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By providing a comprehensive overview of policy proposals for the
international monetary system from an Asian perspective, this book
aims to identify what innovations are needed to reform the
international monetary and financial system to promote financial
stability and sustainable economic growth for emerging economies.
The book is organized into four parts. Part 1 discusses major
theoretical and empirical issues related to reform of the
international monetary system. Part 2 includes two chapters that
present the recent developments and challenges for managing capital
flows. Part 3 presents different perspectives on regional currency
cooperation in Asia and Europe by assessing the evidence supporting
increased currency coordination in Asia and by review issues of
policy cooperation in the Euro area after the global financial
crisis and their implications for Asia. Part 4 discusses emerging
issues for regional/global cooperation and financial safety nets.
The main inference of the book is that, in light of the drawbacks
of the existing international monetary system exposed in the global
financial crisis, along with other countries, Asian emerging
economies should work cooperatively to reform and strengthen
international monetary and financial policy. To do so, regional and
global monetary cooperation is needed and financial safety nets
should be strengthened to alleviate the impact of possible global
financial crises. This will be one of the first books written about
the global financial crisis and the on going the European sovereign
debt crisis to comprehensively address the issues related to
currency cooperation, based on the Euro area experience, with the
specific implications for Asia.
Managing Capital Flows provides analyses designed to help
policymakers develop a framework for managing capital flows that is
consistent with prudent macroeconomic and financial sector
stability.While capital inflows can provide emerging market
economies with significant benefits in pursuing economic
development and growth, they can also pose serious policy
challenges for macroeconomic management and financial sector
supervision. The expert contributors cover a wide range of issues
related to managing capital flows and analyze the experience of
emerging Asian economies in dealing with surges in capital inflows.
They also discuss possible policy measures to manage capital flows
while remaining consistent with the goals of macroeconomic and
financial sector stability. Building on this analysis, the book
presents options for workable national policies and regional policy
cooperation, particularly in exchange rate management.Containing
chapters that bring in international experiences relevant to Asia
and other emerging market economies, this insightful book will
appeal to policymakers in governments and financial institutions as
well as public and private finance experts. It will also be of
great interest to advanced students and academic researchers in
finance.
By providing a comprehensive overview of policy proposals for the
international monetary system from an Asian perspective, this book
aims to identify what innovations are needed to reform the
international monetary and financial system to promote financial
stability and sustainable economic growth for emerging economies.
The book is organized into four parts. Part 1 discusses major
theoretical and empirical issues related to reform of the
international monetary system. Part 2 includes two chapters that
present the recent developments and challenges for managing capital
flows. Part 3 presents different perspectives on regional currency
cooperation in Asia and Europe by assessing the evidence supporting
increased currency coordination in Asia and by review issues of
policy cooperation in the Euro area after the global financial
crisis and their implications for Asia. Part 4 discusses emerging
issues for regional/global cooperation and financial safety nets.
The main inference of the book is that, in light of the drawbacks
of the existing international monetary system exposed in the global
financial crisis, along with other countries, Asian emerging
economies should work cooperatively to reform and strengthen
international monetary and financial policy. To do so, regional and
global monetary cooperation is needed and financial safety nets
should be strengthened to alleviate the impact of possible global
financial crises. This will be one of the first books written about
the global financial crisis and the on going the European sovereign
debt crisis to comprehensively address the issues related to
currency cooperation, based on the Euro area experience, with the
specific implications for Asia.
This book aims to identify and analyze the impact of the 2007-09
global financial crisis on Asian economies and to assess the
short-term and longer-term policy responses to the crisis in terms
of their effectiveness and sustainability. It draws lessons on how
best to avoid and/or mitigate future crises and to identify
structural policy recommendations that can help guide Asian
policymakers to expand the growth potential of domestic and
regional demand in coming years, and thereby create a basis for
sustainable and inclusive long-term growth. Organized into four
parts, it offers an accessible explanation of the causes,
consequences, and contagion mechanisms of the crisis. Part 1
provides an overview of the major issues and presents policy
recommendations. Part 2 reviews the crisis in the US and its
transmission to Europe. Part 3 focuses on the impact on Asia. And
Part 4 concludes lessons of the crisis for Asian countries. The
volume highlights that Asian economies have already recovered
strongly from the global financial crisis, reflecting their
aggressive moves to ease monetary and fiscal policy as well as the
underlying fundamental strength of their economies. However, the
biggest challenge lies ahead. It asserts that, given that it is
unlikely that the US and Europe will be engines of global growth,
Asian economies should contribute to global economic adjustment by
creating their own growth engines.
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