Although emerging economies as a group performed well during the global recession, weathering the recession better than advanced economies, there were sharp differences among them and across regions. The emerging economies of Asia had the most favorable outcomes, surviving the ravages of the global financial crisis with relatively modest declines in growth rates. China and India maintained strong growth during the crisis and played an important role in facilitating global economic recovery.
In this informative volume, the third in a series on emerging markets, editors Masahiro Kawai and Eswar Prasad and their contributors discuss the major domestic macroeconomic and financial policy issues that could limit the growth potential of Asian emerging markets, such as rising inflation, surging capital inflows and the accompanying risk of asset and credit market bubbles, and the threat of rapid currency appreciation. The book examines strategies to promote financial stability, including reforms for financial market development and macroprudential supervision and regulation.
Contents
Preface
Chapter 1. Introduction and Overview
I. Macroeconomic Frameworks for Financial Stability
Chapters 2–4
II. Macroprudential Regulation
Chapters 5–8
III. Financial Development
Chapters 9–12