Procyclicality of Financial Systems in Asia

DAVID BURTON Director, Asia and Pacific Department, International Monetary Fund (IMF), USAR. SEAN CRAIG Senior Economist, Monetary and Financial Systems Department, International Monetary Fund (IMF), USAE. PHILIP DAVIS Professor of Economics and Finance, Brunel University, UKCHARLES GOODHART Professor of Economics, London School of Economics and Political Science, UKMÁR GUDMUNDSSON Deputy Head, Monetary and Economic Department, Bank for International Settlements, SwitzerlandHAN MINGZHI Director-General, International Department, China Banking Regulatory Commission, ChinaEIJI HIRANO Assistant Governor, Bank of Japan, JapanSTEFAN INGVES former Director, Monetary and Financial Systems Department, International Monetary Fund (IMF), USAPHILIP LOWE Director General of Competition, European Commission, ItalyANTONIO GARCIA PASCUAL Western Hemisphere Department, International Monetary Fund (IMF), USAWILLIAM A. RYBACK Deputy Chief Executive, Hong Kong Monetary Authority, Hong KongANDREW SHENG Chairman, Hong Kong Securities and Futures Commission, Hong KongGLENN STEVENS Deputy Governor, Reserve Bank of Australia, AustraliaASHLEY TAYLOR Economics Department, London School of Economics and Political Science, UKJOSÉ VIÑALS Director General, International Affairs, Banco de España, SpainTARISA WANTANAGASE Deputy Governor, Financial Institutions Stability, Bank of Thailand, Thailand

• Foreword Introduction; S.Gerlach & P.Gruenwald Procyclicality and Volatility in the Financial System: The Implementation of Basel II and IAS 39; A.Taylor & C.Goodhart Comments on 'Procyclicality and Volatility in the Financial System: The Implementation of Basel II and IAS 39'; D.Burton, W.A.Ryback & J.Viñals Sources of Procyclicality in East Asia Financial Systems; R.S.Craig, E.P.Davis & A.G.Pascual Comments on "Sources of Procyclicality in East Asia Financial Systems"; H.Mingzhi & T.Wantanagase Procyclical Financial Behaviour: What Can be Done?; P.Lowe & G.Stevens Comments on "Procyclical Financial Behaviour: What Can be Done?"; M.Gudmundsson, E.Hirano & A.Sheng