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Regional financial arrangements: lessons from the Eurozone crisis for East Asia

In: Global Shock, Risks, and Asian Financial Reform

Author

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  • Emilios Avgouleas
  • Douglas W. Arner
  • Uzma Ashraf

Abstract

The growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance and the resultant higher frequency of financial crises, all eyes have shifted toward the current inadequacy of financial regulation. This book expertly examines what this episode means for Asia’s financial sector and its stability, and what the implications will be for the region’s financial regulation. By focusing on legal and institutional frameworks the book also elaborates on various issues and challenges in terms of how financial liberalization can maximize the benefits and minimize the risks of crisis.

Suggested Citation

  • Emilios Avgouleas & Douglas W. Arner & Uzma Ashraf, 2014. "Regional financial arrangements: lessons from the Eurozone crisis for East Asia," Chapters, in: Iwan J. Azis & Hyun S. Shin (ed.),Global Shock, Risks, and Asian Financial Reform, chapter 10, pages 377-415, Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:15939_10
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    References listed on IDEAS

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    4. Baele, Lieven & Ferrando, Annalisa & Hördahl, Peter & Krylova, Elizaveta & Monnet, Cyril, 2004. "Measuring financial integration in the euro area," Occasional Paper Series 14, European Central Bank.
    5. Andrew Moravcsik, 1993. "Preferences and Power in the European Community: A Liberal Intergovernmentalist Approach," Journal of Common Market Studies, Wiley Blackwell, vol. 31(4), pages 473-524, December.
    6. Iwan J. Azis, 2012. "Asian Regional Financial Safety Nets? Don't Hold Your Breath," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 321-340, August.
    7. Dirk Schoenmaker & Sander Oosterloo, 2005. "Financial Supervision in an Integrating Europe: Measuring Cross‐Border Externalities," International Finance, Wiley Blackwell, vol. 8(1), pages 1-27, March.
    8. C. Fred Bergsten & Jacob Funk Kirkegaard, 2012. "The Coming Resolution of the European Crisis," Policy Briefs PB12-1, Peterson Institute for International Economics.
    9. Riccardo Bellofiore, 2013. "'Two or three things I know about her': Europe in the global crisis and heterodox economics," Cambridge Journal of Economics, Oxford University Press, vol. 37(3), pages 497-512.
    10. Schoenmaker, Dirk, 2011. "The financial trilemma," Economics Letters, Elsevier, vol. 111(1), pages 57-59, April.
    11. Neal, Larry, 1985. "Integration of International Capital Markets: Quantitative Evidence from the Eighteenth to Twentieth Centuries," The Journal of Economic History, Cambridge University Press, vol. 45(2), pages 219-226, June.
    12. Pasha L. Hsieh, 2013. "Reassessing APEC's role as a Trans-Regional Economic Architecture: Legal and Policy Dimensions," Journal of International Economic Law, Oxford University Press, vol. 16(1), pages 119-158, March.
    13. Lieven Baele & Annalisa Ferrando & Peter Hördahl & Elizaveta Krylova & Cyril Monnet, 2004. "Measuring financial integration in the euro area," Occasional Paper Series 14, European Central Bank.
    14. C. Fred Bergsten & Jacob Funk Kirkegaard, 2012. "The Coming Resolution of the European Crisis: An Update," Policy Briefs PB12-18, Peterson Institute for International Economics.
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    Keywords

    Economics and Finance;

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