Asian Perspectives on Financial Sector Reforms and Regulation

Back Cover

ASIAN PERSPECTIVES ON FINANCIAL SECTOR REFORMS AND REGULATION Masahiro Kawai and Eswar S. Prasad Editors Although emerging economies as a group performed well during the global recession, weathering the recession better than advanced economies, there were sharp differences among them and across regions. The emerging economies of Asia had the most favorable outcomes, surviving the ravages of the global financial crisis with relatively modest declines in growth rates in most cases. China and India maintained strong growth during the crisis and played an important role in facilitating global economic recovery. In this informative volume, the second in a series on emerging markets, editors Masahiro Kawai and Eswar Prasad and the contributors analyze the major domestic macroeconomic and financial policy issues that could limit the growth potential of Asian emerging markets, such as rising inflation and surging capital inflows, with the accompanying risks of asset and credit market bubbles and of rapid currency appreciation. The book examines strategies to promote financial stability, including reforms for financial market development and macroprudential supervision and regulation. 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. They are also the editors of Financial Market Regulation and Reform in Emerging Markets. Kawai / Prasad ASIAN PERSPECTIVES ON FINANCIAL SECTOR REFORMS AND REGULATION Brookings/ADBI BROOKINGS INSTITUTION PRESS Washington, D.C. www.brookings.edu ASIAN DEVELOPMENT BANK INSTITUTE Tokyo, Japan www.adbi.org ...