Regulatory Failure in Emerging Markets
Systemic failure in Asian markets has bee analysed and attempts made to correct future occurrences by changes to the regulatory models governing those markets. However many of those markets still have not initiated necessary public sector reforms to ensure good governance, financial stability and market based accounting systems essential for required privatisations. Reasons for this may lie in the stage of development of the underlying political and social systems. Hence policy makers when choosing rational macroeconomic measures need to recognise the dependencies of different systems. Also questions can be raised as to the necessity of some of the IMF programmes. Indonesia is used as a case study to illustrate the case for a new blueprint for recovery that does not rely on traditional methods that can be at times totally counterproductive to the original goals.
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- John M Montgomery, 1997. "The Indonesian Financial System; Its Contribution to Economic Performance, and Key Policy Issues," IMF Working Papers 97/45, International Monetary Fund.
- P. Honohan, 2000.
"Banking System Failures in Developing and Transition Countries: Diagnosis and Prediction,"
Banca Monte dei Paschi di Siena SpA, vol. 29(1), pages 83-109, 02.
- Patrick Honohan, 1997. "Banking system failures in developing and transition countries: Diagnosis and predictions," BIS Working Papers 39, Bank for International Settlements.
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