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Some Salient Issues Raised By The Global Financial Crisis

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  • Kyung Soo Kim
  • Hyoung‐Kyu Chey

Abstract

The recent global financial crisis has raised a number of important issues. This paper discusses five specific issues: first, macroprudential regulation, an issue related to the cause of the crisis; second, management of economic openness, an issue especially relevant for emerging market economies; third, diverse measures for coping with instability due to capital outflows, for example self‐protection through foreign exchange reserve accumulation as well as international and regional cooperation; fourth, the future of the international monetary system, in particular the dollar‐centred system; and fifth, the implications of the crisis for the economics profession.

Suggested Citation

  • Kyung Soo Kim & Hyoung‐Kyu Chey, 2010. "Some Salient Issues Raised By The Global Financial Crisis," Pacific Economic Review, Wiley Blackwell, vol. 15(1), pages 1-10, February.
    • Handle: RePEc:bla:pacecr:v:15:y:2010:i:1:p:1-10
    DOI: 10.1111/j.1468-0106.2009.00485.x
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    References listed on IDEAS

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    1. Yin‐Wong Cheung & Xingwang Qian, 2009. "Hoarding of International Reserves: Mrs Machlup's Wardrobe and the Joneses," Review of International Economics, Wiley Blackwell, vol. 17(4), pages 824-843, September.
    2. Dani Rodrik, 2006. "The social cost of foreign exchange reserves," International Economic Journal, Taylor & Francis Journals, vol. 20(3), pages 253-266.
    3. Michael Dooley & David Folkerts‐Landau & Peter Garber, 2009. "Bretton Woods Ii Still Defines The International Monetary System," Pacific Economic Review, Wiley Blackwell, vol. 14(3), pages 297-311, August.
    4. Niall Ferguson & Moritz Schularick, 2007. "‘Chimerica’ and the Global Asset Market Boom," International Finance, Wiley Blackwell, vol. 10(3), pages 215-239, December.
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    Cited by:

    1. Cheung, Yin-Wong & Sengupta, Rajeswari, 2011. "Accumulation of reserves and keeping up with the Joneses: The case of LATAM economies," International Review of Economics & Finance, Elsevier, vol. 20(1), pages 19-31, January.
    2. Kyungsoo Kim, 2009. "Global financial crisis and Korean economy," Proceedings, Federal Reserve Bank of San Francisco, issue Oct, pages 277-284.

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