It follows, then, that Asia’s emerging economies should play a pivotal role in resolving the current economic crisis.
To this end, we need to ensure above all that emerging economies’ policy responses for maintaining growth are not frustrated due to external risk factors, by developing measures to minimize the negative spillover effects from the quantitative easing policies in the U.S. and Europe, and hence preserving financial system stability. Various types of macroprudential measures can be considered as alternatives in this regard.