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A New Financial Market Structure for East Asia

Edited by Yung Chul Park, former Director, Center for International Trade and Finance, Graduate School of International Studies, Seoul National University, Korea, Takatoshi Ito, Professor, School of International and Public Affairs, Columbia University, US, Senior Professor, National Graduate Institute for Public Studies and RIETI and Yunjong Wang, formerly Vice President, Economic Research Office, SK Research Institute for SUPEX Management, Korea
This book contends that the East Asian financial constitution lacks an appropriate infrastructure, resulting in inefficient allocation of high savings and an over-inflated short-term debt market. It goes on to point out that despite high savings, East Asia’s dependency on financial centers outside the region is also relatively high, and that there is no strong region-wide network to connect various financial centers in East Asia.
Extent: 544 pp
Hardback Price: $223.00 Web: $200.70
Publication Date: 2006
ISBN: 978 1 84376 943 9
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  • Asian Studies
  • Asian Economics
  • Economics and Finance
  • Asian Economics
  • Financial Economics and Regulation
This book contends that the East Asian financial constitution lacks an appropriate infrastructure, resulting in inefficient allocation of high savings and an over-inflated short-term debt market. It goes on to point out that despite high savings, East Asia’s dependency on financial centers outside the region is also relatively high, and that there is no strong region-wide network to connect various financial centers in East Asia.

Against this economic background, the contributors make recommendations for the establishment of effective and stable capital recycling in East Asia. The financial intermediary function of the regional financial centers – Hong Kong, Singapore and Tokyo – is evaluated. Discussion focusses on the issues of building an organic network between the financial markets of major economies in the region and enhancing the future role and function of those regional financial centres. The policy implications of the future development of regional financial markets – based on regional financial networks – that could potentially act as intermediaries between the high savings and productive sectors in East Asia are also examined.

Concentrating on the major issues identified as central to building a new financial market structure in East Asia, this book will be appeal to those with a special interest in Asian studies and financial economics.
‘The general topic is important and highly policy relevant; the authors are well-known, outstanding specialists; and the contents are very good, and very readable. I am impressed by the substance evidently embodied in each chapter. The discussion and analysis is sensible and appropriately careful, nuanced, and cautious. The text is well written, logical and clear and I am confident this book will have great appeal among scholars and market practitioners. The topics are important, even hot, and will continue to be.’
– Hugh Patrick, Center on Japanese Economy and Business, Columbia Business School, US
Contributors: C.Y. Ahn, T. Anas, R. Atje, J. Corbett, G. de Brouwer, B. Eichengreen, C.T. Fah, Y. Huang, T. Ito, S. Kim, S.H. Kim, J.-Y. Lee, H. Liu, W. Moon, K.J. Ngiam, B. Nidhiparabha, E. Ogawa, G. Oh, M. Pangestu, D.K. Park, J. Park, Y.C. Park, B. Reszat, W. Song, Y. Wang, C. Yang, D.Y. Yang, D.R. Yoon, M. Zainal Abidin
Contents:
1. Introduction: A New Financial Market Structure for East Asia
Part I: Financial Liberalization and Integration in East Asia
2. Finance and Economic Development in East Asia
3. Financial Liberalization and Capital Market Integration in East Asia
4. Why has there been Less Regional Integration in East Asia than in Europe?
5. How has the European Monetary Integration Process Contributed to Regional Financial Market Integration?
6. International Capital Flows and Business Cycles in the Asia Pacific Region
Part II: Financial Centers in East Asia
7. Tokyo Financial Market as a Financial Center in East Asia
8. Can Hong Kong Survive as an International Financial Center?
9. Recycling Asian Savings within the Region: The Role of Singapore
10. Korea as a Financial Hub
11. Financial Centers in East Asia: The Malaysian Perspective
12. The Thai Financial Sector in Transition: Can the Bond Market Prevent a Future Currency Crisis?
13. Financial Centers in East Asia: An Indonesian Perspective
14. The Re-emergence of Shanghai as a Financial Center in China’s Financial System
15. Australia’s Financial Markets and Institutions
Part III: Mobilizing the Asian Savings within the Region
16. A New Financial Market Structure for East Asia: How to Promote Regional Financial Market Integration
17. How to Mobilize Asian Savings within the Region: Securitization and Credit Enhancement for the Development of East Asia’s Bond Market
18. The Role of Regional Development Banks: Financing for Development in East Asia
Index