Central Banking for Financial Stability in Asia

Masahiro Kawai () and Peter Morgan

No 377, ADBI Working Papers from Asian Development Bank Institute

Abstract: 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.

Keywords: central banking; central banks; financial stability; asia; surveillance and regulation; global financial crisis (search for similar items in EconPapers)
JEL-codes: E52 F31 G28 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2012-08-31
New Economics Papers: this item is included in nep-cba, nep-cwa, nep-mac, nep-mon, nep-rmg and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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Related works:
Journal Article: Central Banking for Financial Stability in Asia (2012)
Working Paper: Central Banking for Financial Stability in Asia (2012)
Working Paper: Central Banking for Financial Stability in Asia (2012)
Working Paper: Central Banking for Financial Stability in Asia (2012)
Working Paper: Central Banking for Financial Stability in Asia (2012)
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