East Asia's Financial Systems: Evolution & Crisis

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Seiichi Masuyama, Donna Vandenbrink, Siow Yue Chia
Institute of Southeast Asian Studies, Jan 1, 1999 - Business & Economics - 363 pages
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 Financial systems in the East Asian region are commanding worldwide attention. Japan's financial sector, with an ailing banking system in the aftermath of a bubble economy, is undergoing a "Big Bang" deregulation, liberalization, and securitization. At the same time, the rehabilitation of Southeast Asian and Korean economies in the wake of the Asian financial crisis awaits restoration of their banking sectors. The region's bank-dominated and development finance-oriented financial systems are coming into friction with global capital markets that lack adequate architecture. In this volume, researchers from ten East Asian think- tanks analyse the financial systems in their respective economies. They survey the financial sector deregulation and liberalization that took place in the midst of economic booms and they evaluate the role of the financial systems in the region's current economic misfortunes. Together, the pieces in this volume lay the groundwork for understanding how financial systems in East Asia have evolved as the economies have grown more complex and capital markets have globalized, and how these systems must adapt to move beyond today's crisis to serve the region's economies in the future. 

          
 

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Contents

Yos Vajragupta and Prakorn Vichyanond
34
The Financial Crisis in Indonesia
85
Evolution of the Malaysian Financial System
144
Evolution of the Philippine Financial System
166
The Financial Sector and Economic Development
200
Developing the Financial Services Industry in Singapore
231
Evolution of Taiwans Financial System
260
Reform and Development of Chinas Financial System
291
Can the Big Bang Cure the Ills of Japans Financial
314
Index
347
The Editors
364
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About the author (1999)

• Seiichi Masuyama is Chief Researcher at the Nomura Research Institute, Tokyo

• Donna C. Vandenbrink is economist at the Center for Knowledge Exchange and Creation at Nomura Research Institute and formerly at the Federal Reserve Bank of Chicago.

 • Chia Siow Yue is a Senior Research Fellow at the Singapore Institute of International Affairs (SIIA), Singapore



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