We describe and assess two dimensions of the current state of bond market development in developing Asia: the role of bond markets in overall financial systems and a comparison of the salient features of bond market development in developing Asia and other regions. We highlight key drivers and...

The global financial crisis highlighted the need for national bank supervisory authorities to improve surveillance systems and to detect early on the buildup of macroeconomic risks that could threaten the entire financial system. This paper presents an empirical framework for analyzing how...

Why do some economies grow faster than others? Do economies in the middle-income range face especially difficult challenges producing consistent growth? Using a transition matrix analysis on decade-level growth rates, we find that the data clearly reject the idea that middle income economies...

Using panel data regressions, this paper analyzes the effect of imperfections in the formal export credit and insurance market on trade growth in the regions of Africa and Asia. An exclusive comparison of trade performance of the two regions with respect to export credit and insurance is novel...

Launched as a political bloc and security pact in the aftermath of the Viet Nam War, the Association of Southeast Asian Nations (ASEAN) has evolved to embrace an ambitious economic agenda. It latest project is to establish the ASEAN Economic Community (AEC) by 31 December 2015. Fulfilling these...

Myanmar's macroeconomic policy framework does not adequately support the new functions of the Central Bank of Myanmar. The monetary policy regime is deficient and institutions that complement the working of a market-based economy lacking. This paper identifies 10 priority areas for reform to...

We use a dynamic forecasting model to evaluate a wide array of opportunities for sustained economic growth in Myanmar. Our simulation results suggest that the government of Myanmar can advance potential growth drivers, by maintaining a stable macroeconomic environment that is conducive to...

In the wake of recent food price spikes, plus growing demands for food in emerging Asia and for biofuels in Europe and the United States, governments are reexamining their strategies for dealing with both short-term and long-term food security concerns. This paper argues that long-run trends in...

The finance sector is the lifeblood of any economy and its smooth functioning is central to rapid and inclusive economic growth. A well-functioning financial system must intermediate efficiently between savers and borrowers; manage risks prudently; provide a wide variety of financial services to...

Myanmar's agriculture sector offers substantial unexploited potential to underpin the country's inclusive economic development. With extensive land, water, and labor resources, as well as proximity to fast-growing markets, the country's agriculture has key competitive advantages. At the same...