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Abstract
Asia-Pacific financial markets – and their economies – have proven more resilient to the consequences of the Global Financial Crisis than markets in many developed nations. Much is owed to financial market reform introduced following the Asian Financial Crisis of 1997–1998. Here, we provide an overview of some key empirical and theoretical issues that affect the process and impact of financial sector reform and regulation, such that one can draw implications for the design of future regional and country-specific reform initiatives. In addition, we also show the complex financial arrangements that now link emerging and developed financial markets in the Asia-Pacific region and elsewhere in the current post-crisis environment.
Notes
1. See Kawai (Citation2007) for a detailed account of the evolving financial market architecture in the Asia-Pacific region.
2. See the detailed account of the GFC by Sikorski (Citation2011).
3. The international positions of banks refer to cross-border (or external) bank transactions with non-residents plus those local transactions with residents in foreign currency, BIS (Citation2011).
4. See Spiegel (Citation2009) for an analysis of developments in local bond markets, Batten and Szilagyi (Citation2007) for a discussion of the role that foreign issuers may play in domestic bond market development and Black and Munro (Citation2010) for the role and importance of bond issuance in international markets.
5. For example, in early 2011 the Australian Stock Exchange (ASX) and the Singapore Exchange (SE) considered merging. This was blocked by the Federal Treasurer, Peter Swan, on national interest grounds. See http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_654395.html (Accessed 15 May 2011).
6. The analysis indicates that deposit and loan market concentration exert a significant effect on charter value, suggestive of a strong link between competition and charter value.
7. Batten and Szilagyi (Citation2011b) examine the Japanese experience in more detail.
8. Note the value-add of reforms to corporate valuation from improved governance, currently underway in India (Balasubramanian et al. 2010) and the effects of risk taking (Ghosh 2009).
9. Rabah (Citation2011) notes the importance of good institutions, which allow for a differentiated impact of age structure on saving and investment, opening the scope for an impact of age structure in driving international capital flow.