The national budget for the fiscal year 2009-2010 will be an important event on a number of counts, particularly in the current national and global contexts. From the national perspective, it will be the first one by the newly-elected government. Arguably, it will be inspired by the election...

The upcoming national budget for the fiscal year 2010-11 will be underpinned by a number of challenges in the current national and global contexts. This budget will be the first year of the medium-term planning framework under the Sixth Five Year Plan (FY2011-FY2015) and the 10 year Perspective...

This document contains a set of proposals prepared by the Centre for Policy Dialogue (CPD) for submission to the Ministry of Finance, Government of Bangladesh (GoB). These proposals were prepared in the context of the upcoming national budget FY2008-09 by keeping in view the need for enhanced...

In this paper we try to address the question of what could help make the renminbi a reserve currency. In recent years, the authorities in the People’s Republic of China (PRC) have made efforts to internationalize its currency through a two-track strategy : promotion of the use of the...

The purpose of this study is to better understand the likely impact on Asian economies and financial institutions of various recent global financial reforms, including Basel III capital adequacy and liquidity rules. Part one reviews the lessons of the global financial crisis (GFC) of...

In the run-up to the financial crisis, the world economy was characterized by large and growing current account imbalances. Since the onset of the crisis, the People’s Republic of China and the United States have rebalanced. As a share of gross domestic product, their current account...

Despite the increasing recognition that the renminbi (RMB) may eventually become a key global currency, several important questions remain to be answered. This paper analyzes the benefits and costs of the RMB becoming an international currency. The benefits include reduced exchange risk,...

The aftermath of the global financial crisis of 2007–08 underlined the importance of maintaining fiscal space and fiscal sustainability. Even though many Asian economies implemented fiscal stimulus policies during the crisis period, their fiscal conditions generally improved rapidly...

The squeeze in United States dollar liquidity that emerged with the global financial crisis highlighted the risks inherent in the current global financial system. Asia was adversely affected by the crisis not only because of its dependence on trade, but also because of its heavy reliance on the...

This study analyzes the effects of financial liberalization on the lending behavior of banks and non-bank financial institutions (NBFIs) before and after the 1997 Asian financial crisis, using panel regressions on Republic of Korea firm-level and industry-level data of the period...