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ADBI News
2015 Volume 9 Number 1
SYMPOSIUM
Affordable and appropriate access to financial For more information on this event, please visit:
services by households and small and medium- www.adbi.org/event/6522.better.lifetime.planning.nancial.edu/
sized enterprises (SMEs) is important for promoting www.oecd.org/daf/n/nancial-education/oecd-japan-better-
inclusive growth and financial development. lifetime-planning-through-nancial-education.htm
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A s i a n D e v e l o p m e n t B a n k I n s t i t u t e
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Once the US Federal Reserve exits from its rates in some East Asian
quantitative easing monetary policy strategy in countries. Moreover,
the near future, East Asian countries will likely widening interest rate
face capital outflow, currency depreciation, and differentials between the
pressure to raise interest rates. This was the main US currency and those
conclusion drawn by Eiji Ogawa, professor of of East Asia tend to lead
international finance of the Graduate School of to a depreciation of East
Commerce and Management at Hitotsubashi Asian currencies against
University and faculty fellow of the Research the US dollar. Changes
Institute of Economy, Trade and Industry (RIETI), in these interest rate
at a seminar held at ADBI on 17 February. Based differentials can also affect capital flows in the
on his numerical estimates via causality tests and portfolios and other investments of the balance of
vector autoregressive (VAR) modeling techniques, payments of East Asian economies.
he found that changes in interest rates in the United For more information on this event, please visit:
States had the same directional effect on interest www.adbi.org/event/6532.effects.quantitative.monetary.policy/.
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Institutional Responses to
Asias Development Challenges
For a daily wrap-up of development news and events from an Asian perspective are delivered daily to
in Asia, subscribe free to ADBIs e-newsline. your inbox. To learn more about e-newsline and to
Concise summaries of news, opinions, and editorials subscribe, please visit: www.adbi.org/e-newsline/.
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A s i a n D e v e l o p m e n t B a n k I n s t i t u t e
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POLICY DIALOGUE
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A s i a n D e v e l o p m e n t B a n k I n s t i t u t e
STAFF
PANEL DISCUSSION
Upcoming Events
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A s i a n D e v e l o p m e n t B a n k I n s t i t u t e
Recent Publications
A World Trade Organization for the 21st Century: The Asian Perspective
This unique compilation of essays addresses a core political economy question: how do market forces
and trade regulation interact? Its fresh Asian perspective offers a much-needed contribution to our
understanding of how treaty-based regional and bilateral economic integration is driven by the Factory
Asia phenomenon.
Manfred Elsig, University of Bern, Switzerland
More information: www.adbi.org/publications/9781783479276/.
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Why Do SMEs Not Borrow More from Banks? Evidence from the Peoples Republic of China and Southeast Asia
Authors: Ganeshan Wignaraja and Yothin Jinjarak
This paper examines the relationship between firm characteristics and borrowing from commercial banks by small and medium-sized enterprises
(SMEs) in the Peoples Republic of China, Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam.
Read Working Paper 509 at www.adbi.org/working-paper/2015/01/09/6523.why.do.sme.not.borrow.from.banks/.
Estimating Dual Deposit Insurance Premium Rates and Forecasting Non-performing Loans: Two New Models
Authors: Naoyuki Yoshino, Farhad Taghizadeh-Hesary, and Farhad Nili
This paper develops a model for calculating dual fair premium rates to differentiate the deposit insurance premiums to be paid by risky banks that
endanger the stability of the financial system and healthy banks and other financial institutions that have shown good financial performance.
Read Working Paper 510 at www.adbi.org/working-paper/2015/01/14/6524.calculating.deposit.insurance.premium/.
International Spillovers of Monetary Policy: US Federal Reserves Quantitative Easing and Bank of Japans
Quantitative and Qualitative Easing
Author: Masahiro Kawai
This paper assesses the impact of unconventional US and Japanese monetary policies on emerging economies, and explores policy coordination issues
to promote macroeconomic and financial stability in developed and emerging economies.
Read Working Paper 512 at www.adbi.org/working-paper/2015/01/21/6527.international.spillovers.monetary.policy/.
Dynamic Shift to a Basket-Peg or Floating Regime in East Asian Countries in Response to the Peoples Republic of
Chinas Transition to a New Exchange Rate Regime
Authors: Naoyuki Yoshino, Sahoko Kaji, and Tamon Asonuma
This paper analyzes a desirable transition path for East Asian countries given the Peoples Republic of Chinas transition to a new exchange rate regime.
Read Working Paper 514 at www.adbi.org/working-paper/2015/02/12/6534.oating.regime.east.asian.countries/.
SME Internationalization through Global Value Chains and Free Trade Agreements: Malaysian Evidence
Authors: Menaka Arudchelvan and Ganeshan Wignaraja
Drawing on a survey of Malaysian enterprises, this paper examines the characteristics of small and medium-sized enterprises in global value chains
and free trade agreements and explores the policy implications. It finds that even among SMEs, firm size matters for participation in GVCs and FTAs.
Read Working Paper 515 at www.adbi.org/working-paper/2015/02/16/6535.sme.internationalization.malaysia/.
Towards Trade Policy Analysis 2.0: From National Comparative Advantage to Firm-Level Trade Data
Author: Lucian Cernat
This paper makes the case for the need to upgrade current analytical tools used for trade policy analysis and complement them with more detailed firm-level data.
Read Working Paper 516 at www.adbi.org/working-paper/2015/02/17/6536.trade.policy.analysis/.
Dynamic Effect of a Change in the Exchange Rate System: From a Fixed Regime to a Basket-Peg or a Floating Regime
Authors: Naoyuki Yoshino, Sahoko Kaji, and Tamon Asonuma
This paper evaluates the dynamic effects of a shift in an exchange rate system from a fixed regime to a basket peg, or to a floating regime, and obtains
transition paths for the shift based on a dynamic stochastic general equilibrium model of a small open economy.
Read Working Paper 517 at www.adbi.org/working-paper/2015/03/05/6548.dynamic.effect.exchange.rate.system/.
Adjustments of Capital Account Restrictions and Exchange Rate Regimes in East Asia
Authors: Naoyuki Yoshino, Sahoko Kaji, and Tamon Asonuma
This paper discusses adjustments of capital account restrictions and exchange rate regimes in East Asia.
Read Working Paper 518 at www.adbi.org/working-paper/2015/03/27/6587.capital.account.restrictions.east.asia/.
The Middle-Income Transition around the Globe: Characteristics of Graduation and Slowdown
Authors: Paul Vandenberg, Lilibeth Poot, and Jeffrey Miyamoto
The paper investigates the situation of middle-income economies around the world. Since 1965, only 18 economies with a population of more than
3 million and not dependent on oil exports have made the transition to being high income.
Read Working Paper 519 at www.adbi.org/working-paper/2015/03/31/6588.middle.income.transition.globe/.
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