stdClass Object ( [id] => 7906 [paper_index] => EW201811-13-002592 [title] => GLOBAL FINANCIAL CRISES AND STABILITY IN ASIA [description] =>
  1. Adam S, Posen and Nicolas Veron, (September 2015), “Enhancing Financial Stability in Developing Asia”, Asian Development Bank Institute Working Paper No. 15-13, Tokyo.
  2. Charles W.L. Hills, The Asian Financial Crisis, University of Washington, www. wright.edu/~tdung/asiancrisis-hil.htm
  3. Cheng Hoon Lim, Rishi Ramchand, Hong Wang and Xiaoyong Wu, (July 2013), “Institutional Arrangements for Macroprudential Policy in Asia”, IMF Working Paper, 13/165, , Washington
  4. Fu, Xiaoping Maggie; Lin, Yongjia Rebecca and Molyneux, Philip, (2014), “Bank Competition and Financial Stability in Asia Pacific”, Journal of Banking and Finance, Elsevier, Vol. 38(C), PP. 64-77.
  5. Peter J. Morgan and Yan Zhang, (August 2015), “Mortgage lending and Financial Stability in Asia”, Asian Development Bank Institute Working Paper No. 543, Tokyo.
  6. Ramon Moreno, (1998), “Asian Financial crisis”, Centre for Pacific Basin Monetary and Economic Studies, Federal Reserve Bank of San Francisco.
  7. Radelet Steven and Sachs Jeffrey, (March 1998) “The East Asian Financial Crisis: Diagnosis, Remedies. Prospects”, Harvard Institute for International Studies.
  8. The Economist
  9. The Guardian
  10. Wahyoe Soedarmono, Fouad Machrouh, and Amine Tarazi, (2011), “Bank Market Power, Economic Growth and Financial Stability, Journal of Asian Economics, Elsevier, 22 pp. 4460-470.
  11. www.bis.org
  12. www.efsd.eabr.org
  13. www.imf.org
  14. www.pieria.co.uk
  15. www.positivemoney.org
  16. www.worldbank.com
[author] => Dr O. S. Deol [googlescholar] => https://scholar.google.co.in/citations?user=KeqZGcIAAAAJ&hl=en [doi] => [year] => 2018 [month] => November [volume] => 6 [issue] => 11 [file] => eprapub/EW201811-13-002592.pdf [abstract] =>

Recently the International Monetary Fund has highlighted risks of a new financial crisis, cautioning that global output could be cut by 3.9% over the next five years by a repeat of the market turmoil witnessed during the 2008-09 recession. The emergence of new shocks such as U. S. monetary policy tightening; adoption of negatives interest rate policies by European central banks, Bank of Japan, and the sharp drop in oil and other commodity prices have highlighted the vulnerability of economies across the globe to volatile capital flows and trade related shocks. The East Asian financial crisis in 1997 and the global financial crisis in 2008 compelled the world community to devise the ways to avert or at least mitigate the impact of such financial crises in future. The efforts in this direction have been made by improving the macro-prudential policy underpinning the supervisory and regulatory framework for financial markets both at individual economy level and multilateral institutions level.

This paper discusses the financial crisis of 1997 in the East Asia and the global financial crisis of 2008 in context of the causes responsible and the lessons learnt.  The paper then take a look on supervisory and regulatory framework adopted in Asia keeping in view the two financial crises. The improvement in the financial stability in the Asian region is assessed of the basis of certain stability measures. The paper finally assesses the vulnerability to such crises in future in Asian region.

KEYWORDS: Financial stability, global financial crisis, macro-prudential policy, financial regulations and supervision

JEL classification Number: G 01, G 28, F 55

[keywords] => [doj] => [hit] => 1447 [status] => [award_status] => P [orderr] => 7 [journal_id] => 4 [googlesearch_link] => [edit_on] => [is_status] => 1 [journalname] => EPRA International Journal of Economic and Business Review(JEBR) [short_code] => IJES [eissn] => 2347-9671 (O), 2349-0187(P) [pissn] => [home_page_wrapper] => images/products_image/12.JEBR.png ) Error fetching PDF file.