'Capital Market Refom in Asia' contains a selection of papers that capture the essence of capital market reform in the Asian region, including important lessons from the global financial crisis of 2007-2009

We develop a new set of indexes of exchange rate stability, monetary policy independence, and financial market openness as the metrics for the trilemma hypothesis. In our exploration, we take a different and more nuanced approach than the previous indexes developed by Aizenman, Chinn, and Ito...

A key lesson of the 2007 - 2009 global financial crisis (GFC) was the importance of containing systemic financial risk and the need for a "macroprudential" approach to surveillance and regulation that can identify system-wide risks and take appropriate actions to maintain financial stability. By...

The Asian financial crisis (1997-1998) and the global financial crisis (2007-2009) highlighted the potential value of financial regionalism, i.e., regional-level cooperation in financial policy. This paper argues that there is a mediating role for regional-level institutions of financial...

This paper first reviews recent developments in exchange rate regimes, capital account liberalization, interest rate liberalization, and monetary policymaking in the People's Republic of China (PRC). It then observes that the PRC's monetary policy autonomy may have been reduced with falling...