ASEAN+3 Weathered The Last Global Tightening Storm. What About The Next?
October 22, 2025
The challenge now is to lock in the gains, address lingering vulnerabilities and enhance regional preparedness for future shocks.
October 22, 2025
The challenge now is to lock in the gains, address lingering vulnerabilities and enhance regional preparedness for future shocks.
October 9, 2025
Andrew Tsang, Benyaporn Chantana, Chenxu Fu, Chiang Yong (Edmond) Choo, Eunmi Park, Ivan Lim, Junjie Shi, Kuchsa Dy, Leilei Lu, Prashant Pande, Runchana Pongsaparn, Ruperto Majuca, Shunsuke Endo, Yang Jiao, Yoki Okawa
The AFSR 2025 explores the evolving risks and vulnerabilities shaping ASEAN+3’s financial landscape and how the region is building greater resilience for the future.
October 9, 2025
Watch how ASEAN+3 economies managed to avoid major disruption during the 2022–2023 global monetary policy tightening, and learn key insights on how they can better guard against future shocks.
April 22, 2025
Chenxu Fu, Chiang Yong (Edmond) Choo, Eunmi Park, Ivan Lim, Prashant Pande, Runchana Pongsaparn, Yoki Okawa
This analytical note attempts to assess the post-liberation impact on ASEAN+3 financial markets, conduct a comparative study with the 2018 China-US trade tension to draw lessons learned and identify potential risks at sectoral level.
February 3, 2025
This paper examines the dynamic interconnections between the real estate market, financial stability, and the real economy in the ASEAN+3 region.
November 5, 2024
The ASEAN+3 property market has faced significant challenges post-pandemic, marked by falling property prices and transaction volumes.
October 10, 2024
Alex Liyang Tang, Benyaporn Chantana, Chenxu Fu, Chiang Yong (Edmond) Choo, Eunmi Park, Ivan Lim, Jungsung Kim, Junjie Shi, Leilei Lu, Prashant Pande, Ruperto Majuca, Trung Thanh Vu, Yang Jiao, Yoki Okawa
This year’s AFSR expands its scope to chart a broader array of risks and challenges confronting the region in the period ahead.
February 23, 2024
Chiang Yong (Edmond) Choo, Eunmi Park
Large shifts in domestic holdings of government debt can also cause instability in financial markets. Domestic banks worldwide have been accumulating government debt, a trend that intensified during the COVID-19 pandemic.
February 21, 2024
Public debt-to-GDP ratio in the ASEAN+3 region has risen sharply during the COVID-19 pandemic.
December 27, 2023
Eunmi Park, Kevin C. Cheng, Leilei Lu, R. Sean Craig, Siang Leng Wong
Ample and low-cost liquidity provided by global central banks in the aftermath of the global financial crisis had driven a rise in ASEAN+3 debt.