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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 201.
Length: 29 pages
Date of creation: 25 Feb 2010
Date of revision:
Contact details of provider:
Postal: Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku,, Tokyo 100-6008, Japan
Fax: (81-3) 3593-5571
Web page: http://www.adbi.org/
More information through EDIRC
asian regional capital flows; mitigate future financial crises; financial regulation; capital flows;
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.
- Michael G. Plummer, 2010. "Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia," Working Papers id:3008, eSocialSciences.
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-03-13 (All new papers)
- NEP-IFN-2010-03-13 (International Finance)
- NEP-REG-2010-03-13 (Regulation)
- NEP-SEA-2010-03-13 (South East Asia)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Enrica Detragiache & Abdul Abiad & Thierry Tressel, 2008.
"A New Database of Financial Reforms,"
IMF Working Papers
08/266, International Monetary Fund.
- Hali J. Edison & Michael W. Klein & Luca Antonio Ricci & Torsten Sløk, 2004.
"Capital Account Liberalization and Economic Performance: Survey and Synthesis,"
IMF Staff Papers,
Palgrave Macmillan, vol. 51(2), pages 2.
- Hali J. Edison & Michael W. Klein & Luca Ricci & Torsten Sloek, 2002. "Capital Account Liberalization and Economic Performance: Survey and Synthesis," NBER Working Papers 9100, National Bureau of Economic Research, Inc.
- Andreas Hauskrecht & Nhan Le, 2005. "Capital Account Liberalization for a Small, Open Economy," Working Papers 2005-13, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
- Petri, Peter A. & Plummer, Michael G., 2009. "The triad in crisis: What we learned and how it will change global cooperation," Journal of Asian Economics, Elsevier, vol. 20(6), pages 700-713, November.
- C. Randall Henning, 2002.
"East Asian Financial Cooperation,"
Peterson Institute Press: All Books,
Peterson Institute for International Economics, number pa68.
- C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa68, November.
- Christian B. Mulder & Phil De Imus & L. Effie Psalida & Jeanne Gobat & R. B. Johnston & Mangal Goswami & Francisco F. VÃ¡zquez, 2009. "Addressing Information Gaps," IMF Staff Position Notes 2009/06, International Monetary Fund.
- Michael W. Klein, 2005. "Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence," NBER Working Papers 11112, National Bureau of Economic Research, Inc.
- Torsten SlÃ¸k & Michael Klein & Luca Antonio Ricci & Hali J. Edison, 2002. "Capital Account Liberalization and Economic Performance," IMF Working Papers 02/120, International Monetary Fund.
- Ulrich Volz, 2013.
"Lessons of the European crisis for regional monetary and financial integration in East Asia,"
Asia Europe Journal,
Springer, vol. 11(4), pages 355-376, December.
- Ulrich Volz, 2012. "Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia," Finance Working Papers 23189, East Asian Bureau of Economic Research.
- Volz, Ulrich, 2012. "Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia," ADBI Working Papers 347, Asian Development Bank Institute.
- Peter J. Morgan & Mario Lamberte, 2012.
"Strengthening Financial Infrastructure,"
Finance Working Papers
23191, East Asian Bureau of Economic Research.
- Catherine Figuière & Laëtitia Guilhot, 2011. "Évolution du rôle du yuan en Asie orientale : la guerre des monnaies aura-t-elle lieu ?," Post-Print halshs-00697581, HAL.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Robert Hugh Davis).
If references are entirely missing, you can add them using this form.