|Published : 13 Apr 2017, 15:38:16|
FE Online Report
Two decades after the Asian financial crisis, Asia stands strong with solid economic performance and a more resilient financial system, according to the Asian Development Bank (ADB).
To review the lesson of the financial crisis, ADB and ADB Institute (ADBI) organise a two-day conference in Tokyo on Wednesday and Thursday.
In the background note of the conference, ADBI said that the Asian financial crisis affected many economies of the region.
“The crisis triggered major reforms in macroeconomic management and financial regulatory framework across the region twenty years ago,” it mentioned.
Major policy reforms undertook by the crisis-affected countries were more flexible in the exchange rate regimes, short-term capital flow managements, financial sector restructuring, and domestic and regional capital market development.
“Many of these reforms are still ongoing,” it added. “As the region embraces increasingly more rapid financial liberalisation and globalisation, the lessons from the financial crisis are particularly relevant.”
Against the backdrop, the conference is trying to identify what the new challenges the region are facing and how should policy makers address these to maintain the region’s financial stability and dynamic growth momentum.