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Asia-Pacific Development Journal

The Asia-Pacific Development Journal (APDJ) is published twice a year by the United Nations Economic and Social Commission for Asia and the Pacific. The primary objective of the APDJ is to provide a platform for the exchange of knowledge, experience, ideas, information and data on all aspects of economic and social development issues and concerns facing the region and aims to stimulate policy debate and assist policy formulation. The APDJ provides a scholarly means for bringing together research work by eminent social scientists and development practitioners from the region and beyond for use by a variety of stakeholders. The Journal aims to stimulate policy debate and assist policy formulation in the region.

English

Leading indicators for monitoring the stability of asset and financial markets in Asia and the Pacific

The Asian economic and financial crisis of 1997 has spawned a considerable body of analysis as to its origin, causes and resolution. It is generally recognized that structural weaknesses of the financial systems of the affected countries were at the core of the problem. It follows from this that monitoring the stability of financial markets, including asset markets, and devising early warning systems for problems in these markets would enable the authorities to deal better with potential crises and to develop more effective policy interventions to that end. The Asian Development Bank has undertaken the development of a system of MPIs macroprudential indicators (MPIs) to facilitate cross-country comparisons of economic and financial vulnerability in the Asian and Pacific region. This paper evaluates the significance of the MPIs chosen for this purpose and highlights the need for a core set of leading indicators for giving early warning of financial vulnerability.

English

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