Financing Southeast Asia's Economic Development

Financing Southeast Asia's Economic Development

Financing Southeast Asia's Economic Development

Financing Southeast Asia's Economic Development

Synopsis

This book examines the various policy options open to the ten countries of the region for improving and diversifying their financial resources. The Asian financial crisis exposed the vulnerabilities of Southeast Asia's bank-based finance sector, and illustrated the pressing need to develop a more robust and multi-faceted financial infrastructure across the region. Looking ahead, sustained economic development in Southeast Asia will be constrained unless the region can embrace new sources of capital. Authored by experts in their respective fields, the chapters of this book examine such issues as the regions current debt burden, the regions banking sector since the 1997-98 crisis, micro-financing efforts in the region, new opportunities in project financing, developing venture capital capabilities, reviving foreign direct investment inflows, creating bond markets, developing the regions lacklustre equity markets, and the potential benefits of financial integration.

Excerpt

Akira Kohsaka

In the 1990s, capital account transactions expanded far beyond current account counterparts, across both developed and developing economies. This new “financial globalization” trend has been produced by two recent developments: financial liberalization and financial innovation. Both trends tend to blur distinctions in existing financial institutions, instruments, and transactions, and so shift the roles of government authorities from discretionary direct intervention in markets to rulebased indirect supervision and surveillance. Under these trends, however, net private — as well as total — capital inflows to the financial crisisaffected countries in East Asia turned negative, and remained so since 1997. And at this moment, we see no sign of their becoming positive in . . .

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