(RP87) Exchange Rate Appreciation, Capital Flows and Excess Liquidity: Adjustment and Effectiveness of Policy Responses by Victor Pontines and Reza Siregar
The 2008-2009 Global Financial Crisis (GFC) brought the global economy to the brink of a global depression not seen since the Great Depression of the 1930’s. While several of the European peripheral countries remain deeply-mired in dealing with banking and sovereign debt problems, the Asian region is fast relegating the GFC as a thing of the past with its swift and immediate recovery from the recent crisis. Most recent indicators of economic performance by individual economies in the region show that indeed, it is the fastest growing region in the world at the moment. Such dynamism in the region, however, also comes with its own set of pressing and immediate challenges. Buoyant growth in the region, spurred to a great extent by the ultra-low policy rates in the region as well as by the series of quantitative easing in the advanced economies to revive their anemic growth prospects, has led foreign capital returning to the Asian region.
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