Central Banking and Financial Stability in East Asia

1. Front Matter

   Pages i-xvi

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2. Introduction: Financial Stability in East Asia—A Tentative Assessment

   • Frank Rövekamp, Moritz Bälz, Hanns Günther Hilpert

   Pages 1-9

3. History and Legal Framework of the People’s Bank of China

   • Knut Benjamin Pißler

   Pages 11-24

4. The Independence of the Bank of Japan in the Light of Statutory Rules and Central Bank Independence Indices

   • Moritz Bälz, Markus Heckel

   Pages 25-41

5. The Legal Framework for the European System of Central Banks

   • Helmut Siekmann

   Pages 43-86

6. Central Bank Independence in Times of High Fiscal Risk: The Case of Japan

   • Franz Waldenberger

   Pages 87-100

7. The Legality of Outright Monetary Transactions of the European System of Central Banks

   • Helmut Siekmann

   Pages 101-123

8. Externally Imposed Financial Repression, Conflicted Internationalisation of the Renminbi and External Balancing via Wage Adjustment

   • Gunther Schnabl

   Pages 125-139

9. Demand and Supply of Shadow Banking in China

   • Xuechun Zhang, Patrick Hess

   Pages 141-156

10. Navigating the Trilemma: Central Banking in East Asia Between Inflation Targeting, Exchange-Rate Management and Guarding Financial Stability

    • Ulrich Volz

    Pages 157-167

11. Concern About Financial Stability Following the Recent US Legal Expansionism: International Law and East Asian Perspectives

    • Takashi Kubota

    Pages 169-183

12. Back Matter

    Pages 185-187

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This book explores financial stability issues in the context of East Asia. In the East Asian region financial stability has been a major concern ever since the Asian crisis of 1997/98, which still looms large in the collective memory of the affected countries. The global crisis, which had its starting point in 2007, only served to exacerbate this concern. Safeguarding financial stability is therefore a major goal of any country in the region. Diverging cultural, political and economic backgrounds may however pose different stability challenges and necessary cooperation may be complicated by this diversity. Against this backdrop the contributions of this book by leading academics from the fields of economics and law as well as by practitioners from central banks shed light on various financial stability issues. The volume explores the legal environment of central banks as lenders of last resort and analyzes challenges to financial stability such as shadow banking and the choice of exchange rate regimes. Case studies from China, Japan and Indonesia are contrasted with experiences from Europe.  

• Central Banking
• East Asia
• Exchange Rate
• Financial Stability
• Shadow Banking

• East Asia Institute, Ludwigshafen, Germany

  Frank Rövekamp

• Interdisc. Centre for East Asian Studies, Frankfurt University, Frankfurt, Germany

  Moritz Bälz

• German Institute for Int. Security Affairs, Berlin, Germany

  Hanns Günther Hilpert

Prof. Dr. Frank Rövekamp is professor for Asian Studies with a focus on Japan and director of the East Asia Institute of the Ludwigshafen University of Applied Sciences. Formerly he worked for over 15 years in industry and held senior management positions in Germany, Japan and Hong Kong. He obtained his PhD in Business Studies from the University of Cologne. His current research interests include international monetary, currency and trade policy.

Prof. Dr. Moritz Bälz, LL.M. (Harvard) is professor of Japanese Law and its Cultural Foundations at the Faculty of Law of Goethe University Frankfurt, where he currently also serves as deputy director of the Interdisciplinary Centre for East Asian Studies (IZO). Prior to assuming his current position in 2008, he for several years worked as an attorney with international law firm Freshfields Bruckhaus Deringer in New York and Frankfurt. His research focuses on Japanese business law from a comparative perspective and dispute resolution in Japan.

Dr. Hanns Günther Hilpert is Senior Associate in the Research Unit Asia at the German Institute for International and Security Affairs (“Stiftung Wissenschaft und Politik”, SWP), Berlin. Formerly he worked for the German Institute for Japanese Studies (DIJ), Tokyo and the Ifo Institute for Economic Research, Munich. He has written and published many books and articles on the Japanese economy and on Asian trade and economic integration. His current research focuses at various policy oriented economic issues of East Asia.

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