Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/109612
Authors: 
Azis, Iwan J.
Year of Publication: 
2013
Series/Report no.: 
ADB Working Paper Series on Regional Economic Integration 114
Abstract: 
Although growth deceleration in the People’s Republic of China (PRC) is inevitable, if the country’s new direction of financial policy (on exchange rate, capital flows, banking, capital market) can be achieved, it will be good not only for the country but also for the rest of Asia. This is consistent with the increased degree of Asia’s integration and interdependence. But given the nature of financial contagion and spillovers across countries and asset classes, the financial headwinds from global crisis may require regional cooperation in safety nets provision, as the domestic policy in the PRC and other Asian countries is likely insufficient. Equally essential is the cooperation among Asian regulators to secure financial stability and enhance market liquidity. If coordinated well, such cooperation can also strengthen Asia’s collective voice to ensure that harmonization of international rules does not mean applying the same laws in all jurisdictions, and that the global debates on bank-centric regulations do not have adverse consequences on Asian capital markets.
Subjects: 
PRC financial policy
global headwind
Asia interdependence
regional cooperation
financial regulation
JEL: 
E52
E58
F31
F36
G15
G18
Persistent Identifier of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by/3.0/igo
Document Type: 
Working Paper

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