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

Michael Plummer

No 201, ADBI Working Papers from Asian Development Bank Institute

Abstract: 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.

Keywords: asian regional capital flows; mitigate future financial crises; financial regulation; capital flows (search for similar items in EconPapers)
JEL-codes: F33 F36 G28 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2010-02-25
New Economics Papers: this item is included in nep-ifn, nep-reg and nep-sea
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Citations: View citations in EconPapers (6)

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Related works:
Chapter: Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia (2012)
Working Paper: Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia (2010)
Working Paper: Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia (2010)
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