Dealing with Quantitative Easing Spillovers in East Asia: The Role of Institutions and Macroprudential Policy

Saiki, Ayako; Chantapacdepong, Pornpinun; Volz, Ulrich

doi:10.2139/ssrn.2892553

“…[ Table 3 about here] However, it is not only important to have the 'right' frameworks and policies for maintaining financial and macroeconomic stability. Saiki, Chantapacdepong, and Volz (2016) highlight the importance of institutional capacities and good governance for effectively dealing with capital inflow surges. This remains a big challenge especially in the CLMV countries (Cambodia, Lao, Myanmar, Vietnam).…”

Section: Box 1: Aec Blueprint 2025 Provisions On Financial Integratiomentioning

confidence: 99%

Regional Financial Integration in East Asia against the Backdrop of Recent European Experiences

Volz¹

2018

Evolving Finance, Trade and Investment in Asia

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This article discusses recent trends in regional financial integration in East Asia and current efforts of the Association of Southeast Asian Nations (ASEAN) member countries to foster regional financial integration against the backdrop of three decades of experience with financial integration in Europe. It reviews the two major crisis episodes of the recent European financial history to illustrate the risks associated with comprehensive capital account liberalisation and financial integration without commensurate supervisory structures. The article highlights the importance of targeted macroprudential policies and the development of an adequate region-wide regulatory and supervisory framework to reduce the risks associated with regional-and hence internationalfinancial integration.

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“…Saiki, Chantapacdepong, and Volz (2016) highlight the importance of institutional capacities and good governance for effectively dealing with capital inflow surges. This remains a big challenge especially in the CLMV countries (Cambodia, Lao, Myanmar, Vietnam).…”

Section: Source: Asean (2015c)mentioning

confidence: 99%

Regional Financial Integration in East Asia against the Backdrop of Recent European Experiences

Volz

¹

2016

International Economic Journal

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This article discusses recent trends in regional financial integration in East Asia and current efforts of the Association of Southeast Asian Nations (ASEAN) member countries to foster regional financial integration against the backdrop of three decades of experience with financial integration in Europe. It reviews the two major crisis episodes of the recent European financial history to illustrate the risks associated with comprehensive capital account liberalisation and financial integration without commensurate supervisory structures. The article highlights the importance of targeted macroprudential policies and the development of an adequate region-wide regulatory and supervisory framework to reduce the risks associated with regional -and hence internationalfinancial integration.2

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“…For a recent analysis of East Asian economies’ efforts at dealing with Q,E spillovers, see Saiki, Chantapacdepong, and Volz ().…”

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confidence: 99%

Bond yield spillovers from major advanced economies to emerging Asia

Belke

¹

,

Dubova

²

,

Volz

³

2018

Pacific Economic Review

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This paper explores the extent to which changes to long-term interest rates in major advanced economies have influenced long-term government bond yields in Emerging Asia. To gauge long-term interest spillover effects, the paper uses VAR variance decompositions with high frequency data. Our results reveal that sovereign bond yields in Emerging Asia responded significantly to changes to US and Eurozone bond yields, although the magnitudes were heterogeneous across countries. The size of spillovers varied over time. The pattern of these variations can partially be explained by the implementation of different unconventional monetary policy measures in advanced countries.

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Dealing with Quantitative Easing Spillovers in East Asia: The Role of Institutions and Macroprudential Policy

Cited by 3 publications

References 28 publications

Regional Financial Integration in East Asia against the Backdrop of Recent European Experiences

Regional Financial Integration in East Asia against the Backdrop of Recent European Experiences

Regional Financial Integration in East Asia against the Backdrop of Recent European Experiences

Bond yield spillovers from major advanced economies to emerging Asia

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