Publications 
Bond Market Stress and Policy Responses in the EMEAP Region during COVID-19 (June 2022)
This Working Group on Financial Markets (WGFM) report examines the bond market stress in the EMEAP region during COVID-19, and discusses the policy responses and lessons learnt. During March/April 2020, bond markets in most EMEAP economies experienced stress conditions due to a confluence of external and domestic factors. EMEAP central banks have succeeded in alleviating the bond market stress with various policy measures (e.g. asset purchases and liquidity facilities), which were carefully designed and adjusted, and well communicated in view of the challenges and potential side-effects associated with these policy measures. Based on the COVID-19 experience, the report draws a number of lessons learnt regarding bond market stress and resilience, and central banks’ policy responses; and suggests a few topics for continued collaboration among EMEAP members.
Study on US dollar Liquidity and Funding Dynamics in the EMEAP Region (August 2020)
This Working Group on Financial Markets (WGFM) report highlights members’ observations on the shifting dynamics of the US dollar in regional financing activities over the years, and its impact on regional financial stability. Members opined that the macroeconomic adjustments and the set of banking sector reforms undertaken in the past decades had strengthened the resilience of many EMEAP economies coming into the March-April episode of global US dollar liquidity stress. Nevertheless, members also identified certain areas which would require further regional collaborations to guard against future shocks.
Study on the Implications of
Financial Benchmark Reforms (September 2019)
Financial benchmarks, especially interest rate benchmarks, are commonly referenced in financial contracts. However, the notable decline in the liquidity of the unsecured money markets after the global financial crisis, together with incidents of benchmark manipulation, raised questions about the credibility and robustness of submission-based benchmarks. Against this background, global efforts have been taken in reforming the financial benchmarks. The Working Group on Financial Markets agreed in September 2018 to conduct a study on the implications of financial benchmark reforms to regional markets, focusing on: A) LIBOR discontinuation; B) EU Benchmarks Regulation (BMR); and C) Reform of local benchmarks, in the EMEAP region. This report provides a brief overview of the three areas of financial benchmark reforms, summarises the results of a WGFM survey and discussion among EMEAP members and private financial institutions, as well as identifies risk scenarios and proposes some policy recommendations for EMEAP members’ consideration. The purpose of this report is to raise awareness of market participants, as well as to further enhance the market’s readiness for financial benchmark reforms.
EMEAP Money Markets (August 2018) Annex: Survey Results
Money markets serve as an important infrastructure for both private financial institutions and central banks. They are where financial institutions manage short-term funds based on their outlook on interest rates and their demand for, or supply of, funds. While the EMEAP money markets continue to have ample liquidity, partly thanks to prolonged capital inflows, this could start to decrease gradually if there were a reversal of capital flows. This report aims to record the state of play in the money markets, together with policy initiatives taken in the EMEAP region. While acknowledging that money markets have evolved in a manner unique to each jurisdiction, this report provides a reference to assist with further development of money markets in the region.
The Liquidity Coverage Ratio (LCR) was implemented by the Basel Committee with the aim of developing a more resilient banking sector. Given the significance of the LCR requirement as a global liquidity regulation, the Working Group for Financial Markets studied the impact of the LCR requirement on money markets, central bank operations and monetary policy transmission in the EMEAP region. This report summarises the findings and builds on the body of existing research on this topic.
EMEAP Repo Markets: State of Play – A Report by the EMEAP Working Group on Financial Markets 2014
This report discusses the Working Group on Financial Markets’ review of repo markets in the region. The objective of the review was to describe the place these markets occupy in member jurisdictions and to better understand the factors behind their development to date and the factors that might be impeding further or quicker development.
Payment, Clearing and Settlement Systems in EMEAP Economies (August 2012)
This report summarizes the discussions at the BOJ High-Level Workshop held in November 2005 for EMEAP members. It reviews services offered by EMEAP central banks focusing on the areas cash, account, and settlement services.
This report summarizes the discussions at the BOJ High-Level Workshop held in December 2004 for EMEAP central bank members. It reviews bond market developments using data analysis and presents individual central banks’ efforts to cultivate bond markets.
Survey on National RTGS in EMEAP Region
This survey has been updated by the EMEAP IT Directors’ Meeting (ITDM) in cooperation with the Working Group on Payment and Settlement Systems (September 2004).
Payment Systems in EMEAP Economies (July 2002)
Many emerging markets, including EMEAP economies, are in the process of bolstering their resiliency to liquidity crises. Part of these efforts is the introduction of regulations designed to reduce transactions in the home currency in offshore markets, or the “non-internationalization of the currency”. This paper begins with a general examination of the flow of speculative funds at the time of the currency crisis, which is the motivation for new regulation. It then considers both the effectiveness and costs of regulation. (January 2002)
Foreign Exchange Settlement Risk in the East Asia-Pacific Region
The results of the surveys on foreign exchange settlement practices of commercial banks in the EMEAP region (December 2001)
EMEAP Exchange Rate Regime Study — 1
EMEAP Exchange Rate Regime Study (June 2001) — Experience and Practical Issues Concerning Foreign Exchange Operations
EMEAP Exchange Rate Regime Study — 2
EMEAP Exchange Rate Regime Study (June 2001) — The Capital Account and The Exchange Rate In Monetary Policy Decision-Making
EMEAP Exchange Rate Regime Study — 3
EMEAP Exchange Rate Regime Study (June 2001) — Welfare Implications of the 1995-1998 Yen Depreciation?of Asia
