The Peterson Institute and the Asian Development Bank (ADB) released their new copublished book, From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World, on December 1, 2015. The editors, Marcus Noland, the Institute's executive vice president and director of studies, and Donghyun Park, principal economist at the Economics Research and Regional Cooperation Department of ADB, presented the findings of the book.
From Stress to Growth is the latest in a series of major annual joint research projects between the ADB and the Institute. This year's focus is on the latest developments in financial stability in emerging and developing Asia, including China's financial model, the efficacy of stress testing, and the potential for macroprudential policy. William R. Cline, senior fellow of the Institute; John D. Burger, professor of economics at Loyola University Maryland; and Adam S. Posen, president of the Institute, made presentations about their contributions to the project.
Marcus Noland has been associated with the Institute since 1985. He is also senior fellow at the East-West Center and was previously a senior economist at the Council of Economic Advisers in the Executive Office of the President of the United States. He has held research or teaching positions at Yale University, Johns Hopkins University, the University of Southern California, Tokyo University, the National Graduate Institute for Policy Studies (Japan), University of Ghana, and the Korea Development Institute. His books include Korea after Kim Jong-il (2004), Avoiding the Apocalypse: The Future of the Two Koreas (2000), and (with Cullen Hendrix) Confronting the Curse: The Economics and Geopolitics of Natural Resource Governance (2014).
Donghyun Park has been principal economist at the Economics Research and Regional Cooperation Department of ADB since April 2007. Prior to joining ADB, he was a tenured associate professor of economics at Nanyang Technological University in Singapore. He has a PhD in economics from the University of California, Los Angeles. His research revolves around policy-oriented topics relevant for Asia's long-term development, including the middle-income trap, service sector development, and financial sector development. Park plays a leading role in the production of Asian Development Outlook, ADB's flagship annual publication.
William R. Cline has been a senior fellow at the Institute since 1981. During 1996–2001, while on leave from the Institute, Cline was deputy managing director and chief economist of the Institute of International Finance. Before joining the Institute, he was a senior fellow with the Brookings Institution from 1973 to 1981 and deputy director of development and trade research with the US Treasury Department from 1971 to 1973. His latest of many books for the Institute include Managing the Euro Area Debt Crisis (2014) and Financial Globalization, Economic Growth, and the Crisis of 2007–09 (2010).
New Book: From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World
Marcus Noland and Donghyun Park, editors