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Introduction: Financial Stability in East Asia—A Tentative Assessment

In: Central Banking and Financial Stability in East Asia

Author

Listed:
  • Frank Rövekamp

    (East Asia Institute)

  • Moritz Bälz

    (Goethe University)

  • Hanns Günther Hilpert

    (German Institute for International and Security Affairs (Stiftung Wissenschaft und Politik))

Abstract

The global financial crisis which began in 2007 has induced a wealth of research on financial stability. Many open issues remain, but a useful framework from which to draw lessons from the crisis has been developed by Stanley Fischer. It assesses the role of monetary policy at the zero interest lower bound, macroprudential supervision and exchange-rate management for the preservation of financial stability. It furthermore assigns important functions to central banks in dealing with bubbles and in fulfilling the role of lender of last resort. This introduction takes up Fischer’s “lessons” in order to put the contributions in this volume into perspective and to draw tentative conclusions on the state of financial stability in East Asia: while there are no signs that a financial crisis is imminent, the task of preserving stability remains nonetheless arduous.

Suggested Citation

  • Frank Rövekamp & Moritz Bälz & Hanns Günther Hilpert, 2015. "Introduction: Financial Stability in East Asia—A Tentative Assessment," Financial and Monetary Policy Studies, in: Frank Rövekamp & Moritz Bälz & Hanns Günther Hilpert (ed.), Central Banking and Financial Stability in East Asia, edition 127, pages 1-9, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-17380-1_1
    DOI: 10.1007/978-3-319-17380-1_1
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