New challenges for Asian financial integration

Yiping Huang*, Shiro Armstrong

*Corresponding author for this work

    Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

    Abstract

    This chapter reviews some of the early lessons that Asia can take from the crisis. Don Hanna provides a comprehensive account of the policies that have been implemented and the global response to the financial crisis. The crisis further elevated policy challenges that had already been escalating, the most important of which were global imbalances, financial sector reform, international economic governance and reform of global institutions. A medium-term priority in financial integration for the region is exchange-rate cooperation, but coordination of macro-economic policy and a focus on domestic reforms and developments are needed to get there. Although these are domestic reforms at heart, there are useful experiences that can benefit some countries that are trying to implement difficult reforms. The most successful example in the region is China, which used external pressure to liberalize its domestic financial system through the World Trade Organization (WTO) accession agreements.
    Original languageEnglish
    Title of host publicationAsian Financial Integration
    Subtitle of host publicationImpacts of the Global Crisis and Options for Regional Policies
    PublisherTaylor and Francis
    Pages1-10
    Number of pages10
    ISBN (Print)9781315796437
    DOIs
    Publication statusPublished - 1 Jan 2014

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