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Inadequate Regional Financial Safety Nets Reflect Complacency

Author

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  • Iwan J. Azis

    (Asian Development Bank Institute (ADBI))

Abstract

To the extent that financial contagion from the United States and the euro area crisis has occurred in Asia, this paper focuses on the importance of strengthening the regional financial safety nets. By conjecturing that efforts to prevent and manage a crisis are the essence of providing such safety nets, I argue that efforts made by ASEAN+3 officials, especially in the provision of liquidity support during a crisis, are far from adequate. The collapse of Lehman Brothers in the autumn of 2008 could be a game-changer in the global financial market, making the probability of financial contagion higher than ever before. Even with improved financial conditions and stronger regulations in ASEAN+3 member countries, contagion can and will strike. Making the Chiang Mai Initiative Multilateralization more effective is therefore urgent and critical.

Suggested Citation

  • Iwan J. Azis, 2013. "Inadequate Regional Financial Safety Nets Reflect Complacency," Finance Working Papers 23396, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:financ:23396
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    File URL: http://www.eaber.org/node/23396
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    Cited by:

    1. Ulrich Volz, 2013. "Lessons of the European crisis for regional monetary and financial integration in East Asia," Asia Europe Journal, Springer, vol. 11(4), pages 355-376, December.

    More about this item

    Keywords

    Financial Safety Nets; regional; ASEAN+3; financial contagion; Chiang Mai Innitiative;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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