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Asia in the G20: Monetary and Financial Considerations

In: Emerging Asia

Author

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  • Sasidaran Gopalan

Abstract

The global financial crisis (GFC) has once again made it apparent that sound macroeconomic and financial fundamentals are necessary but not sufficient conditions for a country to remain immune from capital account shocks. Openness to trade and financial flows offers significant benefits in terms of, for example, enhancement of product competition, productivity improvements, variety in goods and services, risk diversification, but it also leaves a country vulnerable to external shocks of various types. The challenge for policymakers is to put in place adequate and effective financial safeguards against such shocks. This is especially important for highly open economies in Asia that have limited domestic social safety nets.

Suggested Citation

  • Sasidaran Gopalan, 2011. "Asia in the G20: Monetary and Financial Considerations," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Emerging Asia, chapter 15, pages 85-88, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-30627-1_15
    DOI: 10.1057/9780230306271_15
    as

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