Inadequate Regional Financial Safety Nets Reflect Complacency
To the extent that financial contagion from the United States and the euro area crisis has occurred in Asia, this paper focuses on the importance of strengthening the regional financial safety nets. By conjecturing that efforts to prevent and manage a crisis are the essence of providing such safety nets, the author argues that efforts made by Association of Southeast Asian Nations (ASEAN)+3 officials, especially in the provision of liquidity support during a crisis, are far from adequate. Even with improved financial conditions and stronger regulations in ASEAN+3 member countries, contagion can and will strike. Making the Chiang Mai Initiative Multilateralization more effective is therefore urgent and critical.
|Date of creation:||07 Mar 2013|
|Date of revision:|
|Contact details of provider:|| Postal: Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan|
Fax: (81-3) 3593-5571
Web page: http://www.adbi.org/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ayhan Kose & Eswar S Prasad & Marco Terrones, 2003.
"How Does Globalization Affect the Synchronization of Business Cycles?,"
IMF Working Papers
03/27, International Monetary Fund.
- M. Ayhan Kose & Eswar S. Prasad & Marco E. Terrones, 2003. "How Does Globalization Affect the Synchronization of Business Cycles?," American Economic Review, American Economic Association, vol. 93(2), pages 57-62, May.
- Kose, M. Ayhan & Prasad, Eswar & Terrones, Marco E., 2003. "How Does Globalization Affect the Synchronization of Business Cycles?," IZA Discussion Papers 702, Institute for the Study of Labor (IZA).
- Kim, Soyoung & Lee, Jong-Wha & Shin, Kwanho, 2006.
"Regional and Global Financial Integration in East Asia,"
695, University Library of Munich, Germany.
- Soyoung Kim & Jong-Wha Lee & Kwanho Shin, 2006. "Regional and Global Financial Integration in East Asia," Discussion Paper Series 0602, Institute of Economic Research, Korea University.
- Azis, Iwan J. & Mitra, Sabyasachi & Baluga, Anthony & Dime, Roselle, 2013. "The Threat of Financial Contagion to Emerging Asia’s Local Bond Markets: Spillovers from Global Crises," Working Papers on Regional Economic Integration 106, Asian Development Bank.
- Yung Chul Park & Kwanho Shin, 2009. "Economic Integration and Changes in the Business Cycle in East Asia: Is the Region Decoupling from the Rest of the World?-super-," Asian Economic Papers, MIT Press, vol. 8(1), pages 107-140, January.
- Barry Eichengreen & Pipat Luengnaruemitchai, 2006.
"Why doesn’t Asia have bigger bond markets?,"
BIS Papers chapters,
in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 40-77
Bank for International Settlements.
- Alicia Garcia-Herrero & Philip Woolbridge & Doo Yong Yang, 2009.
"Why don\'t Asians invest in Asia:The determinants of cross-border portfolio holdings,"
0908, BBVA Bank, Economic Research Department.
- Alicia García-Herrero & Philip Wooldridge & Doo Yong Yang, 2009. "Why Don't Asians Invest in Asia? The Determinants of Cross-Border Portfolio Holdings," Asian Economic Papers, MIT Press, vol. 8(3), pages 228-246, October.
- Phurichai Rungcharoenkitkul, 2011. "Risk Sharing and Financial Contagion in Asia; An Asset Price Perspective," IMF Working Papers 11/242, International Monetary Fund.
When requesting a correction, please mention this item's handle: RePEc:ris:adbiwp:0411. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marc Benger)
If references are entirely missing, you can add them using this form.