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Article: Global Financial Regulatory Reforms: Implications for Developing Asia

TitleGlobal Financial Regulatory Reforms: Implications for Developing Asia
Authors
KeywordsFinancial regulatory reform
Global financial architecture
G-20
Asia
National and regional reform
Issue Date2010
PublisherAsian Development Bank. The Journal's website is located at http://beta.adb.org/publications/search/1169
Citation
ADB Working Paper Series on Regional Economic Integration, 2010, n. 57, p. 1-38 How to Cite?
AbstractThe objective of global regulatory reform is to build a resilient global financial system that can withstand shocks and dampen, rather than amplify, their effects on the real economy. Lessons drawn from the recent crisis have led to specific reform proposals with concrete implementation plans at the international level. Yet, these proposals have raised concerns of relevance to Asia’s developing economies and hence require further attention at the regional level. We argue that global financial reform should allow for the enormous development challenges faced by developing countries—while ensuring that domestic financial regulatory systems keep abreast of global standards. This implies global reforms should be complemented and augmented by national and regional reforms, taking into account the very different characteristics of emerging economies’ financial systems from advanced economies. Key areas of development focus should be (i) balancing regulation and innovation, (ii) establishing national and cross-border crisis management and resolution mechanisms, (iii) preparing a comprehensive framework and contingency plan for financial institution failure, including consumer protection measures such as deposit insurance, (iv) supporting growth and development with particular attention to the region’s financial needs for infrastructure and for SMEs, and (v) reforming the international and regional financial architecture.
Persistent Identifierhttp://hdl.handle.net/10722/139346

 

DC FieldValueLanguage
dc.contributor.authorArner, DWen_US
dc.contributor.authorPark, CYen_US
dc.date.accessioned2011-09-23T05:48:27Z-
dc.date.available2011-09-23T05:48:27Z-
dc.date.issued2010en_US
dc.identifier.citationADB Working Paper Series on Regional Economic Integration, 2010, n. 57, p. 1-38en_US
dc.identifier.urihttp://hdl.handle.net/10722/139346-
dc.description.abstractThe objective of global regulatory reform is to build a resilient global financial system that can withstand shocks and dampen, rather than amplify, their effects on the real economy. Lessons drawn from the recent crisis have led to specific reform proposals with concrete implementation plans at the international level. Yet, these proposals have raised concerns of relevance to Asia’s developing economies and hence require further attention at the regional level. We argue that global financial reform should allow for the enormous development challenges faced by developing countries—while ensuring that domestic financial regulatory systems keep abreast of global standards. This implies global reforms should be complemented and augmented by national and regional reforms, taking into account the very different characteristics of emerging economies’ financial systems from advanced economies. Key areas of development focus should be (i) balancing regulation and innovation, (ii) establishing national and cross-border crisis management and resolution mechanisms, (iii) preparing a comprehensive framework and contingency plan for financial institution failure, including consumer protection measures such as deposit insurance, (iv) supporting growth and development with particular attention to the region’s financial needs for infrastructure and for SMEs, and (v) reforming the international and regional financial architecture.-
dc.languageengen_US
dc.publisherAsian Development Bank. The Journal's website is located at http://beta.adb.org/publications/search/1169en_US
dc.relation.ispartofADB Working Paper Series on Regional Economic Integrationen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectFinancial regulatory reform-
dc.subjectGlobal financial architecture-
dc.subjectG-20-
dc.subjectAsia-
dc.subjectNational and regional reform-
dc.titleGlobal Financial Regulatory Reforms: Implications for Developing Asiaen_US
dc.typeArticleen_US
dc.identifier.emailArner, DW: dwarner@hkucc.hku.hken_US
dc.identifier.authorityArner, DW=rp01237en_US
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros196368en_US
dc.identifier.issue57-
dc.identifier.spage1en_US
dc.identifier.epage38en_US
dc.publisher.placeManila, Philippines-

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