Corrective action opens the debate as to what instruments to use to tackle specific complications. In addition to traditional measures such as fiscal, monetary, and bank  1  See, for instance, Scholes, M.S. (2000), “Crisis and Risk Management.” The American Economic Review, 90(2); and Miyajima, K., et al. (2012), “Emerging market local currency bonds: diversification and stability.” BIS Working Papers No 391.
2  See, for example, Arslanalp, S. and T. Tsuda (2014), “Tracking Global Demand for Emerging Market Sovereign Debt.” IMF Working Paper WP/14/39. 3  For a discussion of the concept of financial stability, see Tucker, P. (2011), “Macroprudential policy: building financial stability institutions.” Speech given at the 20th Annual Hyman P. Minsky Conference, April.