Gauging Procyclicality And Financial Vulnerability In Asia Through The Bis Banking And Financial Statistics

"The author looks back at past episodes of financial stress in Asia with a forward-looking perspective. They put ourselves in the shoes of a contemporary observer with the data at hand and ask what evidence was available on the systematic build-up of vulnerabilities. They reconstruct a graphical narrative of banking and financial developments at the time. Their exercise showcases the usefulness of the BIS international banking and financial statistics as a window on the financial system’s procyclicality. They conclude with a real-time forward-looking survey of current financial vulnerabilities, focusing on the implications of the shift in the pattern of credit intermediation from banks to bond markets."--Abstract.