The international financial crisis and policy challenges in Asia and the Pacific

Bank for International Settlements

No 52 in BIS Papers from Bank for International Settlements

Abstract: This volume is a collection of the speeches, presentations and papers from a conference on "The international financial crisis and policy challenges in Asia and the Pacific". The event was co-hosted by the People's Bank of China (PBC) and the Bank for International Settlements (BIS) to mark the formal completion of the BIS Asian Research Programme. It was held on 6-8 August 2009 in Shanghai, China, at the same location where the establishment of the Programme was first announced in 2006. Senior officials from all 12 Asian Consultative Council (ACC) central banks, as well as academic scholars and economists from the BIS Representative Office for Asia and the Pacific attended the conference. The formal addresses included speeches by Jaime Caruana, General Manager of the BIS, Zeti Akhtar Aziz, Chair of the ACC and Governor of the Central Bank of Malaysia, and Zhou Xiaochuan, Governor of the PBC. The conference provided an opportunity to re-examine the existing approaches to preserving monetary and financial stability in Asia and the Pacific, in the light of the lessons of the international financial crisis. Even though the impact of the crisis was more muted in this region than elsewhere, there are many lessons to be learned.

Date: 2010 Written 2010-07
ISBN: 92-9131-829-9
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http://www.bis.org/publ/bppdf/bispap52.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/bppdf/bispap52.htm (text/html)

Chapters in this book:

Opening remarks , pp 15-16

Zhou Xiaochuan

Opening remarks , pp 17-20

Jaime Caruana

The international financial crisis: timeline, impact and policy responses in Asia and the Pacific , pp 21-82

Andrew Filardo, Jason George, Mico Loretan, Guonan Ma, Anella Munro, Ilhyock Shim, Philip Wooldridge, James Yetman and Haibin Zhu

Development of financial markets in Asia and the Pacific: the international financial crisis and policy challenges , pp 83-96

Suresh Sundaresan

Why issue bonds offshore? , pp 97-144

Susan Black and Anella Munro

Motivations for swap-covered foreign currency borrowing , pp 145-185

Anella Munro and Philip Wooldridge

Private information, stock markets, and exchange rates , pp 186-210

Jacob Gyntelberg, Mico Loretan, Tientip Subhanij and Eric Chan

Discussant remarks: development of financial markets in Asia and the Pacific , pp 211-214

Sukudhew Singh

High-level policy panel on the development of financial markets , pp 215-216

Joseph Yam

High-level policy panel on the development of financial markets , pp 217-218

Grant Spencer

High-level policy panel on the development of financial markets: macroeconomic and financial stability amidst the global financial crisis - the Singapore experience , pp 219-228

Ong Chong Tee

Exchange rate policies , pp 229-250

Charles Engel

Targeting inflation in Asia and the Pacific: lessons from the recent past , pp 251-273

Andrew Filardo and Hans Genberg

Financial deleveraging and the international transmission of shocks , pp 274-298

Michael B. Devereux and James Yetman

Discussant remarks: monetary policy and exchange rate issues in Asia and the Pacific , pp 290-295

Kyungsoo Kim

High-level policy panel on monetary policy and exchange rate issues: some thoughts on the future of inflation targeting , pp 296-302

Amando Tetangco

High-level policy panel on monetary policy and exchange rate issues: the RBA's monetary policy challenges during the international financial crisis , pp 303-306

Ric Battellino

Banks and public sector authorities: the international financial crisis and policy challenges in Asia-Pacific , pp 307-317

C A E Goodhart

Contagion and risk premia in the amplification of crisis: evidence from Asian names in the global CDS market , pp 318-339

Don H Kim, Mico Loretan and Eli M Remolona

Determinants of house prices in nine Asia-Pacific economies , pp 340-370

Eloisa T Glindro, Tientip Subhanij, Jessica Szeto and Haibin Zhu

Discussant remarks: financial stability issues in Asia and the Pacific , pp 371-375

Diwa C Guinigundo

High-level policy panel on financial stability issues , pp 376-377

Zhou Xiaochuan

High-level policy panel on financial stability issues: unconventional monetary policy - how central banks can face the challenges and learn the lessons , pp 378-382

Masaaki Shirakawa

High-level policy panel on financial stability issues , pp 383-386

Tarisa Watanagase

Closing remarks , pp 387-388

Zeti Akhtar Aziz

Closing remarks , pp 389-390

Jaime Caruana

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