Procyclicality of Financial Systems in Asia

1. Front Matter

   Pages i-xiv

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2. Introduction

   • Stefan Gerlach, Paul Gruenwald

   Pages 1-8

3. Procyclicality and Volatility in the Financial System: the Implementation of Basel II and IAS 39

   • Ashley Taylor, Charles Goodhart

   Pages 9-37

4. Comments on “Procyclicality and Volatility in the Financial System”

   • David Burton

   Pages 38-43

5. Comments on “Procyclicality and Volatility in the Financial System”

   • William A. Ryback

   Pages 44-46

6. Comments on “Procyclicality and Volatility in the Financial System”

   • José Vinals

   Pages 47-54

7. Sources of Procyclicality in East Asian Financial Systems

   • R. Sean Craig, E. Philip Davis, Antonio Garcia Pascual

   Pages 55-123

8. Comments on “Sources of Procyclicality in East Asian Financial Systems”

   • Han Mingzhi

   Pages 124-129

9. Comments on “Sources of Procyclicality in East Asian Financial Systems”

   • Tarisa Watanagase

   Pages 130-136

10. Procyclical Financial Behavior: What Can Be Done?

    • Philip Lowe, Glenn Stevens

    Pages 137-160

11. Comments on “Procyclical Financial Behavior: What Can Be Done?”

    • Már Gudmundsson

    Pages 161-167

12. Comments on “Procyclical Financial Behavior: What Can Be Done?”

    • Eiji Hirano

    Pages 168-172

13. Comments on “Procyclical Financial Behavior: What Can Be Done?”

    • Andrew Sheng

    Pages 173-175

14. Back Matter

    Pages 176-182

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Procyclicality of the financial system is a feature of any normally functioning economy. However, procyclicality can sometimes become 'excessive' leading to undesired effects on the real economy. The challenge that this volume addresses is to define 'excessive' and to identify policy actions that could produce superior outcomes.

• Asia
• Basel II
• East Asia
• economy
• IAS
• volatility

• Monetary and Financial Systems Department, International Monetary Fund, USA

  Paul Gruenwald

DAVID BURTON Director, Asia and Pacific Department, International Monetary Fund (IMF), USA R. SEAN CRAIG Senior Economist, Monetary and Financial Systems Department, International Monetary Fund (IMF), USA E. PHILIP DAVIS Professor of Economics and Finance, Brunel University, UK CHARLES GOODHART Professor of Economics, London School of Economics and Political Science, UK MÁR GUDMUNDSSON Deputy Head, Monetary and Economic Department, Bank for International Settlements, Switzerland HAN MINGZHI Director-General, International Department, China Banking Regulatory Commission, China EIJI HIRANO Assistant Governor, Bank of Japan, Japan STEFAN INGVES former Director, Monetary and Financial Systems Department, International Monetary Fund (IMF), USA PHILIP LOWE Director General of Competition, European Commission, Italy ANTONIO GARCIA PASCUAL Western Hemisphere Department, International Monetary Fund (IMF), USA WILLIAM A. RYBACK Deputy Chief Executive, Hong Kong Monetary Authority, Hong Kong ANDREW SHENG Chairman, Hong Kong Securities and Futures Commission, Hong Kong GLENN STEVENS Deputy Governor, Reserve Bank of Australia, Australia ASHLEY TAYLOR Economics Department, London School of Economics and Political Science, UK JOSÉ VIÑALS Director General, International Affairs, Banco de España, Spain TARISA WANTANAGASE Deputy Governor, Financial Institutions Stability, Bank of Thailand, Thailand

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