Park, Cyn-Young
Ms. Park specializes in Asian macroeconomics, notably country diagnostics, development policies, and the economic implications of external shocks, such as the global financial crisis. She also studies regional financial markets. She belongs to the Economics and Research Department (ERD), which undertakes economic and policy research and capacity building, supports ADB operations, and networks with the international research community. ERD is also responsible for producing Country Diagnostic Studies, which evaluate development constraints on ADB's developing member countries.
Author
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Trade openness increases the volatility of all types of capital inflows, while change in stock market capitalization, global liquidity growth, and institutional quality lowers the volatility.
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Policy makers in the emerging Asia must strike the right balance between maximizing the net benefits from regional and global financial openness, and minimizing the potential costs of financial contagion and crisis.
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The global financial crisis of 2008/09 has prompted a reassessment of financial regulation and supervision. Many note that regulatory changes in the global financial system inevitably slow financial innovation and economic growth. Will a wave of regulation and reform in the wake of the crisis also limit the ability of financial institutions to innovate? What are the likely implications for relatively underdeveloped emerging Asian economies?
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Developing Asia remains at the core of global payment imbalances. While the geographical concentration of current account imbalances is rather significant, with the People's Republic of China accounting for the lion's share of the region's current account surplus, how Asia contributes to global rebalancing also depends critically on the NIEs and larger ASEAN economies. Given the region's huge diversity, the necessary national macroeconomic and structural policies will vary significantly across Asia's emerging economies.
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Global financial regulatory reforms should be complemented and augmented by national and regional reforms, taking into account the very different characteristics of emerging Asian financial systems from advanced economies.
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Monitoring the behavior of potential output helps policy makers implement appropriate policies in response to an economic crisis.
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This paper investigates changes in Asia’s regional and global trade linkages and their influence on macroeconomic relationships among Asia, Europe, and the United States.
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Asian authorities need to be prepared for the rapidly changing regulatory environment and proactive in strengthening their national regulatory and supervisory frameworks, in line with higher regulatory standards emanating from global reforms.
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Real economic interdependence between emerging Asia and industrial countries increased significantly in the post-crisis period, suggesting recoupling rather than decoupling.
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This paper examines the US subprime-generated turmoil and its potential spillover on emerging Asia’s financial markets. It assesses the strengths and vulnerabilities of the region’s financial systems.