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Author: Yin-Wong Cheung
Publisher: Emerald Group Publishing
Published: 2011-03-10
Total Pages: 447
ISBN-13: 0857247468
DOWNLOAD EBOOKThe process of Asia's rise to a position of eminence in global finance has accelerated in the wake of the international financial crisis. This volume intends to explore and understand the dynamics created by this process of transition.
Author: Seiichi Masuyama
Publisher: Institute of Southeast Asian Studies
Published: 1999
Total Pages: 392
ISBN-13: 9789812300058
DOWNLOAD EBOOKFinancial systems in the East Asian region are commanding worldwide attention. Japan's financial sector, with an ailing banking system in the aftermath of a bubble economy, is undergoing a "Big Bang" deregulation, liberalization, and securitization. At the same time, the rehabilitation of Southeast Asian and Korean economies in the wake of the Asian financial crisis awaits restoration of their banking sectors. The region's bank-dominated and development finance-oriented financial systems are coming into friction with global capital markets that lack adequate architecture. In this volume, researchers from ten East Asian think- tanks analyse the financial systems in their respective economies. They survey the financial sector deregulation and liberalization that took place in the midst of economic booms and they evaluate the role of the financial systems in the region's current economic misfortunes. Together, the pieces in this volume lay the groundwork for understanding how financial systems in East Asia have evolved as the economies have grown more complex and capital markets have globalized, and how these systems must adapt to move beyond today's crisis to serve the region's economies in the future.
Author: T. J. Pempel
Publisher: Cornell University Press
Published: 2015-05-06
Total Pages: 280
ISBN-13: 0801455014
DOWNLOAD EBOOKTwo Crises, Different Outcomes examines East Asian policy reactions to the two major crises of the last fifteen years: the global financial crisis of 2008–9 and the Asian financial crisis of 1997–98. The calamity of the late 1990s saw a massive meltdown concentrated in East Asia. In stark contrast, East Asia avoided the worst effects of the Lehman Brothers collapse, incurring relatively little damage when compared to the financial devastation unleashed on North America and Europe. Much had changed across the intervening decade, not least that China rather than Japan had become the locomotive of regional growth, and that the East Asian economies had taken numerous steps to buffer their financial structures and regulatory regimes. This time Asia avoided disaster; it bounced back quickly after the initial hit and has been growing in a resilient fashion ever since. The authors of this book explain how the earlier financial crisis affected Asian economies, why government reactions differed so widely during that crisis, and how Asian economies weathered the Great Recession. Drawing on a mixture of single-country expertise and comparative analysis, they conclude by assessing the long-term prospects that Asian countries will continue their recent success.
Author: Naoyuki Yoshino
Publisher:
Published: 2018
Total Pages: 0
ISBN-13: 9784899740698
DOWNLOAD EBOOKAsian economies continue to be subject to new shocks: US monetary policy tightening, the adoption of negative-interest-rate policies by central banks all over the world, the slowdown of the People's Republic of China, and the sharp drop in oil and other commodity prices. All these highlight the vulnerability of the region to volatile trade and capital flows even as the global and Asian regional financial architecture evolves. This volume analyzes the vulnerabilities of Asian economies to external economic and financial shocks and assesses the performance of Asian regional institutions in financial surveillance and cooperation. It also evaluates ongoing reforms of the global financial architecture, including the International Monetary Fund (IMF), the Financial Stability Board, and reviews the experience of the "Troika" (European Commission, European Central Bank, and the IMF) in managing the European sovereign debt and banking crisis. Based on these, the book develops valuable recommendations to strengthen the Asian regional financial architecture and improve cooperation with global multilateral institutions.
Author: Selim Elekdag
Publisher: International Monetary Fund
Published: 2012-11-01
Total Pages: 27
ISBN-13: 147556953X
DOWNLOAD EBOOKThis paper examines how Asian financial linkages with systemic economies have changed over time. After developing a factor model, it estimates Asian financial sensitivities to systemic economies, and then seeks to uncover their key determinants, which include trade and financial linkages, as well as policies. In line with Asia’s growing role in the global economy—including through deeper financial integration—regional financial markets have become more sensitive to systemic economies. Asian financial sensitivities to systemic economies exhibit cyclical fluctuations, and reached historically high levels during the latest global financial crisis of 2008–09. While macroeconomic policy frameworks have helped Asian economies cope well with market turbulence, they cannot completely insulate Asian financial markets against major global financial shocks.
Author: Pradumna Bickram Rana
Publisher:
Published: 2012
Total Pages: 22
ISBN-13:
DOWNLOAD EBOOKAuthor: Jehoon Park
Publisher: Edward Elgar Publishing
Published: 2012-01-01
Total Pages: 305
ISBN-13: 1781003912
DOWNLOAD EBOOKThis book takes account of the global financial crisis from Asian perspectives, considering Asian responses to the crisis via two key arenas – regionalism in Asia and the G20. The expert contributors – both Asian and Western – illustrate that as G20 members, many Asian countries are now able to showcase their increasing powers and influence on global issues. Within this context, and via multidisciplinary economic and political science perspectives, the book deals with various issues such as World System analysis, the debate between the Washington Consensus and the Beijing Consensus, roles within the G20, and the contribution of 'middle' powers such as Korea and Australia. The application of European experiences to Asia is also considered, as are perspectives from the US. The book concludes that the key to resolving the current global economic crisis lies in how quickly a new global governance and monitoring system can be constructed, and that there are multiple roles for Asian countries to play in its development. Written with a uniquely multidisciplinary approach, this book will prove a fascinating read for a wide-ranging audience encompassing academics, students, researchers and policymakers in a number of fields including Asian studies, economics, public policy and regional studies.
Author: Michael Devereux
Publisher: Taylor & Francis
Published: 2011-05-03
Total Pages: 342
ISBN-13: 1136847626
DOWNLOAD EBOOKThe ongoing global financial crisis has manifested a remarkable degree of global financial integration—and its implications—for emerging Asian financial markets. The current crisis will not and should not deter the progress that the region has made toward financial openness and integration. However, events like this clearly demonstrate that financial liberalization and integration is not without risks. Hence, emerging Asian economies' growing financial ties have motivated us to look closer at the repercussions of increased financial integration and evaluate the benefits of risk sharing and better access to international capital markets against the costs of cross-border financial contagion. The crisis also presents a timely opportunity for the region’s policy makers to rethink their strategies for financial deregulation and liberalization and to reconsider a next step to integrate emerging East Asia’s financial markets further. However, doing so requires deeper understanding of financial market integration. While much has been said in both academic and policy circles about financial globalization and regional financial integration as separate areas of study, existing research has been relatively silent on the dynamics between these two distinctive forces. The book addresses this gap in financial literature and assesses financial integration in emerging East Asia at both regional and global levels. The publication studies the factors driving the progress of regional financial integration in relation to financial globalization and identifies the relevant policy challenges facing emerging market economies in the region. Chapters look into three broad aspects of regional and global financial market integration: (i) measurement of regional and global financial integration, (ii) understanding dynamics of regional financial integration versus global financial integration, and (iii) welfare implications from regional financial market integration amid financial globalization. Against this context, academics, policy makers, and other readers will appreciate the rigorous research contribution provided by the book.
Author: Ms.Ratna Sahay
Publisher: International Monetary Fund
Published: 2015-08-18
Total Pages: 310
ISBN-13: 1498317197
DOWNLOAD EBOOKAsia’s financial systems proved resilient to the shocks from the global financial crisis, and growth since then has been strong. But new challenges have emerged in the region’s economies, including demographics and aging, the need to diversify from bank-dominated systems, urbanization and infrastructure, and the rebalancing of economic activity. This book takes stock of the challenges facing the region today and how economic systems in Asia’s advanced and emerging market economies compare with the rest of the world.
Author: Vinod K. Aggarwal
Publisher: Springer Science & Business Media
Published: 2008-02-04
Total Pages: 348
ISBN-13: 9783540748878
DOWNLOAD EBOOKCan regional and interregional mechanisms better institutionalize the - creasing complexity of economic and security ties among states in Nor- east, Southeast, and South Asia? As the international state system und- goes dramatic changes in both security and trade relations in the wake of the Cold War’s end, the Asian financial crisis, and the attacks of Sept- ber 11, 2001, this question is now of critical importance to both academics and policymakers. Still, little research has been done to integrate the ana- sis of both regional security and economic dynamics within a broader c- text that will give us theoretically informed policy insights. Indeed, when we began our background research on the origin and e- lution of Asia’s institutional architecture in trade and security, we found that many scholars had focused on individual subregions, whether Nor- east, Southeast or South Asia. In some cases, scholars examined links - tween Northeast and Southeast Asia, and the literature often refers to these two subregions collectively as “Asia”, artificially bracketing South Asia. Of course, we are aware that as products of culture, economics, history, and politics, the boundaries of geographic regions change over time. Yet the rapid rise of India and its increasing links to East Asia (especially those formed in the early 1990s) suggest that it would be fruitful to examine both developments within each subregion as well as links across subregions.
