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

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  • Siregar, Reza Yamora
  • Lim, CS 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 regards, the present sub-prime crisis which originated from the US highlights a few key issues for the Southeast Asian Central banks (SEACEN). 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.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 20846.

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Date of creation: 15 Feb 2010
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Handle: RePEc:pra:mprapa:20846

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Keywords: - SEACEN; -Central Banks; - Financial Stability; - Prudential Regulation; -Supervision.;

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References

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  1. Claudio Borio & Ilhyock Shim, 2007. "What can (macro-)prudential policy do to support monetary policy?," BIS Working Papers 242, Bank for International Settlements.
  2. Douglas W. Diamond & Raghuram G. Rajan, 2003. "Money in a Theory of Banking," NBER Working Papers 10070, National Bureau of Economic Research, Inc.
  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. Yilmaz Akyuz, 2008. "The Current Global Financial Turmoil and Asian Developing Countries," Working Papers, Turkish Economic Association 2008/15, Turkish Economic Association.
  5. 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.
  6. Erlend Nier, 2009. "Financial Stability Frameworks and the Role of Central Banks," IMF Working Papers, International Monetary Fund 09/70, International Monetary Fund.
  7. 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.
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Citations

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Cited by:
  1. Pontines, Victor & Siregar, Reza Y., 2010. "Exchange Rate Asymmetry and Flexible Exchange Rates under Inflation Targeting Regimes: Evidence from Four East and Southeast Asian Countries," MPRA Paper 25260, University Library of Munich, Germany.
  2. Reza Siregar, 2011. "Macro-Prudential Approaches to Banking Regulation : Perspectives of Selected Asian Central Banks," Macroeconomics Working Papers 23211, East Asian Bureau of Economic Research.
  3. 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.
  4. 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.
  5. 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, South East Asian Central Banks (SEACEN) Research and Training Centre, number rp88, June.
  6. Victor Pontines & Reza Siregar, 2011. "Cross-border Bank Lending to Selected SEACEN Economies: An Integrative Report," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp82, June.
  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. 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.
  9. repec:cmj:journl:y:2013:i:28:apatachioaea is not listed on IDEAS
  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. Siregar, Reza & Miyaki, Keita, 2013. "Regional Financial Arrangement: An Impetus for Regional Policy Cooperation," MPRA Paper 51050, University Library of Munich, Germany.

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