Financial Market Regulation and Reforms in Emerging Markets

by Kawai, Masahiro; Prasad, Eswar S.

• ISBN13: 9780815704898
• ISBN10: 0815704895
• Format: Paperback
• Copyright: 2011-04-14
• Publisher: Brookings Institution Press

Summary

The global financial crisis that began in 2008 highlighted the need for strengthening financial systems in emerging markets and in low-income developing economies. The contributors to this volume outline these and other pressing issues in this insightful book.Emerging markets face particular challenges in stabilizing their nascent financialsystems in the face of shocks, both domestic and external, and financial reforms arecritical to these economies as they pursue programs of sustainable high growth. Low-income countries, where the breadth of formal financial systems is severely limited, pose even greater problems. At the moment, policymakers in emerging markets are strugglingto learn from the crisis how they can refashion financial regulatory structures, how they might best contend with multinational financial institutions, and how they can extend financial services to underserved segments of their populations.Masahiro Kawai, Eswar Prasad, and their contributors offer a systematic overview of recent developments in --and the latest thinking about --regulatory frameworks in both advancedcountries and emerging markets. At the same time, their contributions clearly point out the challenges to improving regulation, markets, and access in developing economies.Topics include Rewriting Financial Sector Regulation Evaluating U.S. Plans for Financial Regulatory Reform Emerging Contours of Financial Regulation What Regulatory Policies Are Suitable for Emerging Markets Banking Supervision in Indonesia Containing a Systemic Crisis: Is There a Playbook? Financial Development: A Broader Perspective Financial Development in Emerging Markets: The Indian Experience Universalizing Complete Access to Finance

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.

Table of Contents

Introduction	p. vii
Overview
Financial Sector Regulation and Reforms in Emerging Markets: An Overview	p. 3
New Perspectives on Financial Regulation
Market Failures and Regulatory Failures: Lessons from Past and Present Financial Crises	p. 27
Evaluating the U.S. Plans for Financial Regulatory Reform	p. 75
Regulatory Frameworks for Emerging Markets
Emerging Contours of Financial Regulation: Challenges and Dynamics	p. 105
What Regulatory Policies Work for Emerging Markets	p. 138
Banking Supervision in Indonesia	p. 158
Financial Market Development and Stability
Who Should Regulate Systemic Stability Risk? The Relevance for Asia	p. 171
Financial Development: A Broader Perspective	p. 203
Financial Development in Emerging Markets: The Indian Experience	p. 226
Improving Financial Access in Emerging Markets
Universalizing Complete Access to Finance: Key Conceptual Issues	p. 265
Financial Inclusion and Financial Stability: Current Policy Issues	p. 284
Cross-Border Regulation
Cross-Border Regulation after the Global Financial Crisis	p. 321
Addressing Private Sector Currency Mismatches in Emerging Europe	p. 365
Contributors	p. 407
Index	p. 409
Table of Contents provided by Ingram. All Rights Reserved.