Maintaining financial stability in Asia and the Pacific

Zhenqian Huang
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Zhenqian Huang: Macroeconomic Policy and Financing for Development Division, United Nations Economic and Social Commission for Asia and the Pacific

No PB101, MPDD Policy Briefs from United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)

Abstract: Most Asia-Pacific economies have maintained a largely accommodative monetary policy stance in the past decade. However, lower policy rates have not been fully translated into stronger growth, but contributed to financial instability in terms of higher private debt, which harms long-term economic growth. A prudent approach to monetary policy would be needed to focus on maintaining price and financial stability. Policy makers shall accompany traditional monetary policies with macroprudential policies and regulations to strike a balance between supporting short-term growth prospects while containing the build-up of financial risks.

Date: 2019-07
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