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Global Financial Turmoil: Impact and Challenges for Asia's Financial Systems-super-

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  • Jong-Wha Lee

    (Office of Regional Economic Integration, Asian Development Bank, 6 ADB Avenue Mandaluyong City, 1550 Metro Manila, Philippines.)

  • Cyn-Young Park

    (Office of Regional Economic Integration, Asian Development Bank, 6 ADB Avenue Mandaluyong City, 1550 Metro Manila, Philippines.)

Abstract

This paper examines the unfolding of the U.S. sub-prime-generated turmoil and its potential spillover effects on Asia's emerging financial systems. The sub-prime mortgage mess has revealed key structural weaknesses in the evolution of modern credit markets. Although emerging Asian financial markets have suffered only limited impact thus far, they remain open to further contagion given underlying weaknesses in the region's financial systems. Rapid financial globalization also poses new challenges as the region's largely unsophisticated banking and financial systems strive to keep up with the evolving financial environment. Policy priorities to foster regional financial stability include enhancing transparency and governance, improving risk management, strengthening regulation and supervision, and deepening and broadening financial systems, especially by developing local currency bond markets. (c) 2009 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

Suggested Citation

  • Jong-Wha Lee & Cyn-Young Park, 2009. "Global Financial Turmoil: Impact and Challenges for Asia's Financial Systems-super-," Asian Economic Papers, MIT Press, vol. 8(1), pages 9-40, Winter.
    • Handle: RePEc:tpr:asiaec:v:8:y:2009:i:1:p:9-40
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    Cited by:

    1. Il Houng Lee & Kyunghun Kim, 2018. "Exchange Rate Flexibility, Financial Market Openness, and Economic Growth," Asian Economic Papers, MIT Press, vol. 17(1), pages 145-162, Winter/Sp.
    2. Prema-chandra Athukorala & Sisira Jayasuriya, 2015. "Victory in War and Defeat in Peace: Politics and Economics of Post-Conflict Sri Lanka," Asian Economic Papers, MIT Press, vol. 14(3), pages 22-54, Fall.
    3. Hosung Jung & Hyun Hak Kim, 2020. "Default Probability by Employment Status in South Korea," Asian Economic Papers, MIT Press, vol. 19(3), pages 62-84, Fall.
    4. Hui-Shan Lee & Kevin-Lock-Teng Low & Shyue-Chuan Chong & Bik-Kai Sia, 2018. "Influence of Secondary and Tertiary Literacy on Life Insurance Consumption: Case of Selected ASEAN Countries," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(1), pages 1-15, January.
    5. Ahmed Khalid, 2012. "Cost Consequences to the Economy and Finance," Chapters, in: Mohamed Ariff & John H. Farrar & Ahmed M. Khalid (ed.), Regulatory Failure and the Global Financial Crisis, chapter 7, Edward Elgar Publishing.

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