Im Oktober 1996 wurde Korea als drittes Entwicklungsland nach Mexiko und der Türkei Mitglied der OECD. Zu den Voraussetzungen der Mitgliedschaft gehörte eine Liberalisierung des koreanischen Kreditwesens und Finanzmarktes. Der Autor betrachtet zunächst die wichtigsten Elemente dieses...

It is widely believed that local currency bond markets (LCBMs) can promote financial stability in developing countries. For instance, they can help mitigate the currency and maturity mismatch that contributed to the outbreak of the Asian financial crisis of 1997–1998. In this paper, we...

The central objective of this paper is to empirically examine the issue of fiscal sustainability in developing Asia. To do so, we first diagnose the region's public finances by analyzing the evolution of key fiscal indicators over time and across subregions. We then estimate fiscal policy...

The central objective of this paper is to empirically evaluate the degree of linkages among East Asian equity and bond markets. The primary contribution of our paper to the empirical literature is that we use a financial gravity model grounded in economic theory. Using data from the...