Edited by Iwan J. Aziz and Hyun S. Shin
Chapter 6: Addressing systemic risk in East Asia: financial regulatory design
The global, Eurozone, and Asian financial crises have underlined the risks and the importance of appropriate regulatory design and coverage for financial stability (Cecchetti et al. 2009, p. 2). In the wake of the global financial crisis (GFC), the G20 and the Financial Stability Board (FSB) and its constituents – such as the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO), and the Joint Forum – have or are in the process of developing international regulatory standards and guidance in relation to financial regulation and financial stability. There is thus an emerging corpus of international best practices for financial regulation. At the same time, this corpus provides little guidance with respect to overall design of a financial regulatory system to meet the specific needs and risks of a given domestic financial system. In East Asia, which is characterized in this chapter as ASEAN13, domestic financial systems tend to be dominated by small numbers of financial institutions, particularly banks, which are large in the context of individual financial systems.
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