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Financial Stability in Asian Economies
Subbaiah Singala and Mukul G. Asher
Economic and Political Weekly
Vol. 43, No. 10 (Mar. 8 - 14, 2008), pp. 65-71
Published by: Economic and Political Weekly
Stable URL: http://www.jstor.org/stable/40277232
Page Count: 7
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Financial innovations, exemplified by the increasing complexity and variety of financial instruments, and the emergence of new financial players such as sovereign wealth funds have led to an unprecedented increase in global financial assets and flows. While these changes have brought about improved liquidity, reduced transaction costs and more risk management options, they have created major challenges for macroeconomic policymakers. As incidents of financial disruption and volatility increase and as their economic costs become significant, ensuring financial stability has become a major preoccupation of central banks.
Economic and Political Weekly © 2008 Economic and Political Weekly