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The growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance, and the resultant higher frequency of financial crises, all eyes have shifted toward the current inadequacy of financial regulation.This book expertly examines what this episode means for Asia's financial sector and its stability, and what the implications will be for the region's financial regulation. By focusing on legal and institutional frameworks, the book also elaborates on various issues and challenges in terms of how financial liberalization can maximize the benefits and minimize the risks of crisis.The book will appeal to academics, students, and policymakers across a diverse range of fields including: international finance and trade, economics, Asian studies, development, and development economics.
Edited by Iwan J. Azis, Cornell University, US and Hyun Song Shin, Economic Adviser and Head of Research, Bank for International Settlements (BIS), Monetary and Economic Department, Switzerland
Contents:PART I INTRODUCTION1. Overview and Summary Iwan J. Azis and Hyun Song ShinPART II MACRO PRUDENTIAL SUPERVISORY SYSTEM AND DEVELOPMENT IMPACT2. Monetary Aggregates and Procyclicality of the Financial System: An Asian Perspective Joon-Ho Hahm, Hyun Song Shin and Kwanho Shin3. Non-Core Bank Liabilities and Vulnerability to Crisis: Implications for Asia Joon-Ho Hahm, Hyun Song Shin and Kwanho Shin4. Monetary Aggregates and Global Liquidity: Evidence from Individual Firm Data from AsiaHyun Song Shin and Laura Yi Zhao5. Economy-Wide Vulnerability in Asia: Flow-of-Fund AnalysisIwan J. Azis and Damaris YarciaPART III ISSUES AND CHALLENGES ON LEGAL AND INSTITUTIONAL FRAMEWORK FOR EMERGING ASIA6. Addressing Systemic Risk in East Asia: Financial Regulatory DesignRolf H. Weber, Douglas W. Arner, Evan C. Gibson and Simone Baumann7. Financial Innovation and Development in East Asia: Balancing Risks and OpportunitiesRoss P. Buckley, Douglas W. Arner and Michael Panton8. Implications of Global Financial and Regulatory Policies on Systemic Risk in AsiaFariborz MoshirianPART IV FINANCIAL INTEGRATION AND COOPERATION TO SUPPORT FINANCIAL STABILITY9. Equity Home Bias, Financial Integration, and Regulatory Reforms: Implications for Emerging AsiaCyn-Young Park and Rogelio V. Mercado, Jr.10. Regional Financial Arrangements: Lessons from the Eurozone Crisis for East AsiaEmilios Avgouleas, Douglas W. Arner and Uzma Ashraf11. The Role of Deposit Insurance in Financial Stability: Issues and Options in ASEAN + 3 A. Michael Andrews12. Effective Resolution Regimes for Financial Institutions in ASEAN + 3A. Michael Andrews13. Capital Structure and the Issuance of Corporate Bonds in Emerging AsiaPaul Mizen, Frank Packer, Eli Remolona and Serafeim TsoukasPART V FINANCIAL SUPERVISION AND DEVELOPMENT CHALLENGES IN ASIA14. Financial Monitoring in the New ASEAN-5 CountriesSe Hee Lim and Noel Reyes15. Financial Inclusion and Regulatory ImplicationsQifeng Zhang and Josephine Valle-Sison16. Innovative Financing Modalities for SMEs and the Regulatory ImplicationsShigehiro Shinozaki17. Global Financial Regulatory Trends and Challenges for the Development of the Insurance and Pensions Sector in the Asia-Pacific RegionArup Chatterjee18. Impact of the Global Financial Crisis on Trade Finance in Asia and Cooperation that Reduced the ImpactSteven BeckIndex
‘Policymakers and academics, especially those interested in understanding the complexity of Asian economies, may find this book very useful as a starting point in their studies.’