Global Shock, Risks, and Asian Financial Reform

751 Pages·2015·14.829 MB·English

by  Iwan J. Azis, Hyun Song Shin (eds.)

Global Shock, Risks, and Asian Financial
Reform

Global Shock, Risks,
and Asian Financial
Reform
Edited by
Iwan J. Azis
Asian Development Bank and Cornell University, USA
Hyun Song Shin
Professor of Economics, Princeton University, USA
Co-publICAtIon oF tHe ASIAn Development bAnk
AnD eDwARD elGAR publISHInG
Edward Elgar
Cheltenham, uk • northampton, mA, uSA
© ADBI 2014
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Contents
List of contributors ix
List of abbreviations xi
pARt I oveRvIew AnD SummARY
1 overview and summary 3
Iwan J. Azis and Hyun Song Shin
pARt II mACRo- pRuDentIAl SupeRvISoRY SYStem
AnD Development ImpACt
Introduction 15
Hyun Song Shin
2 monetary aggregates and procyclicality of the financial
system: an Asian perspective 22
Joon- Ho Hahm, Hyun Song Shin and Kwanho Shin
3 non- core bank liabilities and vulnerability to crisis:
implications for Asia 74
Joon- Ho Hahm, Hyun Song Shin and Kwanho Shin
4 monetary aggregates and global liquidity: evidence from
individual firm data from Asia 102
Hyun Song Shin and Laura Yi Zhao
5 economy- wide vulnerability in Asia: flow- of- fund analysis 150
Iwan J. Azis and Damaris Yarcia
pARt III ISSueS AnD CHAllenGeS on tHe leGAl
AnD InStItutIonAl FRAmewoRk FoR
emeRGInG ASIA
Introduction 197
Fariborz Moshirian
v
vi Global shock, risks, and Asian financial reform
6 Addressing systemic risk in east Asia: financial regulatory
design 204
Rolf H. Weber, Douglas W. Arner, Evan C. Gibson and
Simone Baumann
7 Financial innovation and development in east Asia: balancing
risks and opportunities 246
Ross P. Buckley, Douglas W. Arner and Michael Panton
8 Implications of global financial and regulatory policies on
systemic risk in Asia 284
Fariborz Moshirian
pARt Iv FInAnCIAl InteGRAtIon AnD
CoopeRAtIon to SuppoRt FInAnCIAl
StAbIlItY
Introduction 335
Noritaka Akamatsu
9 equity home bias, financial integration, and regulatory
reforms: implications for emerging Asia 347
Cyn- Young Park and Rogelio V. Mercado, Jr
10 Regional financial arrangements: lessons from the eurozone
crisis for east Asia 377
Emilios Avgouleas, Douglas W. Arner and Uzma Ashraf
11 the role of deposit insurance in financial stability: issues and
options in the ASeAn13 416
A. Michael Andrews
12 effective resolution regimes for financial institutions in
ASeAn13 464
A. Michael Andrews
13 Capital structure and the issuance of corporate bonds in
emerging Asia 510
Paul Mizen, Frank Packer, Eli Remolona and Serafeim Tsoukas
pARt v FInAnCIAl SupeRvISIon AnD Development
CHAllenGeS In ASIA
Introduction 543
Ramesh Subramaniam
Contents vii
14 Financial monitoring in the new ASeAn- 5 countries 554
Se Hee Lim and Noel G. Reyes
15 Financial inclusion and regulatory implications 600
Qifeng Zhang and Josephine B. Valle- Sison
16 Innovative financing models for Smes and the regulatory
implications 628
Shigehiro Shinozaki
17 Global financial regulatory trends and challenges for the
development of the insurance and pensions sector in the
Asia- pacific region 676
Arup Chatterjee
18 Impact of the global financial crisis on trade finance in Asia
and the cooperative effort to respond 701
Steven Beck
Index 717

Contributors
Noritaka Akamatsu, Deputy Head of the office of Regional economic
Integration, ADb.
A. Michael Andrews, A. michael Andrews and Associates limited.
Douglas W. Arner, Asian Institute of International Financial law, Faculty
of law, university of Hong kong, China.
Uzma Ashraf, Asian Institute of International Financial law, Faculty of
law, university of Hong kong, China.
Emilios Avgouleas, university of edinburgh, uk.
Iwan J. Azis, ADb and Cornell university, uSA.
Simone Baumann, university of Zurich, Switzerland.
Steven Beck, Head of trade Finance, private Sector operation, ADb.
Ross P. Buckley, CIFR king & wood mallesons professor of International
Finance law, university of new South wales, Australia.
Arup Chatterjee, principal Financial Sector Specialist, ADb.
Evan C. Gibson, Asian Institute of International Financial law, Faculty of
law, university of Hong kong, China.
Joon- Ho Hahm, professor of International economics and Finance at the
Graduate School of International Studies, Yonsei university.
Se Hee Lim, Financial Supervisory Service, korea.
Rogelio V. Mercado, Jr, economics Research Department, ADb.
Paul Mizen, university of nottingham, uk.
Fariborz Moshirian, Institute of Global Finance, university of new South
wales, Sydney, Australia.
Frank Packer, bank for International Settlements.
Michael Panton, Asian Institute of International Financial law, Faculty
of law, university of Hong kong, China.
ix