01788cas a2200253 a 4500 AALejournalIMF021226 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513556321 1018-5941 BD-DhAAL BD-DhAAL Schmittmann, Jochen M. Offshore Currency Markets : Non-Deliverable Forwards (NDFs) in Asia / Jochen M. Schmittmann, Han Teng Chua. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Non-deliverable forward (NDF) markets in many Asian emerging market currencies are large, rapidly growing, and often exceed onshore markets in transaction volume. NDFs tend to price significant depreciation during market stress episodes including COVID-19. Spillovers from NDFs to onshore markets are a policymaker concern. Our analysis shows that influences tend to run both ways after controlling for differences in timezones between markets. For the COVID-19 pandemic there is some evidence of NDFs leading onshore markets for a few currencies. Policy approaches to NDFs vary widely across Asia from close integration with onshore markets to severe restrictions on NDF trading. Mode of access: Internet Chua, Han Teng. IMF Working Papers; Working Paper ; No. 2020/179 Full text available on IMF http://elibrary.imf.org/view/journals/001/2020/179/001.2020.issue-179-en.xml IMF e-Library