Financial Market Regulation and Reforms in Emerging Markets

Index

409 Index Access to financial services: barriers, 306–07; credit, 15–16, 299; increasing, 15–16; in India, 246; measuring, 229, 288–89; savings accounts, 285, 294, 298, 313. See also Financial inclusion Accounting standards: fair value accounting, 326–27, 343, 350; financial regulation and, 122; international, 147–48 Acharya, Viral V., 43, 50 Adams, Charles, 191 Africa: financial inclusion, 292, 299, 303, 307; microfinance, 304, 308, 309. See also Kenya AFSD. See Asian Financial Stability Dialogue Agent banking, 280, 292–93, 300–02, 308 AIG, 43, 48, 51, 52, 89, 93, 192 Albania, exchange rate policies, 383 Aldrich Vreeland Act, 31 Alliance for Financial Inclusion, 313 American International Group. See AIG AML-CFT. See Anti-money laundering and combating financing of terrorism Anglo-Saxon financial model, 221 Antaboga Deltasekuritas, 162 Arbitrage, 369. See also Regulatory arbitrage Arestis, P., 209 Argentina: financial crises, 381; government bonds, 381 Asia: banks, 20–21; capital inflows, 20–21; corporate bond markets, 13–14; exchange rate policies, 108, 243; financial inclusion, 15–16, 290–92; financial regulation, 21–22; financial repression, 160–61, 164; foreign exchange reserves, 199; institutional investors, 21, 240, 257; mobile banking, 302–03; public sector banks, 13, 68, 69, 139, 291; regional organizations, 166; systemic stability regulators, 193–97. See also individual countries Asian Bond Fund, 14 Asian financial crisis (1997–98): causes, 161; effects in Indonesia, 160; lessons from, 12, 161, 167, 179–80; responses, 199 Asian Financial Stability Dialogue (AFSD), 199–200 Asian monetary fund proposal, 199–200 Asset-backed securities: AAA tranches, 43, 47–48, 60–61; commercial paper, 41, 43, 54; credit risk, 47–48; growth, 115; investors, 41; mortgage-backed, 43–44, 46–47, 49, 109–10, 113, 324; risks, 60–61. See also Securitization 410 index Asset-liability mismatches, 321–22, 329–30 Asset price bubbles: in emerging markets , 18; historic, 213; management, 19, 90–91; preceding crises, 39, 109, 323–26; recognition, 17, 90; in U.S. housing, 76, 77, 323–26 Asymmetric information. See Information asymmetries ATMs. See Automated teller machines Australia: central bank, 195; Council of Financial Regulators, 193–95; financial regulation, 187, 195 Austria, banking regulation, 388 Automated teller machines (ATMs), 16, 40, 256 Banamex, 334, 351 Banco do Nordeste, 305 Banco Santander, 334 Banerjee, Abhijeet, 297 Bangladesh: microfinance, 216, 291, 298; Rural Development Board, 291 Bank Century (BC), 161–62, 163 Bank failures: FDIC resolution approach, 34–35; in 1980s, 35–36; in Panic of 1907, 31; systemic risk and, 48–50. See also Resolution mechanisms Bank for Agriculture and Rural Development , Viet Nam, 291 Bank for International Settlements (BIS), 166, 172, 311 Bank Indonesia (BI), 160, 161, 163, 164–66, 167 Banking Act of 1933 (U.S.), 33, 42–43, 58 Banking regulation. See Financial regulation; Supervision Bank of America, 36 Bank of England (BoE), 129, 193, 194 Bank of Korea, 196, 197 Bank of Mexico, 335, 336–37, 341–43, 346 Bank Rakyat Indonesia (BRI), 167, 305, 309 Bank runs: contagion effects, 329–30; preventing , 64–65, 330; in shadow banking system, 49–50, 53–54, 62–65; in United Kingdom, 194 Bankruptcy procedures, 39, 93, 95, 192. See also Resolution mechanisms Banks: capital injections, 178, 180; foreign currency funding, 372–73, 374, 378; permissible activities, 142–43; toxic assets, 80, 328–29, 350. See also Financial services; Loans Bapepam, 165 Basel Accord of 1988 (Basel I), 143, 144, 163 Basel Accord of 2004 (Basel II), 59–60, 113, 143, 144, 151 Basel Committee on Banking Supervision (BCBS): capital requirements recommendations , 122, 143; Core Principles Methodology, 145; Cross-border Bank Resolution Group, 358; information exchange mechanism, 357; on international regulatory cooperation, 353–54, 355; membership, 360; research on regulatory reform impacts, 131 Basel Core Principles (BCPs): compared to Chinese regulations, 138, 139, 140–51; compliance in emerging markets, 152, 158–59; implementation, 141, 152; interpretation, 145; recommended changes, 142, 144; text, 152–57 Basso, H. S., 374 BC. See Bank Century BCBS. See Basel Committee on Banking Supervision BCPs. See Basel Core Principles Bear Stearns, 52, 54, 64, 192 Beck, Thorsten, 296–97 BEEPS. See Business Environment and Enterprise Performance Survey Behavioral economics, 277–78, 369 BI. See Bank Indonesia BIS. See Bank for International Settlements Bolivia: banking sector, 305; microfinance, 292, 304, 308, 309 Bombay Stock Exchange (BSE), 232, 251 Bond markets. See Corporate debt; Debt markets; Government bonds Borio, C. E. V., 177 Born, Brooksley, 39 Brazil: banking agents, 292–93, 301–02, 308; capital account, 333; de-dollarization , 379, 381...