Throughout history finance and its regulation have evolved, yet the underpinning regulatory principles have remained fundamentally static. The first measures were taken to counter market inefficiencies which led to the introduction of conduct regulations to give effect to consumer protection. By the fourteenth century the financial stability principle had been recognized and subsequently developed over the following 600 years, notably in the twentieth and twenty-first centuries. The development of the financial stability principle reached a pinnacle following the 2008–09 global financial crisis as the prevailing regulatory approach was deemed thoroughly inadequate. Insufficient or non-existent systemic risk supervision was central to this assessment. To redress this flaw, systemic supervisors have been introduced. In the Asia-Pacific, central banks are integral to systemic supervision as banking dominates most financial systems. This Chapter analyses systemic supervision in Singapore, Korea, Hong Kong, Australia, New Zealand, Japan, Indonesia, China, the Philippines, Malaysia and Thailand.
Douglas W. Arner and Cyn-Young Park
Ross P. Buckley, Douglas W. Arner and Michael Panton
Emilios Avgouleas, Douglas W. Arner and Uzma Ashraf
Richard Weixing Hu, Douglas W Arner and Ross P. Buckley
Law, Trade and Finance
Edited by Ross P. Buckley, Richard Weixing Hu and Douglas W. Arner
This book analyses recent developments and likely future paths for trade and financial integration in East Asia. It suggests a more coherent, balanced way forward for regional economic integration and analyses implications for institution building in East Asia.