Financial Stability & East Asia (Joint)


Call #8 - The Asian Financial Crisis in Retrospect: Lesson Learnt and New Challenges

During the Asian Financial Crisis of 1997-98(AFC), critics blamed the underdeveloped capital markets in emerging economies in Asia for their vulnerability to capital flows across national boundaries. A decade later, however, the Global Financial Crisis of 2008(GFC) arose from the very heart of the most sophisticated financial system. Thanks to the lessons from the experience, financial markets in Asia exhibited improved resilience in managing the economic turmoil in the US and Europe.

It is fair to say that the reform and restructuring in the region conducted in the aftermath of the regional crisis, despite their social as well as political impact, have contributed to the robustness of the local financial system. There has been a remarkable development in different layers of the global financial safety net since the AFC, measured by increased international reserve, regional cooperation such as bilateral swap arrangements between central banks in Asia.

Meanwhile, Asian economies still face challenges ahead. The international bond market for local currencies is expanding, and authorities seek more efficient ways to provide liquidity support facility. Still, the region is not free from financial contagion with increased financial interconnectedness and the recent spread of financial innovation to the region challenges regulators.

The East Asia and Financial Stability Working Groups invite new research and papers by young scholars on the lessons of the AFC and GFC. The session aims to discuss experiences and lessons in retrospect and assess the effectiveness of institutional reforms since the crisis in the multi-level approach: country, region, and the global.

Papers are invited on the following topics, including but not limited to;

1. Restructuring of the Financial System after the Financial Crises

  • Nature of financial and banking regulation in the region
  • Protective mechanisms developed in the aftermath
  • Role of large global banks and implications for regulation and development
  • Nature of financing to non-financial corporations and its role in the development
  • Role of foreign debt in financing development

2. Regional Financial Arrangements and Central Bank Cooperation in the Asian context

  • Macroeconomic and Monetary Policy Coordination
  • Relationship with Global Multilateral Policy Organizations
  • Central Bank Reserve Management
  • Impact of Developed Countries’ Monetary Policy on Asian Economies

3. Financial Innovation in the Asian context

  • Innovations in micro finance and consumer finance
  • The rise of cryptocurrency
About the financial stability working group

The Financial Stability Working Group studies novel approaches to monetary economics and bridges the intellectual gap between finance and macroeconomics. Topics of particular interest are the rise of financial globalization, new forms of banking intermediation and payment systems and their implication for the stability of the financial system.

HOW TO APPLY

To submit your abstract to this call, go to https://ysd.ineteconomics.org/rc. In your abstract, please clearly identify your research question, elaborate on methodology, and list your preliminary findings and/or tentative conclusions.

Apply here: https://ysd.ineteconomics.org/rc
Note: you must be logged into the YSI website to apply.
Deadline: 17 March 2019
Contact: fs@youngscholarsinitiative.org