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Regional financial regulation in Asia

In: New Global Economic Architecture

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  • Masahiro Kawai
  • Peter J. Morgan

Abstract

The global financial crisis of 2007-2009 exposed flaws and shortcomings in the global economic architecture, and has sparked an international debate about possible remedies for them. The postwar global architecture was essentially guided by the major developed economies, and was centered around the IMF, the GATT – the predecessor of the WTO – and the World Bank. Today, however, the balance of economic and financial power is shifting toward the emerging economies, especially those in Asia, and both global governance and economic policy thinking are beginning to reflect this shift. This book addresses the important question of how a regional architecture, particularly one in Asia, can induce a supply of regional public goods that can complement and strengthen the global public goods supplied through the global architecture. These public goods include institutions to help maintain financial stability, support more open trading regimes and promote sustainable economic development.

Suggested Citation

  • Masahiro Kawai & Peter J. Morgan, 2014. "Regional financial regulation in Asia," Chapters,in: New Global Economic Architecture, chapter 6, pages 112-147 Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:15654_6
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    References listed on IDEAS

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    1. Chinn, Menzie D. & Ito, Hiro, 2006. "What matters for financial development? Capital controls, institutions, and interactions," Journal of Development Economics, Elsevier, vol. 81(1), pages 163-192, October.
    2. Jean Pisani-Ferry & André Sapir & Nicolas Véron & Guntram B. Wolff, 2012. "What kind of European banking union?," Policy Contributions 731, Bruegel.
    3. Michael G. Plummer, 2012. "Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia," Chapters,in: Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 8 Edward Elgar Publishing.
    4. Robert G. King & Ross Levine, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, Oxford University Press, vol. 108(3), pages 717-737.
    5. Masahiro Kawai & Peter J. Morgan, 2014. "Regional financial regulation in Asia," Chapters,in: New Global Economic Architecture, chapter 6, pages 112-147 Edward Elgar Publishing.
    6. Adalbert Winkler, 2012. "The Financial Crisis: A Wake-up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," Chapters,in: Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 7 Edward Elgar Publishing.
    7. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, vol. 88(3), pages 559-586, June.
    8. Stephen Cecchetti & Enisse Kharroubi, 2012. "Reassessing the impact of finance on growth," BIS Working Papers 381, Bank for International Settlements.
    9. Capannelli, Giovanni & Lee, Jong-Wha & Petri, Peter, 2009. "Developing Indicators for Regional Economic Integration and Cooperation," Working Papers on Regional Economic Integration 33, Asian Development Bank.
    10. Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000. "Finance and the sources of growth," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 261-300.
    11. Moritz Schularick & Thomas M Steger, 2010. "Financial Integration, Investment, and Economic Growth: Evidence from Two Eras of Financial Globalization," The Review of Economics and Statistics, MIT Press, vol. 92(4), pages 756-768, November.
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    Cited by:

    1. Masahiro Kawai & Peter J. Morgan, 2014. "Regional financial regulation in Asia," Chapters,in: New Global Economic Architecture, chapter 6, pages 112-147 Edward Elgar Publishing.
    2. Heinrich, Gregor, 2015. "Designing a Financial Stability Architecture for a Regionally Integrated Financial Space: The European Experience," MPRA Paper 63225, University Library of Munich, Germany.

    More about this item

    Keywords

    Asian Studies; Economics and Finance;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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