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Short-Term Policy Responses to the International Financial Crisis and Risks to Sustainable Medium-Term Policy Frameworks in Asia : Complications Arising from Enduring Global Imbalances

  • Andrew Filardo

    (Bank for International Settlements)

The policy measures taken to date in the Asia-Pacific region are helping to cushion the blow of the global recession. Monetary and fiscal policy stimulus has been strong and there has been considerable attention given to strengthening the financial system. Questions, however, remain about how well the short-term responses fit into a broader medium-term framework for sound monetary policy, fiscal policy and institutional reforms. I will argue that actions to date have been very important for short-term stabilisation but may exacerbate key medium-term risks associated with enduring global imbalances. The analysis also raises some questions about the benefits of emphasising export-led growth strategies in the region in the future.

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File URL: http://www.eaber.org/node/22862
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Paper provided by East Asian Bureau of Economic Research in its series EABER Working Papers with number 22862.

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Date of creation: Jan 2009
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Handle: RePEc:eab:wpaper:22862
Contact details of provider: Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
Web page: http://www.eaber.org

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  1. Chinn, Menzie D. & Ito, Hiro, 2007. "Current account balances, financial development and institutions: Assaying the world "saving glut"," Journal of International Money and Finance, Elsevier, vol. 26(4), pages 546-569, June.
  2. Cynthia Harter, 2009. "Review of "Animal Spirits: How Human Psychology Drives the Economy and Why it Matters for Global Capitalism"," International Review of Economic Education, Economics Network, University of Bristol, vol. 8(1), pages 155-157.
  3. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
  4. Sebastian Edwards, 2005. "The End of Large Current Account Deficits, 1970-2002: Are There Lessons for the United States?," NBER Working Papers 11669, National Bureau of Economic Research, Inc.
  5. Marcellus Andrews, 2009. "Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, by George A. Akerlof and Robert J. Shiller," Challenge, M.E. Sharpe, Inc., vol. 52(5), pages 126-131, September.
  6. Hans Genberg & Dong He, 2007. "Monetary and Financial Cooperation among Central Banks in East Asia and the Pacific," Working Papers 0715, Hong Kong Monetary Authority.
  7. Roger E. A. Farmer, 2009. "Animal Spirits: How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism," The Economic Record, The Economic Society of Australia, vol. 85(270), pages 357-358, 09.
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