Addressing Risks in Promoting Financial Stability
in Research Studies from South East Asian Central Banks (SEACEN) Research and Training Centre
Global financial crises have demonstrated that monetary policy is not the only approach for stabilisation and robust microprudential regulation and supervision are not sufficient to mitigate risks to financial system stability. These lessons imply that policymakers, especially financial authorities including the central bank, have to continually focus on strengthening financial system stability. Although all out efforts to avoid a crisis will not assure zero financial crisis in the future, the preparation for crisis prevention and resolution are absolute necessities. The central bank should be accountable for implementing procedures for maintaining and promoting financial system stability. Macroprudential surveillance and microprudential supervision for financial system stability are very difficult tasks and require collaboration among authorities, not only within the economy but also among countries. Given the variances in financial system infrastructures and levels of financial development among SEACEN economies, the availability of diverse sets of macro and micro-prudential indicators is indeed vital. This study provides a survey of how the SEACEN economies promote financial system stability. It assesses the policies, tools and indicators that are available to financial authorities in SEACEN economies and provides suggestions for their improvement. The nine participating economies provide an analysis of their current situations and macroprudential approaches for financial system stability strengthening. Their efforts in maintaining financial system stability and resilience are commendable. However, having said that, many improvements can still be made due to the continuous innovation and development of the financial system.
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