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One of the reasons behind the financial crisis in 1997 was the excessive dependence of Asian economies on commercial banks for domestic financing. Banks were the major source of corporate financing because bond markets were underdeveloped and small. To enhance corporate bond financing, it is...
Persistent link: https://www.econbiz.de/10009189379
The paper makes an assessment of the progress made in developing local debt markets in emerging Asia. Market … scale, efficiency, and access. With rapid economic growth in Asia, a key challenge is to generate financial assets that can …
Persistent link: https://www.econbiz.de/10010840230
This paper discusses the role of state intervention for prevention, containment, and resolution of financial crises based mainly on the Korean experience during the 1997 Asian financial crisis. Crises in emerging market and developing economies tend to be more complicated than those faced by...
Persistent link: https://www.econbiz.de/10008489525
for regional-level institutions of financial regulation between national regulators in Asia and global-level institutions … Asia in regional financial cooperation and regulation and draws lessons for Asia. The EU represents the most advanced stage … of regional financial integration and regulation in the world today, and can provide valuable lessons for Asia. Asia …
Persistent link: https://www.econbiz.de/10010840153
Financial globalization has gathered attention since the early 1990s because of its macro-financial and crisis implications and its perceived large expansion. But financial globalization has taken different forms over time. This paper examines two important concurrent dimensions of financial...
Persistent link: https://www.econbiz.de/10010840202
In this paper the author reviews the use of precautionary measures aimed at mitigating emerging markets' exposure to fragility associated with financial integration. The discussion draws possible lessons from the ongoing global liquidity crisis. The fear of losing international reserves (IR)...
Persistent link: https://www.econbiz.de/10008489517
that the CMIM can bring about major changes to the policy institutional infrastructure of East Asia, particularly through … East Asia in the global financial arena, whilst facilitating policy cooperation, with important regional and global …
Persistent link: https://www.econbiz.de/10008455624
This paper examines the motivation for, and the success of, regional efforts in Asia to promote local currency bond …
Persistent link: https://www.econbiz.de/10008467191
The authors construct macro-and micro-panel data on international bank lending to six Asian economies—Indonesia, the Republic of Korea, Malaysia, Philippines, Singapore, and Thailand—to analyze a number of objectives. The paper first examines the influence of critical determinants not only...
Persistent link: https://www.econbiz.de/10010991092
This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...
Persistent link: https://www.econbiz.de/10008764103