Asian Perspectives on Financial Sector Reforms and Regulation

Preface

The financial systems of most Asian emerging markets proved relatively resilient to the global financial crisis. Still, as they attempt to maintain high and stable growth, these economies face substantial challenges in terms of developing their financial markets and strengthening regulatory frameworks. New paradigms for financial development and regulation will have to be suitably reframed for Asian emerging markets, many of which have institutional and capacity constraints. This book presents selected papers from the proceedings of three conferences held in Asia during 2010 to discuss these issues. Each of these conferences brought together leading academics as well as senior policymakers and practitioners. Those papers, now chapters in this volume, set the basis for the discussions, which were frank and wide-ranging. They attempt to link together various aspects of financial market development, including broadening financial access and improving regulatory frameworks to enhance financial stability. This volume also highlights the tensions among some of these objectives and provides theoretical and practical approaches for resolving them. This is a joint project of the Asian Development Bank Institute, the Brookings Institution, and Cornell University. We thank the organizations that generously hosted the conferences in the several venues: the British High Commission (Mumbai, February 2010), the China Banking Regulatory Commission (Beijing, May 2010), and Bank Negara Malaysia (Kuala Lumpur, August 2010). We are also grateful for funding provided by the Institute for Financial and Management Research Trust (India), the International Center for Financial Regulation (United Kingdom), the International Growth Center (United Kingdom), and the International Monetary Fund (Washington). vii Preface 12689-00_FM-rev2.qxd 10/5/11 12:17 PM Page vii 12689-00_FM-rev2.qxd 10/5/11 12:17 PM Page viii ...