Bulletin Spring‧Summer 2004

Applicability of Findings The resilience level of the external and fiscal sectors of a number of emerging market economies in Asia and Latin America have been assessed in this manner, and the degree of restrictions these economies imposed on foreign exchange transactions and capital mobility have been studied. The results indicate that all relevant economies had very low levels of resilience during the 1990s when the crises struck. For example, the overall resilience scores of Argentina, Mexico, and Turkey were consistently below '3'. Similar situations were observed in a number of Asia economies during the financial crises in 1997-98. The results also indicate improvements in the resilience levels observed in some Asian economies in recent years. Way Forward Although the deve l opment of the resilience framework is stil at a very preliminary stage, this study has so far suggested that it can be a useful f r amewo rk for comp l emen t i ng t he E W S . I n d i v i d u al e c o n om i es can refine t he f r amewo rk to ma ke it mo re app l i cab le to their own e c o n om i es by adding in more indicators, especially in the household and the corporate sectors, or a d j u s t i ng t he r e l a t i ve w e i g ht o f i nd i ca t o r s. T he t echn i cal aspec ts can also be improved to enhance the ability of the framework to asses the resilience of individual economies. Researcher Profiles Prof. Chan Ngai-hang is professor of statistics and chairman of the Department of Statistics at The Chinese University of Hong Kong. He was the founding director of studies of the Risk Management Science Programme. Before joining the University in 2000, Prof. Chan was professor of statistics a Carnegie Mellon University, USA. He is a renowned expert in time series, econometrics, and risk management. He is an elected fellow of the Institute of Mathematical Statistics and editorial board member of the Journal of the American Statistical Association a nd Econometric Theory. Prof. Wong Hoi-ying is a n a s s i s t a nt p r o f e s s or in t he University's Department of Statistics. He obtained his B.Sc. from Baptist University and his Ph.D. from the Hong Kong University of Science and Technology. His research interest is mathematical finance and risk management. Chinese University Bulletin Spring • Summer 2004 46