Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia
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Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia

Edited by Masahiro Kawai, David G. Mayes and Peter Morgan

In light of the experience of the global financial crisis, this book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises, improving the ability to manage and resolve crises, managing capital flows and promoting the development of Asian bond markets.
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Chapter 5: Securitized Products, Financial Regulation and Systemic Risk

Mariko Fujii

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5. Securitized products, financial regulation and systemic risk Mariko Fujii 5.1 INTRODUCTION It is widely believed that the practice of securitization was one of the causes of the 2007–2009 financial crisis.1 Krugman (2007) summarizes the issue a...

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