Over the past 20 years, financial systems in East Asia have undergone a seismic period of liberalization, crisis and development (Liu et al. 2013). In the 1990s, prior to the Asian financial crisis of 1997–98, the emerging economies of East Asia rapidly liberalized their financial systems, aiming to integrate into the global financial system in order to support their continued development. This period of rapid liberalization ended with the Japanese and Asian financial crises of the 1990s. In the wake of the AFC, East Asian economies focused on reforming financial regulation, on building foreign exchange reserves, and on a range of regional initiatives to support regional financial stability, integration and development, all with the overall objective of enhancing economic growth in the region. As a result of a decade of domestic and regional financial sector reform, East Asian economies faced the global financial crisis of 2008 and the Eurozone debt crisis of 2010 with well-regulated and robust financial systems. Nonetheless, while generally resilient, economies in East Asia have suffered some impact from these crises in terms of both trade and availability of finance.