Global Shocks and the New Global and Regional Financial Architecture: Asian Perspectives
This book addresses how Asia’s regional financial architecture can be strengthened and meshed with those of the International Monetary Fund and the Financial Stability Board to effectively deal with economic and financial shocks.
In light of the evolving global economic order and the experiences of the global financial crisis of 2008–2009, this book addresses the important question of how Asia’s regional architecture for economic and financial surveillance, financial safety nets, and crisis management can be strengthened and meshed with those of the International Monetary Fund (IMF) and the Financial Stability Board to establish an effective mechanism for dealing with economic and financial shocks. This includes shocks emanating from both within the region and those transmitted via contagion from other regions. It assesses the capacity of regional institutions for surveillance and financial safety nets, focusing on the ASEAN+3 Macroeconomic Research Office (AMRO) and the Chiang Mai Initiative Multilateralization (CMIM). It also reviews the potential scope for developing coordinated regional financial regulation in Asia, taking into account the European Union experience with regard to financial supervisory and regulatory architecture and its relevance for Asia. Finally, it examines how the IMF, as a provider of global financial safety nets, can work with regional financing arrangements, including both the CMIM and bilateral swap arrangements.
- Chapter 1: Asian Perspectives on the Evolving Global Economic Architecture by Naoyuki Yoshino, Peter J. Morgan, and Pradumna B. Rana
- Chapter 2: Imports Slowdown in the People’s Republic of China: Spillovers, Spillins, and Spillbacks by Alexei Kireyev and Andrei Leonidov
- Chapter 3: Optimal Dynamic Path along the Transition of an Exchange Rate Regime: An Analysis of the People Republic of China, Malaysia, and Singapore by Naoyuki Yoshino and Tamon Asonuma
- Chapter 4: Measuring the Effects of Commodity Price Shocks on Asian Economies by Tomoo Inoue and Tatsuyoshi Okimoto
- Chapter 5: Global Shocks and Risk to Financial Stability in Asia by Hans Genberg
- Chapter 6: The Correlations of the Equity Markets in Asia and the Impact of Capital Flow Management Measures by Pornpinun Chantapacdepong
- Chapter 7: External Debt Sustainability and Vulnerabilities: Evidence from a Panel of 24 Asian Countries and Prospective Analysis by Matthieu Llorca
- Chapter 8: Effectiveness of Regional Mechanisms for Multilateral and Regional Governance by Siriwan Chutikamoltham
- Chapter 9: The Evolving Multilayered Global Financial Safety Net: The Case of the Association of Southeast Asian Nations+3 Regional Financial Safety Net and the International Monetary Fund by Pradumna B. Rana
- Chapter 10: Regional and Global Financial Safety Nets: The Recent European Experience and its Implications for Regional Cooperation in Asia by Zsolt Darvas
- Chapter 11: Regional Financial Regulation in Asia by Peter J. Morgan
- Chapter 12: Reforms to the European Union Financial Supervisory and Regulatory Architecture and their Implications for Asia by Zsolt Darvas, Dirk Schoenmaker, and Nicolas Véron