The main objective of this paper is to suggest reform measures to address the gaps and weaknesses in emerging Asia …'s financial regulatory and supervisory systems, on the basis of lessons drawn from the global crisis. For emerging Asia, the …-ranging financial reforms, emerging Asia will face dramatic changes in the global financial landscape. The region's authorities need to …

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 …