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    Global Shocks and Risk to Financial Stability in Asia

    Genberg, Hans | April 2017
    Abstract
    Asian emerging market economies have recovered relatively well from the Great Recession of 2008-2009. Emerging Asia has been quite successful in maintaining both macroeconomic and financial stability in a turbulent global environment. Policy frameworks and governance structures have been adapted based on lessons learned from the Asian Financial Crisis. In general, policy makers have not been shy to adopt an eclectic approach to achieving monetary and financial stability using more than a single policy instruments to reach their objectives. Interventions in the foreign exchange markets are used in many jurisdictions to limit currency volatility, short-term interest rates are aimed at attaining macroeconomic stability interpreted mainly, but not exclusively, as price stability, and macroprudential policies have been employed in attempts to reduce the risk of financial stability. The use of multiple instruments to reach multiple goals is not without risk, however. At a minimum it requires coordination among the entities that are responsible for each instrument, which in turn necessitates proper governance both within the central bank and between the central bank and other agencies that may be involved. Including a wider set of objectives than price stability in the tasks assigned to central banks also raises questions about the ability of the central bank to reach these objectives while avoiding the pitfalls associated with trying to do so.
    Citation
    Genberg, Hans. 2017. Global Shocks and Risk to Financial Stability in Asia. © Asian Development Bank Institute. http://hdl.handle.net/11540/7061.
    Keywords
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Market Development
    Economics
    Erosion
    International Economics
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
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    Citable URI
    http://hdl.handle.net/11540/7061
    Metadata
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    adbi-wp709.pdf (611.5Kb)
    Author
    Genberg, Hans
    Theme
    Finance
    Economics
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise