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. This book...

Securitization offers a range of benefits for Asia's financial systems and economies as a mechanism to assist funding and investment. As a form of structured finance, reliable and efficient securitization can assist development by enabling financial systems to deepen and strengtheniquest;thus...

This paper discusses the global credit crisis and its implications for international finance and financial regulation. It begins with a discussion of the causes of the credit crisis, particularly the role of regulatory incentives underlying excessive international and domestic borrowing, lending...

The systemic phase of the current global financial crisis was triggered by the failure of large complex global financial institutions (LCGFIs). In this context, as recognised by the Group of 20, one of the greatest failures of both international and domestic legal and regulatory systems has been...

Financial integration is less pronounced in East Asia than among states in Europe and North America or compared to economic integration within the region. Cross-border trade flows, direct investment and investment in capital goods have long been greater and faster growing than other investment...

This article argues that while the system of international financial standards developed following especially the Asian financial crisis is a significant development in response to the risks of financial globalization, it in fact merits a higher level of attention, design, and formalization....

Markets for debt securities exist in a comprehensive way in no Asian economy other than Japan, even though short or medium-term bonds have been issued in almost all and Asian borrowers are established (though not prolific) international issuers. The markets provide no more than a simple...

Liquid markets for debt securities exist comprehensively in no East Asian economy other than Japan, even though short or medium-term bonds are issued in most and Asian borrowers are established (though generally not prolific) international issuers. Today¡¦s markets provide a borrowing medium...

Asia's debt capital markets are of limited use to many potential participants. They fail to induce issuance of sufficient depth and risk quality to satisfy investors, and provide little guard against financial shocks. The region may become less prone to contagion by reducing reliance on its...