Asian Perspectives on Financial Sector Reforms and Regulation

by Kawai, Masahiro; Prasad, Eswar S.

• ISBN13: 9780815722106
• ISBN10: 0815722109
• Format: Paperback
• Copyright: 2011-11-02
• Publisher: Brookings Institution Press

Summary

Although emerging economies as a group performed well during the global recession, weathering the recession better than advanced economies, there were sharp differences among them and across regions. The emerging economies of Asia had the most favorable outcomes, surviving the ravages of the global financial crisis with relatively modest declines in growth rates. China and India maintained strong growth during the crisis and played an important role in facilitating global economic recovery. In this informative volume, the third in a series on emerging markets, editors Masahiro Kawai and Eswar Prasad and their contributors discuss the major domestic macroeconomic and financial policy issues that could limit the growth potential of Asian emerging markets, such as rising inflation, surging capital inflows and the accompanying risk of asset and credit market bubbles, and the threat of rapid currency appreciation. The book examines strategies to promote financial stability, including reforms for financial market development and macroprudential supervision and regulation. Contents Preface Chapter 1. Introduction and Overview I. Macroeconomic Frameworks for Financial Stability Chapters 2 ;4 II. Macroprudential Regulation Chapters 5 ;8 III. Financial Development Chapters 9 ;12

Author Biography

Masahiro Kawai is dean of the Asian Development Bank Institute. From 1998 to 2001, he was chief economist for the World Bank's East Asia and the Pacific Region, and he later was a professor at the University of Tokyo. Eswar S. Prasad holds the New Century Chair in International Economics at the Brookings Institution and is also the Tolani Senior Professor of Trade Policy at Cornell University and a research associate at the National Bureau of Economic Research. They are also the editors of Financial Market Regulation and Reform in Emerging Markets.

Table of Contents

Preface	p. vii
Introduction	p. ix
Macroeconomic Frameworks for Financial Stability
Monetary-Policy Challenges for Emerging Markets in a Globalized Environment	p. 3
The Great Liquidity Freeze: What Does It Mean for International Banking?	p. 30
Macroeconomic Policy Response to the International Financial Crisis through an Indian Prism	p. 61
Macroprudential Regulation
Macroprudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks	p. 101
The Role of Macroprudential Policy for Financial Stability in East Asia's Emerging Economies	p. 138
Macroprudential Approach to Regulation: Scope and Issues	p. 164
Macroprudential Lessons from the Financial Crises: A Practitioner's View	p. 180
Financial Development
Financial Deepening and Financial Integration in Asia: What Have We Learned?	p. 197
The Development of Local Debt Markets in Asia: An Assessment	p. 223
Indian Financial Market Development and Regulation: What Worked and Why?	p. 253
Financial Development in India: Status and Challenges	p. 284
Contributors	p. 309
Index	p. 311
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