Gauging Procyclicality and Financial Vulnerability in Asia through the BIS Banking and Financial Statistics

Stefan Avdjiev, Bat-el Berger and Hyun Song Shin

Chapter 6 in The Asian Monetary Policy Forum:Insights for Central Banking, 2021, pp 224-262 from World Scientific Publishing Co. Pte. Ltd.

Abstract: We look back at past episodes of financial stress in Asia with a forward-looking perspective. We put ourselves in the shoes of a contemporary observer with the data at hand and ask what evidence was available on the systematic build-up of vulnerabilities. We reconstruct a graphical narrative of banking and financial developments at the time. Our exercise aims to showcase the usefulness of the BIS international banking and financial statistics as a window on the financial system’s procyclicality. We conclude with a real-time forward-looking exercise on financial vulnerabilities, focusing on the implications of the shift in the pattern of credit intermediation from banks to bond markets.

Keywords: Monetary Policy; Price Stability; Monetary Sovereignty; Monetary Policy Independence; Macroprudential Policies Financial Stability; Financial Volatility; Financial Globalization; Capital Mobility Trilemma; Dilemma; Small Open Economies; Emerging Market Economies; Exchange Rate Regime; Floating Exchange Rate; Pegged Exchange Rate; Real Exchange Rate; Nominal Exchange Rate; International Monetary System; Bond Markets; International Claims; Currency Market; Market Liberalization; Capital Control; Exchange Rate Intervention; Foreign Exchange Reserves; Dollar Hegemon; Dollar Dominance; International Payment System; Invoicing Currency; Integrated Policy Framework; Risk-on; Risk-off; Safe Assets; Global Financial Architecture (search for similar items in EconPapers)
JEL-codes: E4 E5 (search for similar items in EconPapers)
Date: 2021
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Working Paper: Gauging procyclicality and financial vulnerability in Asia through the BIS banking and financial statistics (2018)
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