Introduction: Financial Stability in East Asia—A Tentative Assessment

Frank Rövekamp (), Moritz Bälz () and Hanns Günther Hilpert ()
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Frank Rövekamp: East Asia Institute
Moritz Bälz: Goethe University
Hanns Günther Hilpert: German Institute for International and Security Affairs (Stiftung Wissenschaft und Politik)

A chapter in Central Banking and Financial Stability in East Asia, 2015, pp 1-9 from Springer

Abstract: Abstract The global financial crisis which began in 2007 has induced a wealth of research on financial stability. Many open issues remain, but a useful framework from which to draw lessons from the crisis has been developed by Stanley Fischer. It assesses the role of monetary policy at the zero interest lower bound, macroprudential supervision and exchange-rate management for the preservation of financial stability. It furthermore assigns important functions to central banks in dealing with bubbles and in fulfilling the role of lender of last resort. This introduction takes up Fischer’s “lessons” in order to put the contributions in this volume into perspective and to draw tentative conclusions on the state of financial stability in East Asia: while there are no signs that a financial crisis is imminent, the task of preserving stability remains nonetheless arduous.

Keywords: Monetary Policy; Central Bank; European Central Bank; Financial Stability; Global Financial Crisis (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:fimchp:978-3-319-17380-1_1

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DOI: 10.1007/978-3-319-17380-1_1

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