Global shocks challenged the stability of Asia-Pacific economies in 2008 and will most likely remain a source of strain in 2009. Authorities in many countries took a range of actions to secure financial stability and limit downside risks to the near-term economic outlook. Attention was also given to reforms that might make financial systems more resilient to shocks and less prone to financial excesses. The current crisis in the major financial markets is the latest in a long series to demonstrate that weaknesses in financial systems can have serious economic consequences. Countries are becoming ever more interconnected. Problems in one apparently isolated sector within any one country can result in problems in other sectors and spillover across borders. Global economic and financial conditions have a significant impact on developments in most national economies. Thus no country is an island when it comes to economic and financial stability. This Occasional Paper looks at the international financial crisis and economic prospects of the Asia-Pacific region as well as provides an understanding of macro-financial linkages and proposes ways to strengthen financial systems. This Paper was prepared for the SEACEN-BIS Executive Seminar on Global Shocks and Economic Stability held in conjunction with the 7th SEACEN Executive Meeting hosted by Bank Indonesia on 8 January 2009 in Yogyakarta Indonesia. The Appendix on Indicators of Economic Stability of SEACEN Countries was prepared by The SEACEN Centre to provide cross country highlights on economic growth inflation and financial sector developments of the SEACEN countries.
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