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    Beyond Sequencing: What does a risk-based analysis of core institutions, domestic financial and capital account liberalization reveal about systemic risk in Asian Emerging Market Economies?

    Chan-Lee, James H. | November 2002
    Abstract
    The proliferation of financial crises provoked by volatile capital flows since the mid- 1990s raises grave concerns. Unfortunately, existing theory is ill adapted to analysing capital account crises, when weak institutions and incomplete domestic financial liberalisation (DFL) interact with significant capital account opening (KAO). A clear distinction between systemic capital vs. classic current account crises is needed. Good core institutions reduce systemic risk; well-staged DFL is also low risk, and both should be established quickly. Pragmatic FX liquidity management, effective prudential supervision and DFL are essential before full-scale KAO. High-risk elements of KAO should be avoided until safeguards are in place, contradicting the big bang approach. Systemic risk is assessed here using Bank for International Settlements (BIS) indicators of external vulnerability and our indicators for core institutions, DFL and KAO. Pragmatic guidelines for the PRC are outlined using a risk-based approach (see also APF Policy Recommendations www.adbi.org/apf_main.html).
    Citation
    Chan-Lee, James H.. 2002. Beyond Sequencing: What does a risk-based analysis of core institutions, domestic financial and capital account liberalization reveal about systemic risk in Asian Emerging Market Economies?. © Asian Development Bank Institute. http://hdl.handle.net/11540/4151. License: CC BY 3.0 IGO.
    Keywords
    Economic Development
    Economic Infrastructure
    Economic Policies
    Regional Economic Development
    Microfinance Programs
    Public Finance
    Local Financing
    Financial Stability
    Financial Sector Regulation
    Enterprises
    Financial aid
    Economies in transition
    Local Finance
    Local Government
    Insurance Companies
    Banks
    Social Equity
    Social responsibility of business
    Accounting
    Personal budgets
    Cost and standard of living
    Bank accounts
    Credit control
    Regulatory reform
    Banks and banking
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    Citable URI
    http://hdl.handle.net/11540/4151
    Metadata
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    2002.11.rp46.beyond.sequencing.pdf (1023.Kb)
    Author
    Chan-Lee, James H.
    Theme
    Economics
    Finance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise