Rising economic integration in Asia and periodic volatility in global and national financial markets raise the issue of …

's financial systems. The subprime mortgage mess has revealed key structural weaknesses in the evolution of modern credit markets …. While emerging Asian financial markets have thus far suffered only limited impact, they remain open to further contagion … by developing local currency bond markets. …

investment drop-off, in particular competitive pressures from the People's Republic of China and heightened risk and uncertainty …

Asian money markets entered the financial crisis in better shape than markets in other regions due to a substantial …'s markets. However, despite the higher liquidity and lower levels of global integration, the effects of the crisis in Asia were … severe and followed a similar path observed in international markets. The further development of money markets, particularly …