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Gradual Economic Liberalisation Can Avert Price Bubbles.
Byline: Parista Yuthamanop
Jul. 25--A gradual approach to financial liberalisation is the best way to avoid asset price bubbles leading to financial crises, according to economists attending the Asia-Pacific Finance Association Conference.
Franklin Allen, an economist at the Wharton School, said governments and central banks should avoid unnecessary expansion of credits and uncertainties over the direction of lending.
Careless lending was a key factor leading to asset price bubbles, which when broken, led to banking crises.
"If financial liberalisation is to be undertaken, it should be done slowly and carefully. "To the extent possible, the central bank should make clear how the volume of credits will evolve over time," Dr Allen said.
Governments were able to play a role in recapitalising banking systems and guiding lending.
Prompt action in restoring the ...
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