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Working Paper No . 276 Lessons from the Asian Crisis : A Central Banker ' s Perspective Remarks

Central banks have two core missions: the pursuit of monetary policy to achieve broad macroeconomic objectives and the maintenance of financial stability, including the management of financial crises. The latter mission is closely connected to regulation and supervision of the banking system, so I include this within the central banker's perspective, as well as broader issues related to systemic risk in the financial sector. Central banks also often have or share with Finance Ministries control over exchange rate policy, including the choice of an exchange rate regime and the management of that regime. So, today, I consider the role of exchange rate policy, macroeconomic policy, and bank supervision and regulation in the crises and suggest some lessons in each case.