Financial Liberalisation in Asia [electronic resource]: Analysis and Prospects /
Organisation for Economic Co-operation and Development.
Brooks, Douglas H..
Queisser, Monika.
Asian Development Bank.
International Forum on Asian Perspectives(4th :1998 :Paris, France)
Paris : OECD Publishing,
1999.
Rapid globalisation has brought substantial benefits to developing Asia, but it has also heightened the risks associated with policy mistakes, weak financial institutions, and problems in corporate and public governance. The 1997 Asian crisis has demonstrated the urgent need to rethink the sequencing and comprehensiveness of financial liberalisation. Would further opening of Asia's financial systems be helpful or counterproductive in fostering financial stability? What structural reforms do emerging economies need to undertake to ensure that capital inflows are transformed into productive investment? Which regulatory and other requirements would have to be attached to further financial liberalisation? And what role should international organisations and the private sector play in crisis resolution?This volume seeks to provide answers to these questions by discussing the roots of the Asian financial crisis and suggesting some constructive approaches to crisis resolution. It was produced jointly by the Asian Development Bank and OECD Development Centre based on their fourth joint annual Forum on Asian Perspectives.
Preface by Jean Bonvin and Mitsuo Sato -- Welcoming Remarks by Jean Bonvin -- Welcoming Remarks by Mitsuo Sato -- Opening Address by Francis Mayer -- Introduction by Monika Queisser -- Part One: Dealing with the Asian Financial Crisis -- The Asian Capital Account Crisis by Masaru Yoshitomi -- Strengthening Financial Systems by Mario Draghi -- Lessons from Hong Kong's Experience of the Crisis by Kumiharu Shigehara -- Korea's Financial Crisis: Causes and Prospects by Soogil Young -- Towards a New Approach to Freedom of Capital Movements and Capital Account Liberalisation? by Benoit Coeure -- Current Issues and Concerns in the Philippines and ASEAN by Cayetano Paderanga -- Financial Liberalisation in Asia: Analysis and Prospects by Klaus Regling -- Part Two: Capital Flows and Stability -- Asia's Financial Crisis: Is Financial Liberalisation the Villain? by Douglas H. Brooks and Soo-Nam Oh -- Creation of Market-Based Financial Structures and Policy Instruments to Facilitate Increased Capital Mobility in the APEC Region by Paul M. Dickie and Marian Bond -- The Role of Pension Funds in the Stabilisation of the Domestic Financial Sector by Monika Queisser -- The Benefits of Trade and Investment Liberalisation: Financial Services by Pierre Sauve
"This volume contains contributions from participants in the Fourth Conference of the International Forum on Asian Perspectives, entitled: Financial Liberalisation in Asia: Analysis and Prospects. The conference was held in Paris on 2 and 3 June 1998 ..."--P. 3.
Published also in French as: La libéralisation financière en Asia : analyses et perspectives.
Includes bibliographical references.
Rapid globalisation has brought substantial benefits to developing Asia, but it has also heightened the risks associated with policy mistakes, weak financial institutions, and problems in corporate and public governance. The 1997 Asian crisis has demonstrated the urgent need to rethink the sequencing and comprehensiveness of financial liberalisation. Would further opening of Asia's financial systems be helpful or counterproductive in fostering financial stability? What structural reforms do emerging economies need to undertake to ensure that capital inflows are transformed into productive investment? Which regulatory and other requirements would have to be attached to further financial liberalisation? And what role should international organisations and the private sector play in crisis resolution?This volume seeks to provide answers to these questions by discussing the roots of the Asian financial crisis and suggesting some constructive approaches to crisis resolution. It was produced jointly by the Asian Development Bank and OECD Development Centre based on their fourth joint annual Forum on Asian Perspectives.
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