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Financial Sector Development in the Pacific Rim
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Financial Sector Development in the Pacific Rim

Takatoshi Ito and Andrew K. Rose

Abstract

The reform in Asian financial sectors—especially in banking and stock markets—has been remarkable since the currency crisis of 1997–98. East Asia is now a major player in international finance, providing serious competition to the more traditional financial centers of London and New York. This book provides a collection of theoretical and empirical analyses of the growing capital markets in the region. Bringing together authors from various East Asian and Pacific nations, this volume examines the institutional factors influencing financial innovation, the consequences of financial development, ... More

Keywords: policy reform, Asian financial sectors, banking, stock markets, currency crisis, East Asia, international finance, capital markets, financial innovation, economic development

Bibliographic Information

Print publication date: 2009 Print ISBN-13: 9780226386843
Published to Chicago Scholarship Online: February 2013 DOI:10.7208/chicago/9780226386867.001.0001

Authors

Affiliations are at time of print publication.

Takatoshi Ito, editor

Andrew K. Rose, editor

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Contents

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Introduction

Takatoshi Ito and Andrew K. Rose

I The Evolving Nature of Regional Stock Markets

1 Hong Kong and Shanghai

Robert N. McCauley and Eric Chan

II Consequences of Financial Development

3 Misaligned Incentives and Mortgage Lending in Asia

Richard Green, Roberto S. Mariano, Andrey Pavlov, and Susan Wachter

4 East Asia and Global Imbalances

Hiro Ito and Menzie Chinn

III Financial Consolidation

8 Consolidation of Banks in Japan

Kaoru Hosono, Koji Sakai and Kotaro Tsuru

IVReform and Dynamism

10 Big Business Stability and Social Welfare

Kathy Fogel, Randall Morck, and Bernard Yeung