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SOME SALIENT ISSUES RAISED BY THE GLOBAL FINANCIAL CRISIS
Author(s) -
Kim Kyung Soo,
Chey HyoungKyu
Publication year - 2010
Publication title -
pacific economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.34
H-Index - 33
eISSN - 1468-0106
pISSN - 1361-374X
DOI - 10.1111/j.1468-0106.2009.00485.x
Subject(s) - economics , openness to experience , financial crisis , salient , macroprudential regulation , liberian dollar , international finance , foreign exchange reserves , capital account , coping (psychology) , foreign exchange , economic stability , emerging markets , monetary policy , international economics , macroeconomics , monetary economics , finance , systemic risk , political science , psychology , social psychology , psychiatry , law
The recent global financial crisis has raised a number of important issues. This paper discusses five specific issues: first, macroprudential regulation, an issue related to the cause of the crisis; second, management of economic openness, an issue especially relevant for emerging market economies; third, diverse measures for coping with instability due to capital outflows, for example self‐protection through foreign exchange reserve accumulation as well as international and regional cooperation; fourth, the future of the international monetary system, in particular the dollar‐centred system; and fifth, the implications of the crisis for the economics profession.