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Global Shocks and Risk to Financial Stability in Asia

dc.contributor.authorHans Genberg
dc.date.accessioned2017-06-12T05:46:35Z
dc.date.available2017-06-12T05:46:35Z
dc.date.issued2017-04-30
dc.identifier.urihttp://hdl.handle.net/11540/7061
dc.description.abstractAsian 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.
dc.languageEnglish
dc.publisherAsian Development Bank Institute
dc.titleGlobal Shocks and Risk to Financial Stability in Asia
dc.typeWorking Papers
dc.subject.expertInternational Financial Market
dc.subject.expertMultilateral Financial Institutions
dc.subject.expertEconomic Recession
dc.subject.expertMarket
dc.subject.expertCrisis
dc.subject.expertEconomic indicators
dc.subject.expertGrowth models
dc.subject.expertGross domestic product
dc.subject.expertMacroeconomics
dc.subject.expertEconomic forecast
dc.subject.adbFinancial Stability
dc.subject.adbFinancial Management System
dc.subject.adbFinancial Restructuring
dc.subject.adbCapital Market Development
dc.subject.adbMarket Development
dc.subject.adbEconomics
dc.subject.adbErosion
dc.subject.adbInternational Economics
dc.subject.adbMacroeconomic
dc.subject.adbMacroeconomic Analysis
dc.subject.adbPerformance Evaluation
dc.subject.adbImpact Evaluation
dc.subject.naturalBusiness recessions
dc.subject.naturalMultilateral development banks
dc.subject.naturalRegulatory reform
dc.subject.naturalCapital
dc.subject.naturalExports
dc.subject.naturalEconomic development projects
dc.subject.naturalEconomic policy
dc.subject.naturalEconomic forecasting
dc.title.seriesADBI Working Paper Series
dc.title.volumeNo. 709
dc.contributor.imprintAsian Development Bank Institute
oar.themeFinance
oar.themeEconomics
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-006707
oar.authorGenberg, Hans
oar.importTRUE
oar.googlescholar.linkpresenttrue


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    The Asian Development Bank Institute (ADBI) Working Paper series is a continuation of the formerly named Discussion Paper series which began in January 2003. The numbering of the papers continued without interruption or change. ADBI was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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