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Article: Responding to the Global Financial and Economic Crisis: Meeting the Challenges in Asia

TitleResponding to the Global Financial and Economic Crisis: Meeting the Challenges in Asia
Authors
KeywordsGlobal financial crisis
Group of 20
Systemic risk
Financial sector development
Issue Date2010
PublisherAsian Development Bank. The Journal's web site is located at http://beta.adb.org/publications/search/1169
Citation
ADB Working Paper Series on Regional Economic Integration, 2010, n. 60, p. 1-87 How to Cite?
AbstractThe global financial and economic crisis marks an important turning point for finance and the Asian growth model. Regional consensus is now supporting economic rebalancing away from the dominant focus on exports to developed markets and towards more a more balanced economic structure supported by domestic and regional financial development. In relation to finance, the crisis highlights the necessity of addressing a range of issues across the region. First, Asian approaches to financial liberalization, prudential regulation, and financial innovation are likely to be closely considered around the world. At the same time, while the region has not been at the center of the global crisis—in contrast to the Asian financial crisis of 1997/98—it nonetheless provides an important opportunity to strengthen domestic and regional financial regulation. Second, beyond the post-crisis issues, and the prevention of systemic risk in particular, finance must continue to play a central role in supporting economic development and poverty reduction across the region. While the global crisis has highlighted once again the risks of finance, a central objective across Asia must be financial sector development to support economic growth and development. Third, in addition to domestic reform, the crisis provides an opportunity to enhance the international financial architecture, not only to improve its efficacy, but also to enhance the role of empowered Asian economies in global fora and institutions. At the same time, weaknesses in the international financial architecture suggest the need for Asian regional alternatives to address liquidity, liberalization, regulation, and exchange rate volatility.
Persistent Identifierhttp://hdl.handle.net/10722/139345

 

DC FieldValueLanguage
dc.contributor.authorArner, DWen_US
dc.contributor.authorSchou-Zibell, Len_US
dc.date.accessioned2011-09-23T05:48:26Z-
dc.date.available2011-09-23T05:48:26Z-
dc.date.issued2010en_US
dc.identifier.citationADB Working Paper Series on Regional Economic Integration, 2010, n. 60, p. 1-87en_US
dc.identifier.urihttp://hdl.handle.net/10722/139345-
dc.description.abstractThe global financial and economic crisis marks an important turning point for finance and the Asian growth model. Regional consensus is now supporting economic rebalancing away from the dominant focus on exports to developed markets and towards more a more balanced economic structure supported by domestic and regional financial development. In relation to finance, the crisis highlights the necessity of addressing a range of issues across the region. First, Asian approaches to financial liberalization, prudential regulation, and financial innovation are likely to be closely considered around the world. At the same time, while the region has not been at the center of the global crisis—in contrast to the Asian financial crisis of 1997/98—it nonetheless provides an important opportunity to strengthen domestic and regional financial regulation. Second, beyond the post-crisis issues, and the prevention of systemic risk in particular, finance must continue to play a central role in supporting economic development and poverty reduction across the region. While the global crisis has highlighted once again the risks of finance, a central objective across Asia must be financial sector development to support economic growth and development. Third, in addition to domestic reform, the crisis provides an opportunity to enhance the international financial architecture, not only to improve its efficacy, but also to enhance the role of empowered Asian economies in global fora and institutions. At the same time, weaknesses in the international financial architecture suggest the need for Asian regional alternatives to address liquidity, liberalization, regulation, and exchange rate volatility.-
dc.languageengen_US
dc.publisherAsian Development Bank. The Journal's web site is located at http://beta.adb.org/publications/search/1169en_US
dc.relation.ispartofADB Working Paper Series on Regional Economic Integrationen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectGlobal financial crisis-
dc.subjectGroup of 20-
dc.subjectSystemic risk-
dc.subjectFinancial sector development-
dc.titleResponding to the Global Financial and Economic Crisis: Meeting the Challenges in Asiaen_US
dc.typeArticleen_US
dc.identifier.emailArner, DW: dwarner@hkucc.hku.hken_US
dc.identifier.authorityArner, DW=rp01237en_US
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros196367en_US
dc.identifier.issue60-
dc.identifier.spage1en_US
dc.identifier.epage87en_US
dc.publisher.placeManila, Philippines-

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