ASEAN+3 Financial Stability Report 2025
October 9, 2025
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
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.
January 2, 2025
Kevin C. Cheng, Ruperto Majuca
This paper examines financial interconnectedness in ASEAN+3 using BIS Locational Banking Statistics to map the cross-border claims and liabilities of ASEAN+3 banks and analyze contagion risks via daily market and financial asset prices.
October 17, 2024
Kevin C. Cheng, Ruperto Majuca
In the ASEAN+3 region where financial links have deepened over the decades, these connections not only offer opportunities, but also increase the risk of financial contagion.
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.
December 3, 2021
Andriansyah, Jade Vichyanond, Jae Young Lee, Justin Lim, Ruperto Majuca
Thailand’s economy should recover gradually — although unevenly across sectors — with growth likely to register 0.8 percent in 2021 before rebounding to 5.8 percent in 2022.
June 29, 2021
The Philippine economy is recovering from its deepest ever recession in 2020, but growth forecasts could be lowered due to the resurgence of COVID-19 infections in early 2021.
March 31, 2021
Byunghoon Nam, Catharine Kho, Chiang Yong (Edmond) Choo, Diana del Rosario, Jade Vichyanond, Jinho Choi, Justin Lim, Li Lian Ong, Marthe M. Hinojales, Prashant Pande, Ruperto Majuca, Seung Hyun (Luke) Hong, Suan Yong Foo, Vanne Khut
The fifth issue of the AREO, which provides AMRO staff’s assessment of both the conjunctural and structural issues within the ASEAN+3 region, coincides with the organization’s tenth anniversary.
October 5, 2020
Prashant Pande, Ruperto Majuca
Following the subsidence in market volatility, the Thai baht has resumed its appreciation since April, in conjunction with the sharp rise in gold prices.
April 23, 2020
The impact of oil prices on the macroeconomy has long been a topic of interest to economic researchers.
December 26, 2019
Jade Vichyanond, Jae Young Lee, Ruperto Majuca, Wanwisa May Vorranikulkij
Thailand’s economy is projected to slow from 4.1 percent in 2018 to 2.7 percent in 2019 and 3.1 percent in 2020, due to a decline in exports amid U.S.-China trade tensions, as well as a slowdown in private investment.