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Asian Regulatory Responses to the Global Financial Crisis

Author

Listed:
  • Douglas W. Arner

    (Douglas W. Arner is Director, Asian Institute of International Financial Law and Professor, Faculty of Law, University of Hong Kong , Hong Kong. E-mail: douglas.arner@hku.hk)

  • Lotte Schou-Zibell

    (Lotte Schou-Zibell is Senior Economist, Central West Regional Department, Mandaluyong City, Metro Manila, Philippines. E-mail: lschouzibell@adb.org)

Abstract

The global financial and economic crisis marks an important turning point for finance and the Asian growth model. Regional consensus is now supporting economic rebalancing away from the dominant focus on exports to developed markets toward more and more balanced economic structure supported by domestic and regional financial development. In relation to finance, the crisis highlights the neces-sity of addressing a range of issues across the region. First, Asian approaches to financial liberalization, prudential regulation, and financial innovation are likely to be closely considered around the world. At the same time, while the region has not been at the center of the global crisis—in contrast to the Asian financial crisis of 1997–98—it nonetheless provides an important opportunity to strengthen domestic and regional financial regulations. Second, beyond the postcrisis issues, and the prevention of systemic risk in particular, finance must continue to play a central role in supporting economic development and poverty reduction across the region. While the global crisis has highlighted once again the risks of finance, a central objective, across Asia, must be financial sector development to support economic growth and development. Third, in addition to domestic reform, the crisis provides an opportunity to enhance the international financial architecture, not only to improve its efficacy, but also to enhance the role of empowered Asian economies in global fora and institutions. At the same time, weaknesses in the international financial architecture suggest the need for Asian regional alternatives to address liquidity, liberalization, regulation, and exchange rate volatility.

Suggested Citation

  • Douglas W. Arner & Lotte Schou-Zibell, 2011. "Asian Regulatory Responses to the Global Financial Crisis," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 3(1), pages 135-169, January.
  • Handle: RePEc:sae:emeeco:v:3:y:2011:i:1:p:135-169
    DOI: 10.1177/097491011000300105
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    References listed on IDEAS

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    1. Arner,Douglas W., 2007. "Financial Stability, Economic Growth, and the Role of Law," Cambridge Books, Cambridge University Press, number 9780521870474, October.
    2. Arner,Douglas W., 2007. "Financial Stability, Economic Growth, and the Role of Law," Cambridge Books, Cambridge University Press, number 9780521690560, October.
    3. Lejot , Paul & Arner, Douglas & Schou-Zibell, Lotte, 2008. "Securitization in East Asia," Working Papers on Regional Economic Integration 12, Asian Development Bank.
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    Cited by:

    1. Neelam Rani & Aman Asija, 2017. "Has Financial Crisis Affected the Announcement Gains of Indian Cross-border Acquisitions?," IIM Kozhikode Society & Management Review, , vol. 6(1), pages 55-66, January.
    2. Reddy, Kotapati Srinivasa & Nangia, Vinay Kumar & Agrawal, Rajat, 2014. "The 2007-2008 global financial crisis, and cross-border mergers and acquisitions: A 26-nation exploratory study," MPRA Paper 60148, University Library of Munich, Germany.
    3. Kotapati Srinivasa Reddy & Vinay Kumar Nangia & Rajat Agrawal, 2014. "The 2007–2008 Global Financial Crisis, and Cross-border Mergers and Acquisitions," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 6(3), pages 257-281, September.

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