler 2017), the composition of these financial connections has been changing in recent years on at least two fronts: (i) the partners with which EAP countries interact, and (ii) the type of financial transactions conducted.
How does exchange rate volatility affect value added and gross trade?
The rise of Donald Trump has reignited the debate on the link between exchange rates and trade. The Trump administration has blamed the exchange rate policies of the People’s Republic of China (PRC), Japan, and Germany for the current account deficit in the United States (US), and the president’s Twitter posts have put many major currencies on a roller coaster ride. Now, policy makers around the globe are concerned about the negative impact of exchange rate volatility on world trade.
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