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Regional Monitoring of Capital Flows and Coordination of Financial Regulation : Stakes and Options for Asia

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  • Michael G. Plummer

    (Asian Development Bank Institute)

Abstract

The 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.

Suggested Citation

  • 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.
  • Handle: RePEc:eab:financ:22017
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    References listed on IDEAS

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    1. 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.
    2. 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 1-2.
    3. Abdul Abiad & Enrica Detragiache & Thierry Tressel, 2010. "A New Database of Financial Reforms," IMF Staff Papers, Palgrave Macmillan, vol. 57(2), pages 281-302, June.
    4. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa68, January.
    5. Ben S. Bernanke, 2005. "The global saving glut and the U.S. current account deficit," Speech 77, Board of Governors of the Federal Reserve System (U.S.).
    6. repec:fip:fedgsq:y:2005:i:mar10 is not listed on IDEAS
    7. Christian B. Mulder & Phil De Imus & L. Effie Psalida & Jeanne Gobat & R. B. Johnston & Mangal Goswami & Francisco F. Vazquez, 2009. "Addressing Information Gaps," IMF Staff Position Notes 2009/06, International Monetary Fund.
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    Cited by:

    1. Masahiro Kawai & Peter J. Morgan, 2014. "Regional financial regulation in Asia," Chapters,in: New Global Economic Architecture, chapter 6, pages 112-147 Edward Elgar Publishing.
    2. Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers 345, Asian Development Bank Institute.
    3. 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.
    4. 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.

    More about this item

    Keywords

    global financial crisis; Asia; microeconomics; financial regulation; financial externalities;

    JEL classification:

    • 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

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