Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Regionalizing Global CrisesRegionalizing Financial Development in East Asia

Regionalizing Global Crises: Regionalizing Financial Development in East Asia [The bank-based financial systems of the East Asian economies were a crucial determinant of their rapid development (Amsden, 1989; ÆniŞ, 1991; Wade, 2004). In recent years, however, capital markets in the region have expanded rapidly and governments across the region have implemented a series of reforms to this purpose. More specifically, in the wake of the Asian financial crisis of 1997–98 there have been considerable changes in the domestic financial architectures in a wide range of East and Southeast Asian countries with capital markets becoming increasingly important sources of funds. This chapter looks at these changes and suggests that they have largely been driven by processes of lesson-learning by national and regional actors in response to the Asian crisis. Interestingly, these processes of lesson learning have not only taken place in the four countries most affected by the crisis, Indonesia, Malaysia, South Korea, and Thailand (AFC-4), but also in ‘spectator’ countries such as China and Vietnam that were only indirectly affected by the 1997’98 crisis.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Regionalizing Global CrisesRegionalizing Financial Development in East Asia

Part of the International Political Economy Series Book Series
Editors: Haastrup, Toni; Eun, Yong-Soo
Rethel, Lena
Regionalizing Global Crises — Dec 3, 2015
Download PDF
15 pages

Loading next page...
 
/lp/springer-journals/regionalizing-global-crises-regionalizing-financial-development-in-4hvmruEhOM
Publisher
Palgrave Macmillan UK
Copyright
© Palgrave Macmillan, a division of Macmillan Publishers Limited 2014
ISBN
978-1-349-46738-9
Pages
60 –75
DOI
10.1057/9781137347572_5
Publisher site
See Chapter on Publisher Site

Abstract

[The bank-based financial systems of the East Asian economies were a crucial determinant of their rapid development (Amsden, 1989; ÆniŞ, 1991; Wade, 2004). In recent years, however, capital markets in the region have expanded rapidly and governments across the region have implemented a series of reforms to this purpose. More specifically, in the wake of the Asian financial crisis of 1997–98 there have been considerable changes in the domestic financial architectures in a wide range of East and Southeast Asian countries with capital markets becoming increasingly important sources of funds. This chapter looks at these changes and suggests that they have largely been driven by processes of lesson-learning by national and regional actors in response to the Asian crisis. Interestingly, these processes of lesson learning have not only taken place in the four countries most affected by the crisis, Indonesia, Malaysia, South Korea, and Thailand (AFC-4), but also in ‘spectator’ countries such as China and Vietnam that were only indirectly affected by the 1997’98 crisis.]

Published: Dec 3, 2015

Keywords: Gross Domestic Product; Capital Market; Bond Market; Asian Development Bank; Stock Market Capitalization

There are no references for this article.