The international financial crisis and policy challenges in Asia and the Pacific

BIS Papers No 52
July 2010

This volume is a collection of the speeches, presentations and papers from a conference on "The international financial crisis and policy challenges in Asia and the Pacific". The event was co-hosted by the People's Bank of China (PBC) and the Bank for International Settlements (BIS) to mark the formal completion of the BIS Asian Research Programme. It was held on 6-8 August 2009 in Shanghai, China, at the same location where the establishment of the Programme was first announced in 2006. Senior officials from all 12 Asian Consultative Council (ACC) central banks, as well as academic scholars and economists from the BIS Representative Office for Asia and the Pacific attended the conference. The formal addresses included speeches by Jaime Caruana, General Manager of the BIS, Zeti Akhtar Aziz, Chair of the ACC and Governor of the Central Bank of Malaysia, and Zhou Xiaochuan, Governor of the PBC. The conference provided an opportunity to re-examine the existing approaches to preserving monetary and financial stability in Asia and the Pacific, in the light of the lessons of the international financial crisis. Even though the impact of the crisis was more muted in this region than elsewhere, there are many lessons to be learned.

JEL classification: E5, F3, G01, G2

Background paper

Title Languages
  The international financial crisis: timeline, impact and policy responses in Asia and the Pacific EN

Session 1: Development of financial markets in Asia and the Pacific

Title Languages
  Development of financial markets in Asia and the Pacific: the international financial crisis and policy challenges EN
  Why issue bonds offshore? EN
  Motivations for swap-covered foreign currency borrowing EN
  Private information, stock markets, and exchange rates EN
  Discussant remarks: Development of financial markets in Asia and the Pacific EN
  High-level policy panel on the development of financial markets EN
  High-level policy panel on the development of financial markets EN
  Macroeconomic and financial stability amidst the global financial crisis: the Singapore experience EN

Session 2: Monetary policy and exchange rate issues in Aisa and the Pacific

Title Languages
  Exchange rate policies EN
  Targeting inflation in Asia and the Pacific: lessons from the recent past EN
  Financial deleveraging and the internatinal transmission of shocks EN
  Discussant remarks: monetary policy and exchange rate issues in Asia and the Pacific EN
  High-level policy panel on monetary policy and exchange rate issues: some thoughts on the future of inflation targeting EN
  High-level policy panel on monetary policy and exchange rate issues: the RBA's monetary policy challenges during the international financial crisis EN

Session 3: Financial stability issues in Asia and the Pacific

Title Languages
  Banks and public sector authorities: the international financial crisis and policy challenges in Asia-Pacific EN
  Contagion and risk premia in the amplification of crisis: evidence from Asian names in the global CDS market EN
  Determinants of house prices in nine Asia-pacific economies EN
  Financial stability issues in Asia and the Pacific EN
  High-level policy panel on financial stability issues EN
  Unconventional monetary policy: how central banks can face the challenges and learn the lessons EN
  High-level policy panel on financial stability issues EN