Asian emerging market economies adopted a range of measures after the Asian financial crisis in the late 1990s to shelter themselves from economic and financial contagion. So far, those moves have succeeded. But with new challenges rising, some of the tools they turned to may need readjusting so that they don’t cause more problems than they cure.

Hans Genberg, executive director of the Southeast Asian Central Banks Research and Training Centre, in Kuala Lumpur, Malaysia, suggests that, at the very least, more and better coordination is needed among various supervisory agencies. He also calls for an examination of whether central banks have taken on too much responsibility as their jobs have expanded.

Writing in a new Asian Development Bank Institute publication, Global Shocks and the New Global and Regional Financial Architecture, Asian Perspectives, Genberg suggests that Asian central banks went with a palette of solutions to the problems exposed by the Asian financial crisis.

Peter Morgan, co-chair of research at ADBI, is an editor of the book. He explains that emerging Asia’s response to the crisis helped it get through relatively unscathed during the 2008–2009 global downturn that followed about 10 years later.

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About the author and editors

Hans Genberg is the executive director of the Southeast Asian Central Banks Research and Training Centre, Kuala Lumpur, Malaysia. The book editors are Peter Morgan, co-head of research at ADBI; ADBI Dean Naoyuki Yoshino; and Pradumna B. Rana of the S. Rajaratnam School of International Studies, Nanyang Technological University, Singapore.

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