New Paradigms for Financial Regulation: Emerging Market Perspectives

Publication | February 2013

This book presents analytical frameworks and policy prescriptions for emerging markets to help them balance financial development and broader financial inclusion with macroeconomic and financial stability.

The global financial crisis has led to a sweeping reevaluation of frameworks and paradigms for financial market regulation and macroeconomic policies. Some progress has been made in strengthening these frameworks, at national and international levels, but numerous challenges lie ahead in terms of developing an analytical framework to guide these changes in a manner that promotes financial stability. This book provides new perspectives on these issues and evaluates recent developments from an emerging markets perspective.

The main objective of this book is to develop analytical frameworks and policy prescriptions for emerging markets for balancing the goals of financial development and broader financial inclusion, with the imperative of strengthening macroeconomic and financial stability in these economies. The first two chapters provide an overview of the global regulatory landscape and discuss these from the perspective of Asian emerging markets. The book then discusses how to promote financial development and inclusion in these emerging markets and to take account of regulatory concerns and constraints. Different approaches to strengthening macroeconomic frameworks that promote financial stability are then evaluated. Finally, the book turns to issues related to cross-border regulatory coordination, which are becoming increasingly important as financial institutions operate freely across national borders and as capital flows serve as a channel for the rapid international transmission of financial shocks.

Co-published with Brookings Institution Press. For orders, please contact Brookings Institution Press.

Contents 

  • Introduction and Overview
  • The Dodd-Frank Act and Basel III: Intentions, Unintended Consequences, and Lessons for Emerging Markets
  • Global Financial Regulations and the Asian Financial System: Lessons from the Financial Crisis
  • The Asian Financial System: Development and Challenges
  • Financial Globalization in Emerging Countries: Diversification versus Offshoring
  • Strengthening Macroeconomic Frameworks: The Indian Experience
  • The Macroprudential Policy Framework from an Asian Perspective
  • Emergence in the Postcrisis World: Widening Asymmetries between Advanced and Emerging Economies
  • The Impact of Changes in the Global Financial Regulatory Landscape on Emerging Markets
  • International Financial Reforms: Capital Standards, Resolution Regimes, and Supervisory Colleges and Their Effect on Emerging Markets

Additional Details

Editors
Type
Subjects
  • Economics
  • Finance sector development
  • Governance and public sector management
  • Private sector development
  • Regional cooperation and integration
Countries
  • Bangladesh
  • China, People's Republic of
  • India
  • Indonesia
  • Japan
  • Korea, Republic of
  • Malaysia
  • Philippines
ISBN
  • 978-0-8157-2264-9 (Print)

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