Banking Integration in ASEAN Gathers Pace
The ASEAN Economic Community, planned to come into effect in 2015, is expected to liberalize goods, capital and skilled labor flows in the ASEAN region. While there has been considerable progress in the area of trade integration, financial integration still lags behind. The ASEAN Banking Integration Framework, which aims to liberalize the banking market by 2020, could help pave the way for further integration and the entry of ASEAN banks into regional banking markets.
Why Partnering with the Private Sector is Key to Inclusive Growth
Over the past couple of decades, no one can deny that the Asia and Pacific region has represented a remarkable success story. Absolute poverty levels have fallen significantly and the region is on course to achieve a number of Millennium Development Goals (MDGs).
Preparing for Life After the MDGs
The establishment of the Millennium Development Goals (MDGs) by the United Nations in 2001 was a defining moment. It rallied a global effort in the fight against poverty, hunger, and disease, while promoting universal education, gender equality, and environmental sustainability. However, new challenges have emerged while remaining ones are complex. Meanwhile, the 2015 deadline for achieving the MDGs is almost upon us, raising the question: where do we go from here?
Farewell Astana, Hello Baku
We’ve wrapped up our 47th Annual Meeting in Astana today with plenty of food for thought on what lies ahead for our vast, diverse region.
Kazakhstan – Historic Venue for Fertile Ideas
Almost 1,500 years ago in the sixth and seventh century, southern Kazakhstan was part of the famous Silk Road that carried goods, ideas and cultural influences from as far as China to Europe.
Getting Asia in Shape for the Future
Where are Asia’s economies headed to in the short and long term? What shape are they in to withstand future financial crises? And how can they respond to the yawning rich-poor divide, now a key concern among Asian and global policymakers? These were some of the key points discussed over the first two days of business at our 47th Annual Meeting, held in Astana, Kazakhstan.
Emerging Asia Should Brace for Higher Global Interest Rates
The US Fed has been winding down its bond purchase program, widely known as “quantitative easing,” since December 2013. The program was introduced in the wake of the 2008 global financial crisis to fight the recession and foster a rapid economic recovery. With the improvement in the US economy, the Fed suggested at its policy meeting in March that the program may end this coming fall and it may start raising interest rates about six months from then.
Chinese Bond Default – What Does it Mean for Asia's Bond Market Development?
Last Friday, 7 March, 2014, Shanghai Chaori Solar Energy Science and Technology Co Ltd defaulted on its 1 billion yuan ’Chaori-11 bond‘ when it failed to pay in full the coupon due that day. The default should not have taken investors by surprise as the company has been struggling over the past few years due to general weakness in the solar panel market.
Asia Pacific Post-2015 Priorities, MDG8 and Global Partnerships
Any contemporary story on development in Asia-Pacific begins with reflection on massive gains achieved in the fight against poverty. The incidence of people living on less than $1.25 a day fell from 54.5% in 1990 to 20.7% in 2010, with the number of extreme poor declining from 1.48 billion to 733 million. This precipitous decline in poverty incidence has been accompanied by tremendous gains in access to health and education.
What to Look Out for in Asian Bond Markets in 2014
2014 is shaping up to be another challenging year for bond markets in Asia after a see-saw 2013 which saw prices rise at the start of the year, and then fall back on news that the US Federal Reserve plans to reduce or ‘taper’ its quantitative easing operations.