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Author:Borst, Nicholas 

Periodic Essay
The rise of Asian sovereign wealth funds
This Asia Focus provides an overview of sovereign wealth funds, evaluates the structure and activities of major funds in Asia, and compares the transparency of Asian funds relative to international best practices.
AUTHORS: Borst, Nicholas
DATE: 2015-03

Periodic Essay
Balancing the state and the market: banking reform in China and Vietnam
This Asia Focus examines similarities in the process of banking reform in China and Vietnam, analyzes how both countries have dealt with financial crises, and draws lessons from their shared experiences that may be useful for other countries undertaking financial reforms.
AUTHORS: Borst, Nicholas
DATE: 2015-09

Periodic Essay
Non-banks and retail payments: innovations in China and the United States
This Asia Focus examines the role that non-banks play in retail payment systems, compares the structure of the retail payments industry in United States and China, and discusses potential risks to the financial system.
AUTHORS: Borst, Nicholas
DATE: 2015-01

Periodic Essay
Taiwan’s banking sector reforms: retrospective and outlook
The Taiwanese banking system has evolved significantly since the government amended the Banking Law in 1989 to promote internationalization and liberalization of the banking sector. Private banks now play a significant role in the financial system and many state-owned banks have been partially privatized. Despite much progress, Taiwan?s banking sector is marked by low profitability and excessive competition that are potential threats to the long-term health and stability of the financial system. This Asia Focus outlines the history of financial and banking reforms in Taiwan, analyzes problems that developed in the banking sector after liberalization, and evaluates current initiatives by regulators to address those problems.
AUTHORS: Borst, Nicholas; Li, Cindy
DATE: 2016-05

Periodic Essay
Capital Flows, Bond Markets, and Financial Stability in Asia
The 1997 Asian financial crisis was a landmark moment and an important catalyst for financial transformation in the region. After the crisis subsided, Asian policymakers embarked on a series of initiatives aimed at developing robust local currency bond markets. The growth of bond markets across Asia has helped the region as a whole reduce its reliance on foreign funding dramatically since the crisis. Yet, a gap has emerged between creditor economies that are able to maintain large external surpluses and self-insure against risk and debtor economies that continue to remain dependent on borrowing and are exposed to capital outflows. As such, the goal of creating of sustainable funding sources for Asian economies is still a work in progress.
AUTHORS: Borst, Nicholas
DATE: 2017-11

Periodic Essay
Asia’s Fintech Revolution
Driven by the proliferation of new technologies and startups, financial systems across Asia are undergoing a significant transformation. Finance in Asia has been historically dominated by large banks, many of which have been slow to embrace technological change thereby leaving many parts of the economy underserved in terms of access to financial services. The growing ubiquity of mobile phones, the internet, and other technologies have given rise to new ways of delivering financial services, a phenomenon commonly referred to as ?fintech.? The companies leading the introduction of these new services are often startups or firms outside the traditional financial sector. Regulators have sought to keep pace with the rapid evolution of technologies and services.
AUTHORS: Borst, Nicholas; Creehan, Sean
DATE: 2017-02



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