The financial crisis of 1997 gave the Asian region a very hard lesson on the importance of financial stability. The severity of the crisis and the failure of IMF in assisting these countries became a motivating factor to engage in closer financial cooperation in this region. This paper will...

It is widely believed that the practice of securitization is one of the causes that led to the 2007–08 financial crisis. In this paper, I show that securitized products such as collateralized debt obligations (CDO) are particularly vulnerable to systematic risk and tend to show higher...