ASEAN countries began to develop arrangements to monitor macroprudential risks
after the 1997-98 Asian crisis and these arrangements were partly responsible for the
fact that regional banking systems were relatively unscathed by that 2007-08 crisis.
Macroprudential frameworks have since been developed and strengthened considerably
further. Amendments to the central bank laws in China, Malaysia and Thailand adopted
since 2007 have given (or strengthened in the case of Thailand) the mandate for their
central banks for preservation of financial stability. In the other countries, explicit
responsibilities for financial stability are spelled out in other laws (Lim et al., 2013)