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

  • Michael G. Plummer

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. [ADBI Working Paper 201]

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Paper provided by eSocialSciences in its series Working Papers with number id:3008.

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Date of creation: Oct 2010
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Handle: RePEc:ess:wpaper:id:3008
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  1. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa68, February.
  2. 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.
  3. 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.
  4. Enrica Detragiache & Abdul Abiad & Thierry Tressel, 2008. "A New Database of Financial Reforms," IMF Working Papers 08/266, International Monetary Fund.
  5. Christian B. Mulder & Phil De Imus & L. Effie Psalida & Jeanne Gobat & R. B. Johnston & Mangal Goswami & Francisco F. Vázquez, 2009. "Addressing Information Gaps," IMF Staff Position Notes 2009/06, International Monetary Fund.
  6. 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.).
  7. repec:fip:fedgsq:y:2005:i:mar10 is not listed on IDEAS
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