Abstract
In these comments on the chapter by Ashley Taylor and Charles Goodhart, I will try to step back and take a broader view of procyclicality from the perspective of a common- or garden-variety macroeconomist. From that viewpoint, I will attempt to identify the key issues that may be important in the Asian context, as well as areas for further research.
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Notes
Borio, Claudio, C. Furfine and P. Lowe (2001) “Procyclicality of the Financial System and Financial Stability: Issues and Policy Options,” BIS Working Paper No. 1.
Craig, Sean, E. P. Davis and A. G. Pascual (2004) “Sources of Pro-cyclicality in East Asian Financial Systems,” mimeo.
Greenspan, Alan (2004) “Risk and Uncertainty in Monetary Policy,” AEA Papers and Proceedings, 94 (2).
Yam, Joseph (2004) “The Financial Stability Challenges of an Emerging Asia,” presented at the DNB Financial Stability Event (25 October).
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© 2006 International Monetary Fund
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Burton, D. (2006). Comments on “Procyclicality and Volatility in the Financial System”. In: Gerlach, S., Gruenwald, P. (eds) Procyclicality of Financial Systems in Asia. Procyclicality of Financial Systems in Asia. Palgrave Macmillan, London. https://doi.org/10.1057/9781137001535_3
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DOI: https://doi.org/10.1057/9781137001535_3
Publisher Name: Palgrave Macmillan, London
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