Contents

China

-China Adjusts to the New World Order by Andrew Sheng and Xiao Geng

-LPR: China's Market-based "Policy" Rate by Dong Jinyue and Xia Le

-Outlook 2020: Going the Distance by Hong Hao

-China's Emerging Industry Development Strategy and Its Implications for Korea by Wonseok Choi

Monetary Policy

-Data-Dependent Monetary Policy in an Evolving Economy by Jerome H. Powell

-Monetary Policy, Price Stability, and Equilibrium Bond Yields: Success and Consequences by Richard H. Clarida

-What the Future Holds-Benefits and Limitations of Forward Guidance by Jens Weidmann

Global Economy

-Decelerating Growth Calls for Accelerating Action by Kristalina Georgieva

-Scepticism on Second Plaza Accord by Mark Sobel

-Signs Point to Global Recession by Desmond Lachman

-Development of Asia's Capital Markets: Roles and Challenges by Masayoshi Amamiya

U.S.

-Trade Wars Facts and Fallacies by Steve H. Hanke

-“Helicopter Money” Recession Solution by Desmond Lachman

-Claustrophobia on Fed Balance Sheet by Pierre Ortlieb

Digital Economy

-The Colour of Money, Even for the Virtual Currencies by Liu Jun

-Digital SDR to Enhance Payment Systems by Bejoy Das Gupta and Miles Au Yeung

-Central Bank Digital Currency and Innovative Payments by François Villeroy de Galhau

Working Paper

-Introducing Digital Currencies to the Global Interbank Settlement System by Herbert Poenisch

-International Policy Coordination and RMB Internationalisation: Theory and Historical Experience by Qian Zongxin, Gan Jingyun, Tu Yonghong and Wang Fang

-Who Are Good Entrepreneurs? Evidence from Financial Capability, Entrepreneurial Cognition and Entrepreneurial Emotion by Zhang Zhenduo, Li Zhigang and Xiu Jing