This chapter surveys the empirical evidence on the effectiveness of foreign exchange
intervention. There is an inherent identification problem when estimating the effect of intervention …

Asia has made significant progress in financial inclusion, but both its across-country and
intra-country disparities are among the highest in the world. The gaps between the rich and the …

We investigate the motives inflation-targeting central banks in emerging markets may have
for intervening in foreign exchange markets and evaluate the case for such interventions …

Demographic developments have been regarded as one important cause of the long-term
movement in global interest rates. This paper provides empirical evidence of the relationship …

Has monetary policy in advanced economies been less effective since the global financial
crisis because of deteriorating household balance sheets? This paper examines the question …

Events surrounding the global financial crisis have brought to light the potential role of
monetary policy in precipitating the crisis. Numerous studies on advanced economies have …

Drawing on survey responses from 34 Asian economies and country case studies, this note
takes stock of recent developments related to central bank digital currencies (CBDCs) and …

There is growing recognition that prolonged US monetary policy easing has extraterritorial
spillovers, driving up financial system leverage elsewhere in the world. Faced with financial …

There is growing recognition that prolonged monetary policy easing of major economies
can have extraterritorial spillovers, driving up financial system leverage in other countries. …

With rising financial integration, the magnitude and swings in capital flows have increased
in the past two decades, intensifying the policy debate on how best to deal with these flows. …