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Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia

Edited by Masahiro Kawai, Project Professor, Graduate School of Public Policy, The University of Tokyo, Japan, the late David G. Mayes, formerly Professor of Banking and Financial Institutions, Director, Europe Institute and Director, NZ Governance Centre, University of Auckland, New Zealand and Peter J, Morgan, Senior Consultant for Research, Asian Development Bank Institute, Tokyo, Japan
In light of the experience of the global financial crisis, this book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises, improving the ability to manage and resolve crises, managing capital flows and promoting the development of Asian bond markets.
In Association with the Asian Development Bank
Extent: 296 pp
Hardback Price: $136.00 Web: $122.40
Publication Date: 2012
ISBN: 978 0 85793 471 0
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  • Asian Studies
  • Asian Economics
  • Economics and Finance
  • Asian Economics
  • Financial Economics and Regulation
In light of the experience of the global financial crisis, this book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises, improving the ability to manage and resolve crises, managing capital flows and promoting the development of Asian bond markets.

The focus of the book is on longer-term structural measures. It explores areas such as the scope for regional monitoring and cooperation; deepening and integration of Asian bond and money markets; liberalization/regulation of capital flows; and issues related to macroprudential oversight, regulatory structure and cooperation as well as the role of state intervention in crisis resolution in the financial sector. The need for and impacts of regulations on innovative financial products and specific investor groups such as hedge funds, ways to reduce systemic risk of pro-cyclicality of regulation and ways to improve the infrastructure and regulatory environment for local currency bond markets are also examined in depth.

The book will appeal to public and private finance experts, policymakers and decisionmakers in governments and banks, think-tanks and students in graduate courses related to financial and economic development.
‘This book adds tremendous value to the current literature on global financial reform. It should be read by students and academics involved in global finance, but also by policy­makers tasked with developing the regulatory framework for Asia's financial system.’
– Christopher Napoli, Journal of Southeast Asian Economics

‘Filled 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
Contributors: C. Adams, J.A. Batten, Y.J. Cho, S.F. de Lis, M. Fujii, A. García-Herrero, W.P. Hogan, M. Kapur, M. Kawai, D.G. Mayes, R. Mohan, P.J. Morgan, M.G. Plummer, M. Pomerleano, M.M. Spiegel, P.G. Szilagyi, L.D. Wall, A. Winkler
Contents:

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