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New Perspectives on Asset Price Bubbles$
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Douglas D. Evanoff, George G. Kaufman, and A. G. Malliaris

Print publication date: 2012

Print ISBN-13: 9780199844333

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199844333.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 27 October 2021

The Impact of the International Financial Crisis on Asia and the Pacific

The Impact of the International Financial Crisis on Asia and the Pacific

Highlighting Monetary Policy Challenges from a Negative Asset Price Bubble Perspective

(p.138) Chapter 5 The Impact of the International Financial Crisis on Asia and the Pacific
New Perspectives on Asset Price Bubbles

Andrew Filardo

Oxford University Press

This chapter examines the impact of the international financial crisis of the late 2000s on Asia and the Pacific, with particular emphasis on monetary policy challenges arising from negative asset price bubbles. It begins with an overview of negative asset price bubbles and the international financial crisis in Asia and the Pacific. It then argues that being aware of the causes of past crises was not sufficient to protect the Asia-Pacific economies from the more recent crisis. It also considers the view that the global financial system needs to be strengthened and that the spillovers of the international financial crisis from the West to Asia and the Pacific presented daunting policy challenges for central banks in the region.

Keywords:   international financial crisis, monetary policy, asset price bubbles, Asia-Pacific economies, global financial system, central banks

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