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Macroprudential Policy Frameworks in Developing Asian Economies

Author

Listed:
  • Lee, Minsoo

    (Asian Development Bank)

  • Gaspar, Raymond

    (Asian Development Bank)

  • Villaruel, Mai Lin

    (Asian Development Bank)

Abstract

Over the last decade, developing Asia’s deeper global financial linkages have been accompanied by greater financial integration. As the region becomes more interconnected, a key priority is to ensure that the dynamic environment is supported by better coordinated and potentially consistent macroprudential policies to adequately control systemic risks. Within the context of global financial developments, this paper presents a general macroprudential policy framework that highlights important aspects to conducting policy. It also provides an overview of how some Asian economies, New Zealand, and the euro area implement their macroprudential policies. It reviews existing macroprudential policy frameworks of five high-growth developing economies—Cambodia, Mongolia, Myanmar, Sri Lanka, and Viet Nam—identifying improvements and continuing challenges for their financial systems, which will likely grow more complex. Identifying and addressing key issues will help improve their existing macroprudential policy frameworks.

Suggested Citation

  • Lee, Minsoo & Gaspar, Raymond & Villaruel, Mai Lin, 2017. "Macroprudential Policy Frameworks in Developing Asian Economies," ADB Economics Working Paper Series 510, Asian Development Bank.
  • Handle: RePEc:ris:adbewp:0510
    as

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    References listed on IDEAS

    as
    1. Tony Wolken, 2013. "Measuring systemic risk: the role of macro-prudential indicators," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 76, pages 13-30, December.
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    More about this item

    Keywords

    developing Asia; financial stability; macroprudential framework; systemic risk;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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