Given no generally accepted framework for financial stability, policymakers in developing Asia need to manage, not … United States and Europe and of earlier crisis episodes, including Asia during the 1990s. There is no simple linear …

financially than the Chinese economy, but China seems to be catching up with India in the wake of the global financial crisis … Chinese money markets, in contrast to the consensus projection that China is likely to experience net private capital outflows …

no comparable political and legal integration. Nevertheless, Asia can draw useful lessons from European experiences in …

This paper reviews the steps that China has taken towards financial reform with a particular focus on capital account …, China's debt has doubled, reaching levels that are clearly above those of most emerging markets. This increases the risks … embedded in financial reform and, in particular, capital account liberalisation. At this juncture, however, China has no option …

peers, China and Brazil, to learn from their respective paths and experiences in similar regard. The paper concludes by …