Research shows bigger local bond markets help countries strengthen their financial systems and their economies.
Prior to joining ADB in 2007, Donghyun was a tenured associate professor of economics at Nanyang Technological University in Singapore. He has a PhD in economics from UCLA in the US, and his main research fields are international finance, international trade, and development economics. His research, which has been published extensively in journals and books, revolves around policy-oriented topics relevant for Asia’s long-term development, including the middle-income trap, service sector development, and financial sector development. Dr. Park plays a leading role in the production of Asian Development Outlook and Asia Bond Monitor, two major ADB flagship publications.
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Amid uncertainty over the evolution of the PRC-US trade dispute, markets in the region are taking a wait-and-see stance.
Widely accepted definitions and standards of greenness will help green bond markets grow and become more accurately priced.
The region's strong fundamentals limit the risk of foreign exchange volatility.
The Fed’s rate hike won’t have much impact in emerging Asia, at least in the short term.
To withstand external shocks and sustain growth, middle-income countries need to get the basics right on manufacturing, currency management, and education.
It’s high time for emerging Asian markets to prepare themselves for the tighter global financial conditions that Fed balance sheet normalization entails.
A new ADB working paper provides insights into what factors drive growth at middle-income economies.