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An Asian Perspective on Global Financial Reforms

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  • Peter J. Morgan

    (Asian Development Bank Institute (ADBI))

  • Victor Pontines

Abstract

The purpose of this study is to better understand the likely impact on Asian economies and financial institutions of various recent global financial reforms, including Basel III capital adequacy and liquidity rules. Part one reviews the lessons of the global financial crisis (GFC) of 2007–09 and their relevance for Asian economies. Part two describes the major regulatory reforms that have been announced and possible concerns about their impacts on emerging economies. Part three reviews the literature aimed at quantifying the impacts of Basel III capital adequacy rules. Part four develops our methodology and analysis of the quantitative impact of Basel III capital adequacy rules on a panel of Southeast Asian financial institutions with emphasis on the effect on economic growth. Finally, the study concludes with a discussion on the policy implications of the results obtained from the previous section for Asian financial sectors and economies. Overall, we find that the Basel III capital adequacy rules are likely to have limited impacts on economic growth in Asia, but other financial regulations, including liquidity standards and rules for over-the-counter (OTC) derivatives, could have stunting effects on financial development in the region.

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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 23637.

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Date of creation: Aug 2013
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Handle: RePEc:eab:financ:23637

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Related research

Keywords: Financial Reform; global financial crisis; Basel III; regulatory reform; Capital Adequacy Ratio; Asian economies; Southeast Asian; financaial institutions;

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  1. Scott Roger & Jan Vlcek, 2011. "Macroeconomic Costs of Higher Bank Capital and Liquidity Requirements," IMF Working Papers 11/103, International Monetary Fund.
  2. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
  3. Patrick Slovik & Boris Cournède, 2011. "Macroeconomic Impact of Basel III," OECD Economics Department Working Papers 844, OECD Publishing.
  4. Robert-Paul Berben & Beata Bierut & Jan Willem van den End & Jan Kakes, 2010. "Macro-effects of higher capital and liquidity requirements for banks," DNB Occasional Studies 803, Netherlands Central Bank, Research Department.
  5. repec:fip:fedgsq:y:2005:i:mar10 is not listed on IDEAS
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