We consider recent events in financial markets and the subsequent responses by monetary and fiscal authorities, which are impressive for their scale, innovation and flexibility in the face of sharply deteriorating circumstances. Internationally, the economic malaise brought perverse responses not least being the apparent quest for higher capital adequacy requirements than was thought necessary before the downturn. Where possible the uniqueness of the responses by authorities in the Asia-Pacific region is highlighted. Other features impeding recovery cannot be dealt with immediately. Among these, the most important is the valuation procedures associated with accounting rules.
|Title of host publication||International Banking in the New Era: Post-Crisis Challenges and Opportunities|
|Editors||Suk-Joong Kim, Michael D Mckenzie|
|Place of Publication||Bingley UK|
|Publisher||Emerald Group Publishing Limited|
|Pages||87 - 117|
|Number of pages||31|
|Publication status||Published - 2010|