ASEAN+3 Macroeconomic Research Office

Blogs

Can ASEAN+3 Weather a Yen Carry Trade Reversal?

April 8, 2025

Aruhan Rui Shi, Prashant Pande

The unwinding of yen-funded carry trades presents both risks and opportunities for ASEAN+3 economies.

Blogs

Understanding Weak Policy Rate Pass-through in the Philippines: Why Are Bank Lending Rates So Sticky?

March 25, 2025

Pim-orn Wacharaprapapong

Although the hiking cycle has ended with the BSP cutting the policy rate in August 2024, it is worth examining why bank lending rates were so sticky in this last tightening cycle.

Blogs

Lao PDR’s Bold Foreign Exchange Measures: A Step Toward Macroeconomic Stability

March 13, 2025

Poh Lynn Ng, Thai Yangsingkham

Lao PDR’s challenging macroeconomic environment demands bold and decisive policy actions.

Blogs

Managing Singapore’s Growth and Resilience Amid Global Economic Shifts

March 10, 2025

Kevin C. Cheng, Yoki Okawa

Singapore’s economy showed resilience in 2024, with growth accelerating to 4.4 percent on the back of a strong upturn in electronics exports and robust domestic demand.

Blogs

The Post-Pandemic Fiscal Tightrope

March 3, 2025

Carlos Giraldo, Hoe Ee Khor, Rolf Strauch

As economies worldwide start to emerge from the inflation-fueled cost-of-living crisis that followed the COVID-19 pandemic, fiscal policymakers are confronting a sobering reality: they are not out of the woods yet.

Blogs

Bridging the Biodiversity Financing Gap: Unlocking Private Capital Through Market-Based Solutions

February 24, 2025

Jorge Antonio Chan-Lau

Biodiversity-linked bonds (BLBs) are a financial innovation designed to channel private capital into conservation efforts.

Blogs

Building a Stronger Financial Safety Net for ASEAN+3 in Uncertain Times

February 17, 2025

Achri Anatanarak, Masato Matsutani

Global and regional financial safety nets play a crucial role in maintaining economic stability, especially during crises.

Blogs

Green Finance in ASEAN+3: Balancing Sustainability and Financial Stability

December 13, 2024

Benyaporn Chantana, Chenxu Fu, Kevin C. Cheng

Amid rising climate change concerns, the ASEAN+3 region has been scaling up its green finance efforts. While the benefits of green finance to environmental and economic sustainability are well-recognized, its implications for financial stability remain little-known.

Blogs

Malaysia’s Strategic Path to Global Islamic Finance Leadership

December 11, 2024

Runchana Pongsaparn

Malaysia’s ascent to one of the global leaders in Islamic finance stands as a testament to decades of visionary planning, commitment, and strategic alignment between the country’s public and private sectors.

Blogs

Risks of US Dollar’s Dominance on ASEAN+3 Financial System

November 15, 2024

Kevin C. Cheng, Prashant Pande

ASEAN+3’s heavy reliance on the US dollar has created two key financial stability risks for the region.

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