Achieving Financial Stability from the Emerging Market Perspective
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This volume runs through a series of efforts to enhance financial stability in the region, ranging from various institutional arrangements e.g. CMIM (Chiang Mai Initiative Multilateralization), ABMI (Asia Bond Markets Initiative), to policy recommendations to revitalize the cross-border repo market in the region. Maintaining financial stability has been an ultimate policy objective for most countries in the world. This is especially a compelling agenda in Asia because of its export-driven growth momentum and the associated burden to manage FX liquidity. It is almost a hallmark of Asian economi...
This volume runs through a series of efforts to enhance financial stability in the region, ranging from various institutional arrangements e.g. CMIM (Chiang Mai Initiative Multilateralization), ABMI (Asia Bond Markets Initiative), to policy recommendations to revitalize the cross-border repo market in the region. Maintaining financial stability has been an ultimate policy objective for most countries in the world. This is especially a compelling agenda in Asia because of its export-driven growth momentum and the associated burden to manage FX liquidity. It is almost a hallmark of Asian economies where you can observe the perennial link between capital flow volatility and the current account status, with lingering financial vulnerability. Seeking short-term solutions or strengthening regional efforts by authorities in the region have turned up little market interests or participation, if not producing any viable results. The only path to financial stability is to seek strong and fundamental grounds for financial system with full backing of the region-wide capital market.
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