SEACEN Podcast

Global bond markets are growing rapidly but are financial systems becoming more resilient, or simply more interconnected and fragile in new ways?In this episode of the SEACEN podcast, we sit down with Shu Tian (“Grace”) from the Asian Development Bank’s Asia Bond Monitor team to discuss the evolving landscape of ASEAN+3 bond markets amid rising geopolitical fragmentation, volatile capital flows, and global uncertainty.Beyond the headlines, the conversation explores deeper macro-financial questions:• Are local currency bond markets truly strengthening resilience in Asia?• What hidden vulnerabilities may be building beneath seemingly stable financial systems?• How do banks, insurers, and institutional investors transmit shocks across the financial system?• Could the next source of instability come not from outside the region but from growing internal interconnectedness?From capital flows and financial stability to systemic risk and regional resilience, this discussion brings together data, policy insights, and macro-financial analysis on some of the most pressing issues facing central banks and policymakers today.Join us for a timely and insightful conversation.

The passing of the GENIUSAct has raised expectations that the demand for Stablecoins will grow rapidly. This Podcast explores factors that can drive the demand for Stablecoins and what benefits, if any, Stablecoins can bring to our existing monetary system. It also examines the implications for financial stability by exploring the channels through which risks that Stablecoin issuers bring to the system can propagate.Join SEACEN Centre Research Associate Adryan Rosli as he speaks with Srichander Ramaswamy, Director of the Financial Stability, Supervision, and Payments Pillar at SEACEN on this topic.

This episode of the Podcast explores the origins and development of the SEACEN Leadership Competency Framework under the expert guidance of Jayzle Ravelo, Managing Director, Human Resource and Organization Development, Bangko Sentral ng Pilipinas (the Central Bank of the Philippines).She discusses profoundly the reason why it was developed, and what it hopes to accomplish for our Member Central Banks. Jayzle and the technical working group worked closely for 5 years. Their work has deeply expanded the leadership paradigm beyond the traditional risk-centric view of central banks to embrace agility, innovation, and collaboration -- teamwork rather than hierarchy, adaptability alongside stability—critical amidst rapid global shifts. In this interview with SEACEN Director of Leadership, Governance and Human Capital Kate Sweetman, Jayzle, reflects on leadership in general, and leadership in central banks in our region.

In the latest episode of our podcast titled “Capital Flows Monitor – Asia’s Resident Capital Flows”, the SEACEN Centre’s Ole Rummel and Rogelio Mercado discusses the findings of the SEACEN Capital Flows Monitor 2025.  Ole opened the discussion by sharing the key takeaways on the recent trends, patterns and drivers of capital flows and international investment position in the region. The main findings are: (i) Asian economies, as a group, witnessed a recovery in cross-border resident and non-resident capital flows in the first half of 2024; (ii) the region remained a net capital exporter as of mid-2024; (iii) economic growth in Asia remained robust in the first three quarters of 2024, although growth slightly slowed in the third quarter; and (iv) financial conditions generally improved in 2024, albeit regional currencies remained weak.  Rogelio discussed the motivation for considering Asia’s resident capital flows for the issue’s analytical section. He explained that the region’s resident capital flows or gross outflows witnessed marked shifts in terms of volume, composition, sectoral driver, and sources. He mentioned the importance of differentiating and understanding capital flights and retrenchments which are extreme episodes of resident capital flows.

In our new podcast titled “Monetary Policy, Financial Stability, and Independence: Central Bank Mandates Unplugged”, a distinguished panel comprising Ole Rummel, Sir Paul Tucker, Meltem Chadwick, Mark McKenzie, Ayse Sungur, and Chander Rawaswamy examines the evolving role of central banks in addressing complex global challenges. Ole Rummel opens the discussion by exploring the theoretical foundations of assigning new responsibilities to central banks, referencing key frameworks such as the Tinbergen Rule and Poole’s Principle of Comparative Efficiency. His analysis highlights the growing tension between traditional mandates—price and financial stability—and emerging objectives like climate change and income inequality. Sir Paul Tucker provides a critical perspective on the risks of delegating politically sensitive issues to unelected central banks, emphasizing the importance of maintaining legitimacy and focus. Meltem Chadwick analyses the intersection of climate risks and monetary policy, while Mark McKenzie discusses the role of financial innovation in fostering sustainable development in emerging economies. Ayse Sungur and Srichander Rawaswamy round out the conversation with a comprehensive examination of Central Bank Digital Currencies (CBDCs), addressing their implications for financial stability, monetary sovereignty, and trust in the monetary system. This in-depth discussion offers nuanced insights into the issues and challenges central banks face in navigating their expanding mandates.

It's a new year and the SEACEN Podcast starts our latest season with a brand new episode. Dr. Ole Rummel speaks with Dr. Rogelio Mercado to discuss the re-issued SEACEN Capital Flows Monitor, which is now available in the SEACEN ⁠website⁠. They discussed the impact of high U.S. and domestic policy rates on capital flows to Asia, as well as the latest trends and patterns of the region's capital flows and external positions.

Ole and Mark are back, this time discussing the biggest news of the past few days: the collapse of Silicon Valley Bank, a major financier for venture capitalists, tech start-ups and other Silicon Valley outfits, the federal government's response, and possible early lessons, if any, for SEACEN's stakeholders. Disclaimer:The views, thoughts, and opinions expressed are the speakers' own and do not represent the views, thoughts, and opinions of The SEACEN Centre. 

It's the first episode of a brand new season in 2023, and Mark McKenzie and Ole Rummel are joined by Prof. Leef Dierks, a guest to the Centre under the Visiting Scholar Programme.  He is Professor of International Capital Markets at the Lübeck University of Applied Sciences. Prior to joining the Lübeck University of Applied Sciences in July 2013, Leef was a Fixed Income Strategist at Barclays Capital and then Head of Covered Bond Strategy at Morgan Stanley. In this episode, our hosts and Prof. Dierks talk about trust in Economic Policymaking and implications for the current situation, monetary policy transmission, the pitfalls and benefits of various inflation measures and discuss the Sacrifice Ratio. 

Mark McKenzie and Ole Rummel are joined by Prof. Hans Genberg, Professor of Economics at the Asia School of Business, and Prof. Steven Cecchetti, who is the Rosen Chair in International Finance at the Brandeis International Business School as they discuss inflationary outlooks around the world, energy prices, and discuss the global economic impact of latest world events.

Mark McKenzie and Ole Rummel are back on air, ahead of a special webinar on the same topic coming up on 25 March 2022. Mark and Ole explore  the potential for digital assets and cryptocurrencies to lessen the  impact of sanctions and provide food for thought on steps that SEACEN members and stakeholders can take to scrutinize the use of digital  assets. Some key questions: What are sanctions? Can digital assets and cryptocurrencies be used to evade sanctions? What should businesses, including banks, in the SEACEN stakeholder space do to mitigate the risk?