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Asia proved to be remarkably resilient in the face of the global financial crisis, but why was its output performance stronger than that of other regions? The paper shows that better initial conditions—in the form of lower external and financial vulnerabilities—contributed significantly to Asia’s resilience. Key pre-crisis factors included moderate credit expansion, reliance on deposit funding, enhanced bank asset quality, reduced external financing, and improved current accounts. These improvements reflected the lessons from the Asian financial crisis in the late 1990s, which helped reshape both public policies and private sector behavior. For example, several countries stepped up their use of macroprudential policies, well before they were recognized as an essential component of the financial stability toolkit. They also overhauled financial regulations and strengthened oversight of financial institutions, which helped reduce risk-taking by households and firms before the global financial crisis. Looking ahead, Asia is in the process of adjusting to more volatile external conditions and higher risk premiums. By drawing the right lessons from its pre-crisis experiences, Asia’s economies will be better equipped to address new risks associated with increased cross-border capital flows and greater integration with the rest of the world.

Financial crises --- Resilience (Personality trait) --- Human resilience --- Resiliency (Personality trait) --- Personality --- Banks and Banking --- Exports and Imports --- Financial Risk Management --- Macroeconomics --- Money and Monetary Policy --- Financial Crises --- Financial Markets and the Macroeconomy --- Current Account Adjustment --- Short-term Capital Movements --- Economic History: Financial Markets and Institutions: Asia including Middle East --- International Lending and Debt Problems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Policy --- International economics --- Economic & financial crises & disasters --- Monetary economics --- Banking --- External debt --- Credit --- International reserves --- Global financial crisis of 2008-2009 --- Money --- Central banks --- Debts, External --- Foreign exchange reserves --- Global Financial Crisis, 2008-2009 --- New Zealand

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This paper proposes a new framework for the analysis of public sector debt sustainability. The framework uses concepts and methods from modern practice of contingent claims to develop a quantitative risk-based model of sovereign credit risk. The motivation in developing this framework is to provide a clear and workable complement to traditional debt sustainability analysis which-although it has many useful applications-suffers from the inability to measure risk exposures, default probabilities and credit spreads. Importantly, this new framework can be adapted for policy analysis, including debt and reserve management.

Exports and Imports --- Public Finance --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- International economics --- Public finance & taxation --- Local currency debt --- Foreign currency debt --- Debt sustainability --- Debt sustainability analysis --- Public debt --- Debts, External --- Debts, Public --- United States

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This paper develops a comprehensive new framework to measure and analyze sovereign risk. Since traditional macroeconomic vulnerability indicators and accounting-based measures do not address risk in a comprehensive and forward-looking way, the contingent claims approach is used to construct a marked-to-market balance sheet for the sovereign, and derive a set of credit-risk indicators that serve as a barometer of sovereign risk. Applications to 12 emerging market economies show the risk indicators to be robust and highly correlated with market spreads. The framework can help policymakers design risk mitigation strategies and rank policy options using a calibrated structural model unique to each economy.

Country risk. --- Debts, External. --- Electronic books. -- local. --- Financial crises. --- Risk assessment. --- Risk management. --- Accounting --- Banks and Banking --- Budgeting --- Exports and Imports --- Financial Risk Management --- Public Administration --- Public Sector Accounting and Audits --- International Financial Markets --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Financial reporting, financial statements --- Finance --- Financial services law & regulation --- International economics --- Budgeting & financial management --- Financial statements --- Asset valuation --- Credit risk --- Foreign currency debt --- Government liabilities --- Finance, Public --- Asset-liability management --- Financial risk management --- Debts, External --- Budget --- South Africa

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This paper gauges if, and how, institutional arrangements are correlated with the use of macroprudential policy instruments. Using data from 39 countries, the paper evaluates policy response time in various types of institutional arrangements for macroprudential policy and finds that the macroprudential framework that gives the central bank an important role is associated with more timely use of macroprudential policy instruments. Policymakers may also tend to use macroprudential instruments more quickly if the ability to conduct monetary policy is somehow constrained. This finding points to the importance of coordination between macroprudential and monetary policy.

Monetary policy --- Macroeconomics. --- Economics --- Econometric models. --- Banks and Banking --- Finance: General --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Financial Institutions and Services: Government Policy and Regulation --- Central Banks and Their Policies --- Financial Markets and the Macroeconomy --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: General --- Public finance & taxation --- Banking --- Finance --- Macroprudential policy --- Institutional arrangements for revenue administration --- Macroprudential policy instruments --- Financial sector stability --- Financial sector policy and analysis --- Revenue administration --- Financial sector --- Economic sectors --- Economic policy --- Revenue --- Banks and banking --- Financial services industry --- China, People's Republic of

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Asia’s financial systems proved resilient to the shocks from the global financial crisis, and growth since then has been strong. But new challenges have emerged in the region’s economies, including demographics and aging, the need to diversify from bank-dominated systems, urbanization and infrastructure, and the rebalancing of economic activity. This book takes stock of the challenges facing the region today and how economic systems in Asia’s advanced and emerging market economies compare with the rest of the world.

Economic development - Asia. --- Economic development --- Finance --- Economic History --- Business & Economics --- Asia --- Economic conditions. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- E-books --- Hong Kong Special Administrative Region, People's Republic of China