Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia
AbstractThe ongoing global economic crisis has punished Asian economies severely, despite the fact that its origins derive from outside the region. The global economic crisis was transmitted through real and financial channels, underscoring how vulnerable the region is to external shocks. This paper explores the microeconomic origins of the financial crisis and endeavors to ascertain how crises might be mitigated in the future through better regulation, supervision, and institution-building. Moreover, it makes the case for closer economic cooperation in order to internalize key externalities associated with modern global finance. This cooperation, in turn, should take place at the appropriate level, with incentives for cooperation at the global, regional, and subregional levels. It explores the potential for the creation of an Asian Financial Stability Board and deepening other initiatives in Association of Southeast Asian Nations (ASEAN)+3 and ASEAN forums. However, it stresses that the most important financial reforms in Asia will need to take place at the national level. [ADBI Working Paper 201]
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Date of creation: Oct 2010
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global economic crisis; financial channels; underscoring; microeconomic; regulation; supervision;
Other versions of this item:
- Michael G. Plummer, 2010. "Regional Monitoring of Capital Flows and Coordination of Financial Regulation : Stakes and Options for Asia," Finance Working Papers 22017, East Asian Bureau of Economic Research.
- Plummer, Michael, 2010. "Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia," ADBI Working Papers 201, Asian Development Bank Institute.
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-10-23 (All new papers)
- NEP-REG-2010-10-23 (Regulation)
- NEP-SEA-2010-10-23 (South East Asia)
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