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Ready for the Next Financial Crisis? Strengthening Financial Governance Mechanisms
In an increasingly interconnected global economy, Southeast and East Asian nations must prepare for the next financial crisis.
In recent years, currency volatility among Southeast and East Asian economies has fueled concerns about the possible occurrence of another financial crisis in the Asia and Pacific region. The Asian financial crisis in 1997 and the global financial crisis of 2008 revealed some serious deficiencies in global financial governance systems, with the International Monetary Fund’s crisis resolution mechanisms, in particular, being widely criticized. In the context of this history, we study the development of national, regional, and global financial governance in the aftermath of the Asian and global financial crises. We examine how individual economies, as well as regional and global governance actors, have strengthened their financial systems, promoted financial cooperation, and both reformed key financial institutions and established alternative ones. Although the development of financial governance mechanisms at national, regional, and global levels has created these three lines of defense, policymakers in Asia and the Pacific need to prepare for the next financial crisis in an increasingly interconnected world economy. We propose some policy measures aimed at improving the vigilance and adaptability of financial governance mechanisms in the face of ongoing challenges and uncertainties.
In recent years, currency volatility among Southeast and East Asian economies has fueled concerns about the possible occurrence of another financial crisis in the Asia and Pacific region. The Asian financial crisis in 1997 and the global financial crisis of 2008 revealed some serious deficiencies in global financial governance systems, with the International Monetary Fund’s crisis resolution mechanisms, in particular, being widely criticized. In the context of this history, we study the development of national, regional, and global financial governance in the aftermath of the Asian and global financial crises. We examine how individual economies, as well as regional and global governance actors, have strengthened their financial systems, promoted financial cooperation, and both reformed key financial institutions and established alternative ones. Although the development of financial governance mechanisms at national, regional, and global levels has created these three lines of defense, policymakers in Asia and the Pacific need to prepare for the next financial crisis in an increasingly interconnected world economy. We propose some policy measures aimed at improving the vigilance and adaptability of financial governance mechanisms in the face of ongoing challenges and uncertainties.
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