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Global Shock, Risks, and Asian Financial Reform

Edited by Iwan J. Azis, Cornell University, US and Hyun Song Shin, Economic Adviser and Head of Research, Bank for International Settlements (BIS), Monetary and Economic Department, Switzerland
The growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance and the resultant higher frequency of financial crises, all eyes have shifted toward the current inadequacy of financial regulation. This book expertly examines what this episode means for Asia’s financial sector and its stability, and what the implications will be for the region’s financial regulation. By focusing on legal and institutional frameworks the book also elaborates on various issues and challenges in terms of how financial liberalization can maximize the benefits and minimize the risks of crisis.
In Association with the Asian Development Bank
Extent: 752 pp
Hardback Price: $203.00 Web: $182.70
Publication Date: 2015
ISBN: 978 1 78347 793 7
Availability: In Stock
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  • Economics and Finance
  • Asian Economics
  • Financial Economics and Regulation
  • Money and Banking
The growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance, and the resultant higher frequency of financial crises, all eyes have shifted toward the current inadequacy of financial regulation.

This book expertly examines what this episode means for Asia’s financial sector and its stability, and what the implications will be for the region’s financial regulation. By focusing on legal and institutional frameworks, the book also elaborates on various issues and challenges in terms of how financial liberalization can maximize the benefits and minimize the risks of crisis.

The book will appeal to academics, students, and policymakers across a diverse range of fields including: international finance and trade, economics, Asian studies, development, and development economics.
‘Policymakers and academics, especially those interested in understanding the complexity of Asian economies, may find this book very useful as a starting point in their studies.’
– Asian-Pacific Economic Literature
Contributors: A.M. Andrews, D.W. Arner, U. Ashraf, E. Avgouleas, I.J. Azis, S. Baumann, S. Beck, R.P. Buckley, A. Chatterjee, E.C. Gibson, J.-H. Hahm, S.H. Lim, R.V. Mercado, Jr., P. Mizen, F. Moshirian, F. Packer, M. Panton, C.-Y. Park, E. Remolona, N. Reyes, H.S. Shin, K. Shin, S. Shinozaki, S. Tsoukas, J. Valle-Sison, R.H. Weber, D. Yarcia, Q. Zhang. L.Y. Zhao






























Contents:

PART I INTRODUCTION
1. Overview and Summary
Iwan J. Azis and Hyun Song Shin

PART II MACRO PRUDENTIAL SUPERVISORY SYSTEM AND DEVELOPMENT IMPACT
2. Monetary Aggregates and Procyclicality of the Financial System: An Asian Perspective
Joon-Ho Hahm, Hyun Song Shin and Kwanho Shin

3. Non-Core Bank Liabilities and Vulnerability to Crisis: Implications for Asia
Joon-Ho Hahm, Hyun Song Shin and Kwanho Shin

4. Monetary Aggregates and Global Liquidity: Evidence from Individual Firm Data from Asia
Hyun Song Shin and Laura Yi Zhao

5. Economy-Wide Vulnerability in Asia: Flow-of-Fund Analysis
Iwan J. Azis and Damaris Yarcia

PART III ISSUES AND CHALLENGES ON LEGAL AND INSTITUTIONAL FRAMEWORK FOR EMERGING ASIA
6. Addressing Systemic Risk in East Asia: Financial Regulatory Design
Rolf H. Weber, Douglas W. Arner, Evan C. Gibson and Simone Baumann

7. Financial Innovation and Development in East Asia: Balancing Risks and Opportunities
Ross P. Buckley, Douglas W. Arner and Michael Panton

8. Implications of Global Financial and Regulatory Policies on Systemic Risk in Asia
Fariborz Moshirian

PART IV FINANCIAL INTEGRATION AND COOPERATION TO SUPPORT FINANCIAL STABILITY
9. Equity Home Bias, Financial Integration, and Regulatory Reforms: Implications for Emerging Asia
Cyn-Young Park and Rogelio V. Mercado, Jr.

10. Regional Financial Arrangements: Lessons from the Eurozone Crisis for East Asia
Emilios Avgouleas, Douglas W. Arner and Uzma Ashraf

11. The Role of Deposit Insurance in Financial Stability: Issues and Options in ASEAN + 3
A. Michael Andrews

12. Effective Resolution Regimes for Financial Institutions in ASEAN + 3
A. Michael Andrews

13. Capital Structure and the Issuance of Corporate Bonds in Emerging Asia
Paul Mizen, Frank Packer, Eli Remolona and Serafeim Tsoukas

PART V FINANCIAL SUPERVISION AND DEVELOPMENT CHALLENGES IN ASIA
14. Financial Monitoring in the New ASEAN-5 Countries
Se Hee Lim and Noel Reyes

15. Financial Inclusion and Regulatory Implications
Qifeng Zhang and Josephine Valle-Sison

16. Innovative Financing Modalities for SMEs and the Regulatory Implications
Shigehiro Shinozaki

17. Global Financial Regulatory Trends and Challenges for the Development of the Insurance and Pensions Sector in the Asia-Pacific Region
Arup Chatterjee

18. Impact of the Global Financial Crisis on Trade Finance in Asia and Cooperation that Reduced the Impact
Steven Beck

Index