Center for Pacific Basin Studies

The Center for Pacific Basin Studies seeks to promote cooperation among Pacific Basin central banks and enhance public understanding of major monetary and economic policy issues in the region.

Learn more about the Center for Pacific Basin Studies

CPBS Annual Reports

2011 CPBS Annual Report

Current report (pdf, 1.8 mb)
Past reports

Working Papers

China’s Financial Linkages with Asia and the Global Financial Crisis

FRBSF Working Paper 2013-12

Glick • Hutchison | May 2013

This paper presents empirical evidence on how asset market linkages between China and Asia shifted during and after the global financial crisis of 2008-2009. We find only weak cross-country linkages in longer-term interest rates, but much stronger linkages in equity markets. We also find that the strength of the correlation of equity price changes between China and other Asian countries increased markedly and has remained high in recent years.

More Working Papers

Pacific Basin Notes

Occasional series of the FRBSF Economic Letter

Has China’s Economy Become More “Standard”?

2014-30

John G. Fernald, Eric Hsu, and Mark M. Spiegel | October 6, 2014

Financial liberalization in China has broad implications, including changing how its central bank’s monetary policy affects the nation’s economy. An estimate of Chinese economic activity and inflation based on a broad set of indicators suggests that the way policy is transmitted to China’s economy has become more like Western market economies in the past decade. Although Chinese monetary policy may actually have exacerbated its economic downturn during the global financial crisis, a move toward stimulatory policy has helped ease its slower growth more recently.

Prospects for Asia and the Global Economy:
 Conference Summary

2014-26

Reuven Glick and Mark M. Spiegel | September 2, 2014

A new volume, Prospects for Asia and the Global Economy, summarizes the 2013 Asia Economic Policy Conference hosted by the Federal Reserve Bank of San Francisco’s Center for Pacific Basin Studies. The conference focused on challenges faced by policymakers in advanced and emerging economies as they continue to recover from the recent global financial crisis. Issues discussed included the monetary policy spillovers from advanced economies to emerging markets, the costs and benefits of foreign reserve accumulation, and the desirability of macroprudential interventions, restrictions on cross-border capital flows, and financial regulatory reforms to reduce the likelihood of future crises.

Home Currency Issuance in Global Debt Markets

2014-24

Galina B. Hale, Peter Jones, and Mark M. Spiegel | August 18, 2014

Historically, businesses in most countries have not been able to sell bonds denominated in their home currencies to foreign investors. In recent decades this trend has been changing. Research shows that bonds denominated in currencies other than the major global currencies have increased, particularly following the global financial crisis. However, not all countries were affected equally. Countries that were able to take advantage of the temporary disruption and near-zero interest rates in global financial markets were the ones with a combination of low government debt and a history of stable inflation.

More Pacific Basin Notes