Asian Perspectives on Financial Sector Reforms and Regulation

Table of Contents

v Contents Preface vii Introduction ix Eswar S. Prasad Part I. Macroeconomic Frameworks for Financial Stability 1 Monetary Policy Challenges for Emerging Markets in a Globalized Environment 3 Sukudhew Singh 2 The Great Liquidity Freeze: What Does It Mean for International Banking? 30 Dietrich Domanski and Philip Turner 3 Macroeconomic Policy Response to the International Financial Crisis through an Indian Prism 61 Alok Sheel 12689-00_FM-rev2.qxd 10/5/11 12:17 PM Page v Part II. Macroprudential Regulation 4 Macroprudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks 101 Reza Siregar 5 The Role of Macroprudential Policy for Financial Stability in East Asia’s Emerging Economies 138 Yung Chul Park 6 Macroprudential Approach to Regulation: Scope and Issues 164 Shyamala Gopinath 7 Macroprudential Lessons from the Financial Crises: A Practitioner’s View 180 Kiyohiko G. Nishimura Part III. Financial Development 8 Financial Deepening and Financial Integration in Asia: What Have We Learned? 197 Raymond Atje 9 The Development of Local Debt Markets in Asia: An Assessment 223 Mangal Goswami and Sunil Sharma 10 Indian Financial Market Development and Regulation: What Worked and Why? 253 Jayanth R. Varma 11 Financial Development in India: Status and Challenges 284 Rajesh Chakrabarti Contributors 309 Index 311 vi contents 12689-00_FM-rev2.qxd 10/5/11 12:17 PM Page vi ...