- Kose MA, Nagle P, Ohnsorge F, Sugawara N, December 2021, What has been the impact of COVID-19 on debt? Turning a wave into a tsunami paper no. 99/2021.
- Islamaj E, Kose MA, November 2021, What types of capital flows help improve international risk sharing? paper no. 96/2021.
- Siklos P, November 2021, Did the great influenza of 1918-1920 trigger a reversal of the first era of globalization? paper no. 95/2021.
Financial market developments impact directly and indirectly on real economy outcomes, particularly in the short term, and developments in the macroeconomy affect financial markets, systems and institutions. This program brings together work on financial interactions with an assessment of the impact of markets and institutions on the economy and implications for policy. It includes assessment of broader trends in the macroeconomy and finance. Areas of investigation include:
- The role of international financial markets in transmitting shocks between economies, including during periods of financial stress.
- Regional and global financial cooperation and architecture, with a particular focus on East Asia.
- Financial markets, institutions and systems, including the integration of financial markets, electronic finance, harmonisation of financial systems and the nexus between finance and economic growth and development.
- Policy dialogue and the interaction between policy decisions, such as fiscal and monetary policy and structural policies, and financial development, including a focus on East Asia.