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The Role of Central Banks in Sustaining Economic Recovery and in Achieving Financial Stability

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Author Info

  • Siregar, Reza Yamora
  • Lim
  • C.S. Vincent

Abstract

Whenever a financial crisis occurs, threatening a possible financial meltdown, central banks have to be at the forefront in combating, neutralizing the crisis and restoring financial stability and economic growth. In this regard, the present sub-prime crisis which originated from the US highlights a few key issues for SEACEN central banks. This paper reviews the policy responses to the crisis which include exit policy strategies from stimulus monetary packages. To strengthen the soundness of the financial system going forward, the paper also highlights counter-cyclical and macro-prudential regulations that central banks may want to actively look into. These include cross-border policy cooperation and coordination, particularly in the form of the college of supervisors. (This paper has also been published in the Journal of Advanced Studies in Finance, Vol.1, Issue1(1), Summer 2010, http://www.asers.eu/journals/jasf/)

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Bibliographic Info

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This book is provided by South East Asian Central Banks (SEACEN) Research and Training Centre in its series Staff Papers with number sp74 and published in 2010.

ISBN: 983-9478-80-X
Handle: RePEc:sea:spaper:sp74

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References

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  1. Ben S. Bernanke & Mark Gertler, 2001. "Should Central Banks Respond to Movements in Asset Prices?," American Economic Review, American Economic Association, American Economic Association, vol. 91(2), pages 253-257, May.
  2. Claudio Borio & Ilhyock Shim, 2007. "What can (macro-)prudential policy do to support monetary policy?," BIS Working Papers 242, Bank for International Settlements.
  3. Yılmaz AKYÜZ, 2008. "The current global financial turmoil and Asian developing countries," Iktisat Isletme ve Finans, Bilgesel Yayincilik, Bilgesel Yayincilik, vol. 23(273), pages 7-49.
  4. Erlend Nier, 2009. "Financial Stability Frameworks and the Role of Central Banks," IMF Working Papers 09/70, International Monetary Fund.
  5. Yilmaz Akyuz, 2008. "The Current Global Financial Turmoil and Asian Developing Countries," Working Papers, Turkish Economic Association 2008/15, Turkish Economic Association.
  6. Beverly Hirtle & Til Schuermann & Kevin Stiroh, 2009. "Macroprudential supervision of financial institutions: lessons from the SCAP," Staff Reports, Federal Reserve Bank of New York 409, Federal Reserve Bank of New York.
  7. Douglas W. Diamond & Raghuram G. Rajan, 2003. "Money in a Theory of Banking," NBER Working Papers 10070, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Hookyu Rhu & C.S. Lim Vincent & L.C. Ong Vivien, 2012. "Rethink Policy Collaboration," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp88, June.
  2. Reza Siregar, 2011. "Macro-Prudential Approaches to Banking Regulation : Perspectives of Selected Asian Central Banks," Finance Working Papers 23211, East Asian Bureau of Economic Research.
  3. Adina APÃTÃCHIOAE, 2013. "CENTRAL BANKS AND FINANCIAL STABILITY - Literature review," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 1, pages 245-254, June.
  4. Pontines, Victor & Siregar, Reza Yamora, 2011. "Cross-border bank lending to selected SEACEN economies: an integrative report," MPRA Paper 31455, University Library of Munich, Germany.
  5. repec:cmj:journl:y:2013:i:28:apatachioaea is not listed on IDEAS
  6. Siregar, Reza & Wihardja, Monica, 2013. "Fragile Balance of Payment in Indonesia in the Midst of Recent Global Economic Uncertainties," MPRA Paper 49027, University Library of Munich, Germany.
  7. Siregar, Reza & Pontines, Victor & Mohd Hussain, Nurulhuda, 2010. "The US Subprime Crises and Extreme Market Pressures in Asia," MPRA Paper 22995, University Library of Munich, Germany.
  8. Victor Pontines & Reza Y. Siregar, 2010. "Exchange Rate Asymmetry and Flexible Exchange Rates under Inflation Targeting Regimes: Evidence from Four East and Southeast Asian Countries," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp77, June.
  9. Siregar, Reza & Miyaki, Keita, 2013. "Regional Financial Arrangement: An Impetus for Regional Policy Cooperation," MPRA Paper 51050, University Library of Munich, Germany.
  10. Siregar, Reza & Lim, Vincent C.S., 2011. "Living with Macro-financial Linkages: Policy Perspectives and Challenges for SEACEN Countries," MPRA Paper 28417, University Library of Munich, Germany.
  11. Eufrocinio M. Bernabe, Jr, 2012. "Framework for Macro-prudential Policies for Emerging Economies in a Globalized Environment," Research Studies, South East Asian Central Banks (SEACEN) Research and Training Centre, number rp88, June.

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