Edited by Iwan J. Aziz and Hyun S. Shin
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. With financial innovation and securitization becoming more popular, interconnectedness in the financial system is at its height, both for intra-and extra-sovereign jurisdictions. Geographical boundaries have less relevance for financial flows than they do for trade in goods. During good economic times in the past, supported by financial innovation, financial and non-financial institutions alike were eager to participate in the expanding financial sector with its promise of high returns. The risk compression was widespread. Seen from this perspective, the 2008–09 global financial crisis (GFC) that occurred in the US, and the subsequent crisis in the Eurozone, should not be too surprising. Meanwhile, the policy response has been unprecedented. And surely it affects Asia. The book is about what this episode means for Asia’s financial sector and its stability, and what will be the implications for the region’s financial regulation.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.