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

ADBI series on Asian Economic Integration and Cooperation

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.

‘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