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From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World

Publication | October 2015
From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World

Scholars affiliated with the Peterson Institute for International Economics and ADB argue in separate essays that Asian systems must strengthen quality, diversity, and resilience to future shocks in order to deliver growth in coming years.

Asian financial systems, which serve the most economically dynamic region of the world, survived the global economic crisis of the last several years. The book examines such phenomena as the dominance of state-owned banks, the growth of nonbank lending (the so-called shadow banks), and the need to develop local bond markets, new financial centers, and stronger supervisory tools to prevent dangerous real estate asset bubbles. The People's Republic of China's (PRC) large financial system is discussed at length, with emphasis on concerns that PRC's system has grown too fast, that it is overly tilted toward corporate borrowing, and that state domination has led to overly easy credit to state-owned actors. Asia needs investment to improve its infrastructure and carry out technological innovation, but the book argues that the region's financial systems face challenges in meeting that need.

This publication edited by Marcus Noland and Donghyun Park has been copublished with Peterson Institute for International Economics. For orders, please contact: http://bookstore.piie.com/book-store/6994.html

Contents 

  • Introduction
  • Financing Asia's Growth
  • Financial Development, Financial Openness, and Economic Growth
  • The Financial Sector and Growth in Emerging Asian Economies
  • Financial Development and Output Growth in Developing Asia and Latin America: A Comparative Sectoral Analysis
  • Financing Productivity- and Innovation-Led Growth in Developing Asia: International Lessons and Policy Issues
  • Enhancing Financial Stability in Developing Asia
  • Banking Regulation in Asia
  • Bank Stress Tests and Financial Stability: Lessons from the 2009–14 US- and EU-Wide Tests for Asian Emerging Economies
  • The People's Republic of China: Maintaining Financial Stability amidst Financial Liberalization
  • Bond Market Development in Developing Asia