Asia's Developing Future

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 re