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

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Abstract

This paper examines the unfolding of the US subprime-generated turmoil and its potential spillover on emerging Asia's financial systems. The subprime mortgage mess has revealed key structural weaknesses in the evolution of modern credit markets. While emerging Asian financial markets have thus far suffered only limited impact, 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 and innovation. 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.

Suggested Citation

  • Lee, Jong-Wha & Park, Cyn-Young, 2008. "Global Financial Turmoil: Impact and Challenges for Asia's Financial Systems," Working Papers on Regional Economic Integration 18, Asian Development Bank.
    • Handle: RePEc:ris:adbrei:0018
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    Cited by:

    1. Soyoung Kim & Jong‐Wha Lee & Cyn‐Young Park, 2011. "Emerging Asia: Decoupling or Recoupling," The World Economy, Wiley Blackwell, vol. 34(1), pages 23-53, January.
    2. Rigg, Robert & Schou-Zibell, Lotte, 2009. "The Financial Crisis and Money Markets in Emerging Asia," Working Papers on Regional Economic Integration 38, Asian Development Bank.
    3. McKibbin, Warwick J. & Chanthapun, Waranya Pim, 2009. "Exchange Rate Regimes in the Asia-Pacific Region and the Global Financial Crisis," Working Papers on Regional Economic Integration 36, Asian Development Bank.
    4. Ji-Yong LEE, 2011. "Crisis and transformation of corporate governance models in Asia (In French)," Cahiers du GREThA (2007-2019) 2011-37, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    5. Barry Eichengreen, 2009. "The financial crisis and global policy reforms," Proceedings, Federal Reserve Bank of San Francisco, issue Oct, pages 299-334.
    6. Schou-Zibell, Lotte & Madhur, Srinivasa, 2010. "Regulatory Reforms for Improving the Business Environment in Selected Asian Economies - How Monitoring and Comparative Benchmarking Can Provide Incentive for Reform," Working Papers on Regional Economic Integration 40, Asian Development Bank.
    7. Catherine Figuière & Laëtitia Guilhot, 2010. "La Chine : avenir du découplage asiatique ?," Post-Print halshs-00456498, HAL.
    8. Madhur, Srinivasa & Wignaraja, Ganeshan & Darjes, Peter, 2009. "Roads for Asian Integration: Measuring ADB's Contribution to the Asian Highway Network," Working Papers on Regional Economic Integration 37, Asian Development Bank.

    More about this item

    Keywords

    Trade and financial integration; global and regional integration; risk sharing; East Asia;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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