How are ASEAN and China Leveraging Their Positions in Global Value Chains?

This note shows that an economy needs to retain more GVC stages to support the development of domestic firms and increase domestic value-added, and that it should move toward more upstream positions in GVCs to capture a larger share of value-added.

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Changing Composition of Sovereign Debt Holdings Can Impact Default Risk and Financial Stability

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.

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