This publication is a collection of essays written by prominent economists on topics which were of interest to the late Mr. Byanti Kharmawan, who was an Executive Director of the International Monetary Fund from 1968 until his death in 1982.

This study analyses the strength and weaknesses of the economic and financial sectors of the ASEAN countries, and identifies possible prospects for greater linkages and cooperation among the ASEAN countries

This paper looks into the problems and issues related to adjustment to external shocks in the SEACEN countries from 1973-1984. It focuses its attention on the 1973 oil crisis and the Iranian revolution which disrupted the world oil supply and consequently ushered in another oil price increase.

This issue has four excellent articles - Dr. William (“Bill”) M. Isaac, former Chairman of the U.S. Federal Deposit Insurance Corporation, and now a top global banking industry consultant, has submitted a thought-provoking article on lessons learned from the 2008 banking crisis in the U.S....

The three articles selected for inclusion in the Journal’s first edition by the Journal’s Editorial Board reflect the broad range of issues that relate to financial stability. Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, has contributed a thought-provoking article on the...

The main objective of this high-level Conference was to bring together senior staff of SEACEN member central banks to discuss the future role of the central bank in supporting adjustments in the growth strategy for Asia in response to lessons from the GFC. The discussions were fruitful and the...

The payment and settlement systems play a core intermediating function and operate as the “plumbing system” for financial markets to help ensure swift, safe and seamless flow of funds from one payment participant to another. Smooth and certain settlement of payments would reduce risks,...

One of the main reasons the economic and financial crisis, which began in 2007, became so severe was that the banking sectors of many countries had built up excessive on- and off-balance sheet leverage. This was accompanied by a gradual erosion of the level and quality of the capital base. At...

Based on the authors’ empirical results, using the Extreme Value theory, they conclude that stock market performance, particularly in times of vulnerabilities, does contain some information which may signal an impending crisis. This signal can be within the same month up to between 1- 3 months...

Can a research and training institute excel in both research (R) and training (T) by crafting a “synergistic relationship” to produce what Aristotle would say “the whole is greater than the sum of its parts”? Interest in integrating research (R) and training (T) took a leap frog with the...