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

  • Plummer, Michael

    (Asian Development Bank Institute)

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.

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File URL: http://www.adbi.org/working-paper/2010/02/25/3588.capital.flows.financial.regulation.asia/
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Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 201.

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Length: 29 pages
Date of creation: 25 Feb 2010
Date of revision:
Handle: RePEc:ris:adbiwp:0201
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  1. 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.
  2. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa68, December.
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