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Central Banking for Financial Stability in Asia

  • Kawai, Masahiro

    (Asian Development Bank Institute)

  • Morgan, Peter J.

    (Asian Development Bank Institute)

A key lesson of the 2007–2009 global financial crisis was the importance of containing systemic financial risk and the need for a “macroprudential” approach to surveillance and regulation that can identify system-wide risks and take appropriate actions to maintain financial stability. By virtue of their overview of the economy and the financial system and their responsibility for payments and settlement systems, there is a broad consensus that central banks should play a key role in monitoring and regulating financial stability. Emerging economies face additional challenges because of their underdeveloped financial systems and vulnerability to volatile international capital flows, especially “sudden stops” or reversals of capital inflows. This paper reviews the recent literature on this topic and identifies relevant lessons for central banks, especially those in Asia’s emerging economies.

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File URL: http://www.adbi.org/files/2012.08.28.wp377.central.banking.financial.stability.asia.pdf
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Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 377.

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Length: 33 pages
Date of creation: 31 Aug 2012
Date of revision:
Handle: RePEc:ris:adbiwp:0377
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  1. Goodfriend, Marvin, 2000. "Overcoming the Zero Bound on Interest Rate Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(4), pages 1007-35, November.
  2. Masahiro Kawai & Mario B. Lamberte (ed.), 2010. "Managing Capital Flows," Books, Edward Elgar Publishing, number 13713.
  3. Masahiro Kawai & David G. Mayes & Peter Morgan (ed.), 2012. "Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia," Books, Edward Elgar Publishing, number 14483.
  4. Ben S. Bernanke & Vincent R. Reinhart, 2004. "Conducting Monetary Policy at Very Low Short-Term Interest Rates," American Economic Review, American Economic Association, vol. 94(2), pages 85-90, May.
  5. Jeffrey Carmichael & Michael Pomerleano, 2002. "The Development and Regulation of Non-Bank Financial Institutions," World Bank Publications, The World Bank, number 15236, April.
  6. Paul Bloxham & Christopher Kent & Michael Robson, 2011. "Asset Prices, Credit Growth, Monetary and Other Policies: An Australian Case Study," NBER Working Papers 16845, National Bureau of Economic Research, Inc.
  7. Peter J. Morgan, 2012. "The Role and Effectiveness of Unconventional Monetary Policy," Chapters, in: Monetary and Currency Policy Management in Asia, chapter 2 Edward Elgar Publishing.
  8. Ben Bernanke & Mark Gertler, 2000. "Monetary Policy and Asset Price Volatility," NBER Working Papers 7559, National Bureau of Economic Research, Inc.
  9. Garry J. Schinasi, 2004. "Defining Financial Stability," IMF Working Papers 04/187, International Monetary Fund.
  10. Jonathan David Ostry & Atish R. Ghosh & Karl F Habermeier & Marcos d Chamon & Mahvash S Qureshi & Dennis B. S. Reinhardt, 2010. "Capital Inflows; The Role of Controls," IMF Staff Position Notes 2010/04, International Monetary Fund.
  11. Gerlach, Stefan & Peng, Wensheng, 2004. "Bank Lending and Property Prices in Hong Kong," CEPR Discussion Papers 4797, C.E.P.R. Discussion Papers.
  12. Masahiro Kawai & Michael Pomerleano, 2012. "Strengthening Systemic Financial Regulation," Chapters, in: Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 2 Edward Elgar Publishing.
  13. Claudio Borio & Piti Disyatat, 2009. "Unconventional monetary policies: an appraisal," BIS Working Papers 292, Bank for International Settlements.
  14. Masahiro Kawai & Peter J. Morgan & Shinji Takagi (ed.), 2012. "Monetary and Currency Policy Management in Asia," Books, Edward Elgar Publishing, number 14414.
  15. Jean Pisani-Ferry & André Sapir & Nicolas Véron & Guntram B. Wolff, 2012. "What kind of European banking union?," Policy Contributions 731, Bruegel.
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