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39 Financial Development in Asia for reform created by the 1997 crisis”. It is not clear to me why the pace of reform is best accelerated by a scheme to purchase $1 billion of bonds. References Beck, Thorsten, Asli Demirguc-Kunt and Ross Levine. “Law, Endowment and Finance”. NBER Working Paper no. 9089, Cambridge, Mass.: National Bureau of Economic Research, 2002. Beck, Thorsten, Mattias Lundberg, and Giovanni Majnoni. “Financial Intermediary Development and Growth Volatility: Do Intermediaries Dampen or Magnify Shocks?” Unpublished manuscript, World Bank, 2001. Benston, George J. “Universal Banking”. Journal of Economic Perspectives 8 (1994): 121–43. Boot, Arnoud and Anjan Thakor. “Financial System Architecture”. Review of Financial Studies 10, no. 3 (1997): 697–733. Caprio, Gerard and Patrick Honohan. Finance for Growth: Policy Choices in a Volatile World. New York: Oxford University Press for the World Bank, 2001. Conway, Patrick and Xin Zhang. “APEC Initiative on the Development of Domestic Bond Markets”. Unpublished manuscript, World Bank, 2001. Demirguc-Kunt, Asli and Harry Huizinga. “Financial Structure and Bank Profitability”. Policy Research Working Paper no. 2430. Washington, D.C.: World Bank, 2000. Demirguc-Kunt, Asli and Ross Levine. “Bank-Based 40 Barry Eichengreen and Market-Based Financial Systems: CrossCountry Comparisons”. Policy Research Working Paper no. 2143. Washington, D.C.: World Bank, 1999. Denizer, Cevdet, Murat Iyigun and Ann Owen. “Finance and Macroeconomic Volatility”. Unpublished manuscript, World Bank, University of Colorado and Hamilton College, 2000. Eichengreen, Barry. “What to Do with the Chiang Mai Initiative”. Asian Economic Papers 2 (2003): 1–52. Fernandez, David and Simon Klassen. “Asia Bond Fund Crawls, but Should it Ever Walk?” Global Data Watch, J.P. Morgan Economic and Policy Research, pp. 13–16, 20 June 2003. Financial Stability Forum. “Ongoing and Recent Work Relevant to Sound Financial Systems”. Basel: Financial Stability Forum, 9 March 2003. Furman, Jason and Joseph Stiglitz. “Economic Crises: Evidence and Insights fro East Asia”. Brookings Papers on Economic Activity 2 (1998): 1–136. Harwood, Alison. “Building Local Bond Markets: Some Issues and Actions”. In Building Local Bond Markets: An Asian Perspective, ed. Alison Harwood, pp. 1–37. Washington, D.C.: World Bank, 2000. International Monetary Fund. Global Financial Stability Report. Washington, D.C.: IMF, 2003. Jiang, G, N. Tang and E. Law. “Cost-Benefit Analysis of Developing Debt Markets”. Hong Kong Monetary Authority Quarterly Bulletin 29 (November 2001): 1–28. [3.15.235.196] Project MUSE (2024-04-19 15:55 GMT) 41 Financial Development in Asia Jin, Ngiam Kee and Lixia Loh. “Developing a Viable Corporate Bond Market: The Singapore Experience”. ISEAS Economics and Finance Working Paper no. 2, June 2002. La Porta, Rafael, Florencio Lopez-de-Silanes, Andri Shleifer and Robert W. Vishny. “Legal Determinants of External Finance”. Journal of Finance 52 (1997): 1131–50. Levine, Ross. “Bank Based or Market Based Financial Systems: Which is Better?” Unpublished manuscript, World Bank, 2000. Levine, Ross and Sara Zervos. “Stock Markets, Banks and Economic Growth”. American Economic Review 88 (1998): 537–58. Mihaljek, Dubravko, Michela Scatigna and Agustin Villar. “Recent Trends in Bond Markets”. BIS Paper no. 11 (2002), pp. 13–41. Park, Yung Chul. “Asian Bond Market Development: What Are the Issues?” Unpublished manuscript, Korea University (November 2003). Phuvanatnaranubala, Thirachai. “Speech at Euro 50 Group Roundtable”. Bangkok: Bank of Thailand, 12 June 2003. Radalet, Steven and Jeffrey Sachs. “The Onset of the East Asian Financial Crisis”. In Currency Crises, ed. Paul Krugman, pp. 105–62. Chicago: University of Chicago Press, 2000. Rajan, Raghu and Luigi Zingales. Saving Capitalism from the Capitalists. New York: Crown Books, 2003. Schinasi, Garry J. and R. Todd Smith. “Fixed-Income Markets in the United States, Europe and Japan: Some Lessons for Emerging Markets”. 42 Barry Eichengreen IMF Working Paper WP/98/173, December 1998. Sharma, Krishnan. “The Underlying Constraints on Corporate Bond Market Development in Southeast Asia”. DESA Discussion Paper no. 14. New York: Development Policy Analysis Division, United Nations, 2002. Smith, R. Todd. “Banking Competition and the Development of Securities Markets”. Unpublished manuscript, University of Alberta, 1998. Turner, Philip and J. Van’t dack. “Changing Financial Systems in Small Open Economies: An Overview”. BIS Paper no. 1 (December 1996). Yoshitomi, M. “Designing a Financial Market Structure in Post-Crisis Asia”. Tokyo: ADB Institute, 12 November 2002. ...

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