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East Asian Finance : The Road to Robust Markets

Author

Listed:
  • Swati R. Ghosh

Abstract

This study analyzes the key issues and constraints - in terms of efficiency, access and safety and soundness - faced by East Asian countries in developing their financial markets which are at different stages of development, drawing on global experience. The study takes stock of the initiatives being undertaken at the regional level to foster greater financial integration as a means of deepening and diversifying financial markets, and on the policy issues that need to be addressed at the domestic level to deepen and diversify financial markets and to actually benefit from the actions that are being taken at the regional level.

Suggested Citation

  • Swati R. Ghosh, 2006. "East Asian Finance : The Road to Robust Markets," World Bank Publications, The World Bank, number 7063.
  • Handle: RePEc:wbk:wbpubs:7063
    as

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/7063/372640EAP0East101OFFICIAL0USE0ONLY1.pdf?sequence=1
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    References listed on IDEAS

    as
    1. Rafael Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 2006. "What Works in Securities Laws?," Journal of Finance, American Finance Association, vol. 61(1), pages 1-32, February.
    2. Mitchell A. Petersen & Raghuram G. Rajan, 1995. "The Effect of Credit Market Competition on Lending Relationships," The Quarterly Journal of Economics, Oxford University Press, vol. 110(2), pages 407-443.
    3. Maria Soledad Martinez Peria & Ashoka Mody, 2004. "How foreign participation and market concentration impact bank spreads: evidence from Latin America," Proceedings, Federal Reserve Bank of Cleveland, pages 511-542.
    4. Mitchell A. Petersen & Raghuram G. Rajan, 2002. "Does Distance Still Matter? The Information Revolution in Small Business Lending," Journal of Finance, American Finance Association, vol. 57(6), pages 2533-2570, December.
    5. Lesmond, David A & Ogden, Joseph P & Trzcinka, Charles A, 1999. "A New Estimate of Transaction Costs," Review of Financial Studies, Society for Financial Studies, vol. 12(5), pages 1113-1141.
    6. Inessa Love & Nataliya Mylenko, 2003. "Credit reporting and financing constraints," Policy Research Working Paper Series 3142, The World Bank.
    7. Ng, Angela, 2000. "Volatility spillover effects from Japan and the US to the Pacific-Basin," Journal of International Money and Finance, Elsevier, vol. 19(2), pages 207-233, April.
    8. Alejandro Micco & Ugo Panizza & Mónica Yañez, 2004. "Bank Ownership and Performance," IDB Publications (Working Papers) 1544, Inter-American Development Bank.
    9. Xavier Vives, 2001. "Competition in the Changing World of Banking," Oxford Review of Economic Policy, Oxford University Press, vol. 17(4), pages 535-547.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Magnoli Bocchi, Alessandro, 2008. "Rising growth, declining investment : the puzzle of the Philippines," Policy Research Working Paper Series 4472, The World Bank.
    2. Okabe, Yasunobu, 2013. "Financial Restructuring after the 1997 Crisis and Impact of the Lehman Shock: Path Dependence of Financial Systems in Korea and Thailand," Working Papers 51, JICA Research Institute.
    3. Melanie S. Milo, 2007. "Integrated Financial Supervision : An Institutional Perspective for the Philippines," Finance Working Papers 22667, East Asian Bureau of Economic Research.
    4. Ralph Chami & Connel Fullenkamp & Sunil Sharma, 2010. "A framework for financial market development," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 13(2), pages 107-135.
    5. Manasan, Rosario G., 2011. "A Review of Social Insurance in the Philippines," Philippine Journal of Development PJD 2009 Vol. XXXVI No. 2, Philippine Institute for Development Studies.
    6. Manasan, Rosario G., 2009. "Reforming Social Protection Policy: Responding to the Global Financial Crisis and Beyond," Discussion Papers DP 2009-22, Philippine Institute for Development Studies.
    7. Hans Gersbach & Jean-Charles Rochet & Martin Scheffel, 2017. "Financial Intermediation, Capital Accumulation and Crisis Recovery," Swiss Finance Institute Research Paper Series 17-38, Swiss Finance Institute.
    8. Hong Liu & Philip Molyneux & Linh H. Nguyen, 2012. "Competition and risk in South East Asian commercial banking," Applied Economics, Taylor & Francis Journals, vol. 44(28), pages 3627-3644, October.
    9. Catriona Purfield & Hiroko Oura & Charles Kramer & Andreas Jobst, 2008. "Asian equity markets: growth, opportunities, and challenges," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 1(2), pages 227-248.
    10. James Kung & Andrew Carverhill & Ross McLeod, 2010. "Indonesia's stock market: evolving role, growing efficiency," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 46(3), pages 329-346.
    11. Jennifer Corbett, 2010. "Asian Financial Integration," Chapters,in: Globalization and Economic Integration, chapter 5 Edward Elgar Publishing.
    12. Silvio Contessi & Li Li & Katheryn N. Russ, 2013. "Bank vs. bond financing over the business cycle," Economic Synopses, Federal Reserve Bank of St. Louis.
    13. William Scheela & Edmundo Isidro & Thawatchai Jittrapanun & Nguyen Trang, 2015. "Formal and informal venture capital investing in emerging economies in Southeast Asia," Asia Pacific Journal of Management, Springer, vol. 32(3), pages 597-617, September.
    14. Adams, Charles, 2008. "Emerging East Asian Banking Systems Ten Years after the 1997/98 Crisis," Working Papers on Regional Economic Integration 16, Asian Development Bank.
    15. Warnock, Veronica Cacdac & Warnock, Francis E., 2008. "Markets and housing finance," Journal of Housing Economics, Elsevier, vol. 17(3), pages 239-251, September.
    16. Hong Liu & Philip Molyneux & Linh H Nguyen, 2011. "Competition and risk in the South East Asian commercial banking," Post-Print hal-00711456, HAL.
    17. Milo, Melanie S., 2007. "Integrated Financial Supervision: an Institutional Perspective for the Philippines," Discussion Papers DP 2007-17, Philippine Institute for Development Studies.
    18. Gersbach, Hans & Rochet, Jean-Charles & Scheffel, Martin, 2015. "Financial Intermediation, Capital Accumulation, and Recovery," CEPR Discussion Papers 10964, C.E.P.R. Discussion Papers.
    19. repec:taf:rjapxx:v:14:y:2009:i:1:p:5-26 is not listed on IDEAS
    20. Charles Adams, 2010. "The Role of the State in Managing and Forestalling Systemic Financial Crises: Some Issues and Perspectives," Working Papers id:2923, eSocialSciences.
    21. Sin-Yu Ho & Nicholas M Odhiambo, 2015. "Stock market performance in Hong Kong: an exploratory review," Asian-Pacific Economic Literature, Asia Pacific School of Economics and Government, The Australian National University, vol. 29(1), pages 47-61, May.
    22. Yiping Huang, 2010. "From Crisis to Crisis: Changing Capital Flows and Foreign Exchange Reserves in Asia," Chapters,in: Asian Regionalism in the World Economy, chapter 8 Edward Elgar Publishing.
    23. Suiwah Leung, 2010. "Finance, Trade and Development in East Asia: Opportunities for Mekong Economies," Chapters,in: Globalization and Development in the Mekong Economies, chapter 4 Edward Elgar Publishing.
    24. Timmermann, Martina, 2008. "Institutionalizing Northeast Asia: Challenges and Opportunities," MPRA Paper 11556, University Library of Munich, Germany.

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