Redefining Strategic Routes to Financial Resilience in ASEAN+3

The financial landscape of the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea—collectively known as ASEAN+3—has significantly changed over the past decades with rapid globalization and digitalization. Despite the impressive reforms so far, the region faces continued challenges and vulnerabilities, including deepening corporate bond markets, coping with cross-border bank concentration risk, reducing dependence on US dollar, achieving sustainable infrastructure investments, addressing pension challenges, as well as supporting fintech development. This edited book volume highlights the scope for stronger regional financial cooperation to address the region’s financial challenges and vulnerabilities. It offers policy considerations on how regional financial cooperation could progress toward greater financial resiliency and stability amid rapid economic and financial development with technological changes.

Contents:

Overview of Financial Development and Cooperation in ASEAN+3

  • Financial Openness and Growth: Theory and Evidence
  • Evolution of Financial Systems in ASEAN+3
  • The Impact of COVID-19 on Financial Systems
  • An Unfinished Agenda: Lessons Learned and the Way Forward
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Sailing the Same Stormy Seas: Slow-Burn Contagion Risk in ASEAN+3

  • Review of Literature
  • Sudden-Stop Contagion Risk in ASEAN+3 Economies
  • Concentration Risk of Slow-Burn Contagion in ASEAN+3 Economies
  • Global Banking Networks and Shapley Values
  • Conclusion: Suggested Policy Measures
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The Global Monetary System and Use of Regional Currencies in ASEAN+3

  • US Dollar Dominance and Resilience in the Global Monetary System
  • ASEAN+3 Economies from the Trilemma Perspective
  • Use of Regional Currencies in ASEAN+3 Economies
  • ASEAN+3 Policy Initiatives
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Fintech in ASEAN+3 and Implications for Financial Inclusion and Financial Stability

  • Introduction
  • Development and Current Status of Fintech in Asia
  • Current Status of Financial Inclusion in Asia and Role of Fintech
  • COVID-19 and Fintech Adoption
  • Implications of Fintech for Financial Stability
  • Administrative and Regulatory Frameworks for Ensuring Financial Stability
  • Implications for Design of Monetary Policy
  • Role of Regional Cooperation
  • Conclusion
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Financing Sustainable Infrastructure Investment in ASEAN+3

  • Role of Public Finance
  • Expanding Involvement of the Private Sector
  • Crosscutting Issue: Green Finance
  • Crosscutting Issue: COVID-19 Pandemic
  • Regional Financial Cooperation in Support of Sustainable Infrastructure Investment
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Pension Challenges in Aging Asia

  • Aging and the Macroeconomy
  • Aging Asia’s Challenging Pensions Environment
  • Pensions and Regional Cooperation
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Regional Financial Cooperation in ASEAN+3: Taking Stock and Moving Forward

  • Key Insights and Policy Priorities
  • Financial Integration and Regional Safety Nets: Asia and Europe Compared
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