Stablecoins are a type of digital asset that purports to maintain a stable value by referencing physical, financial or virtual assets (FSB (2020)). They can be further differentiated into currency-based, financial instrument-based, commodity-based and crypto asset-based stablecoins. There are also algorithmic stablecoins that aim to maintain a stable value via protocols that provide for the […]
Category Archives: Supervision
10
May
May
Despite the relatively widespread adoption of mobile and internet technology in the Caribbean, retail payments[i] are characterised by “high costs and insufficient access for large swathes of the region’s population (BIS (2020)).” The lack of access to a regular bank account or to other services of financial institutions through mobile devices adversely impacts people from […]
Financial Stability, Supervision
To Bail-In or not To Bail-In: A Question for Asian Financial Policymakers
16
Aug
Aug
The Great Financial Crisis (GFC), which began in 2007 and whose effects persisted for a decade, spurred a cavalcade of major worldwide regulatory, supervisory, and resolution reforms for the banking sector and the broader financial sector. In particular, the massive costs incurred by resolution and deposit insurance authorities (and ultimately, taxpayers) to clean up failed […]
Financial Stability, Supervision
Buy Now, Cry Later? A Look Into a New Phenomenon in Digital Payments and E-Commerce
17
Mar
Mar
Over the last few years, the growth of ‘buy now, pay later’ (BNPL) services has been exceptional. This niche product, finding itself conveniently at the intersection of the burgeoning digital payments and e-commerce spheres, and appealing to a new generation of spenders more comfortable with technology and less concerned about privacy than their predecessors, has […]
15
May
May
We are in the midst of an unprecedented pandemic. Apart from the tragic loss of life, the economic implications will be felt for years. This will not only be in terms of the businesses that have been closed down, many of which will never re-open, but also through effects on employment and career development, and […]
30
Mar
Mar
Maintaining confidence and the smooth functioning of financial markets[i] Since the initial publication of this blog post, this article has been further developed into a full fledged SEACEN Policy Analysis Paper, which has been published on the SEACEN Centre Website on 15 May 2020. The paper can be accessed here. As the world shelters from […]
Financial Stability, Supervision
COVID-19: Financial Stability and Business Continuity Management – Part B
23
Mar
Mar
This is the second of a two-part series of our discussion on COVID-19, financial stability and business continuity management (BCM). In Part A we discussed the steps regulatory authorities can take to implement their own BCM programs, and expect from their regulated FIs, during the current pandemic. This blog post is Part B, and is […]
Financial Stability, Supervision
Coronavirus and the Global Economy: Central Banks’ Policy Responses Update 1
20
Mar
Mar
This post is an update of our blog Coronavirus and the Global Economy: Central Banks’ Policy Responses published on 5 March 2020, chronicling central banks and policymakers’ responses to COVID-19. We note that the COVID-19 outbreak has generated both demand and supply shocks reverberating across the global economy. Among major economies outside of China, the […]
Financial Stability, Supervision
COVID-19: Financial Stability and Business Continuity Management – Part A
18
Mar
Mar
In many conference speeches, training presentations and papers since the end of the Great Financial Crisis, we often heard or read that “we don’t know when or from where the next crisis will come, but it will surely come.” It is too early to say that COVID-19 is or will precipitate another large scale global […]
Financial Stability, Supervision
Coronavirus and the Global Economy: Central Banks’ Policy Responses
05
Mar
Mar
Since the outbreak of the novel coronavirus (Covid-19) in China, central bankers and policymakers have kept a very sharp eye on the health of the global economy. In some cases, Covid-19 has been compared to SARS in 2003, which some economists estimate cost the global economy $45 billion. At that time China only represented 8% […]
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