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This paper extends our previous paper (Aizenman, Chinn, and Ito 2008) and explores some of the unexplored questions. First, we examine the channels through which the trilemma policy configurations affect output volatility. Secondly, we investigate how trilemma policy configurations affect the...
Persistent link: https://www.econbiz.de/10003983276
The failure to spot emerging systemic risk and prevent the current global financial crisis warrants a reexamination of the approach taken so far to crisis prevention. The paper argues that financial crises can be prevented, as they build up over time due to policy mistakes and eventually erupt...
Persistent link: https://www.econbiz.de/10003928099
It has taken two crises - the Asian financial crisis of 1997-1998 and the global financial crisis of 2007-2009 - for the international community to seriously focus on the reform of the international financial architecture for crisis prevention, management and resolution. Facing the global...
Persistent link: https://www.econbiz.de/10003901587
This paper examines the evolving dynamics between economic globalization and Asian regional interdependence, and asks … freefall at the world level, there emerged a second order response at the level of regional institutional building … integration and openness. The main policy findings are that Asia's future standing in an increasingly multi-centered world economy …
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