Description
Book SynopsisThis book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises.
Trade ReviewFilled with fresh observations from the global financial crisis, this book provides a blueprint for making Asia's financial systems safe. With contributions from experts in several countries, it is both comprehensive and rigorous. It will be invaluable to policymakers and students of finance everywhere, but its unique Asian perspective provides special insight into the systems that managed to ride out the global crisis - but absent further reform might set the stage for another one. The book's analysis and recommendations deserve urgent policy attention.
- Peter Petri, Brandeis University, US
What are the lessons of the global financial crisis of 2007 - 2009 for Asia? This is a key issue for Asia today. On one hand, some observers argue that following the Asian financial crisis in 1997 - 98, most Asian developing countries built up strong mechanisms to guarantee financial stability. But the recent financial shocks across America and Europe show that even the best financial systems have key weaknesses. This book is a valuable guide for Asian financial policymakers of the road ahead.
--- Peter McCawley, Australian National University
Table of ContentsContents: Preface 1. The Global Financial Crisis and its Implications for Financial Sector Reform and Regulation in Asia David G. Mayes and Peter J. Morgan PART I: FINANCIAL SURVEILLANCE AND REGULATION TO PREVENT CRISES 2. Strengthening Systemic Financial Regulation Masahiro Kawai and Michael Pomerleano 3. Enlisting Macroprudential and Market Regulatory Structures to Strengthen Prudential Supervision Larry D. Wall 4. Dynamic Provisioning: Some Lessons from Experience Santiago Fernández de Lis and Alicia García-Herrero 5. Securitized Products, Financial Regulation and Systemic Risk Mariko Fujii 6. Liberalization and Regulation of Capital Flows: Lessons for Emerging Market Economies Rakesh Mohan and Muneesh Kapur PART II: REGIONAL FINANCIAL MONITORING AND COORDINATION 7. The Financial Crisis: A Wake-up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies? Adalbert Winkler 8. Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia Michael G. Plummer PART III: FINANCIAL CRISIS MANAGEMENT AND RESOLUTION 9. The Role of State Intervention in the Financial Sector: Crisis Prevention, Containment and Resolution Yoon Je Cho 10. The Role of the State in Managing and Forestalling Systemic Financial Crises: Some Issues and Perspectives Charles Adams PART IV: PROMOTION OF ASIAN BOND MARKETS 11. Developing Asian Local Currency Bond Markets: Why and How? Mark M. Spiegel 12. Foreign Bond Markets and Financial Market Development: International Perspectives Jonathan A. Batten, Warren P. Hogan and Peter G. Szilagyi Index
