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Sources Of Pro-Cyclicality In East Asian Financial Systems

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  • R. Sean Craig
  • E. Philip Davis
  • Antonio Garcia Pascual

Abstract

Procyclicality is a normal feature of economic systems, but financial sector weaknesses can exacerbate it sufficiently to pose a threat to macroeconomic and financial stability. These include shortcomings in bank risk management and governance, in supervision and in terms of dependence on volatile sources of funds. The paper tests econometrically for the importance of such features leading to pro-cyclicality in the financial systems of 11 East Asian countries. This analysis makes it possible to identify specific policy measures for East Asian countries that could limit the extent to which financial systems exacerbate pro-cyclicality.

Suggested Citation

  • R. Sean Craig & E. Philip Davis & Antonio Garcia Pascual, 2006. "Sources Of Pro-Cyclicality In East Asian Financial Systems," Economics and Finance Discussion Papers 06-02, Economics and Finance Section, School of Social Sciences, Brunel University.
    • Handle: RePEc:bru:bruedp:06-02
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    File URL: http://www.brunel.ac.uk/329/efwps/0602.pdf
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