Synopses & Reviews
The global financial crisis that began in 2008 highlighted the need for strengthening financial systems in emerging markets and in low-income developing economies. The contributors to this volume outline these and other pressing issues in this insightful book.
Emerging markets face particular challenges in stabilizing their nascent financialsystems in the face of shocks, both domestic and external, and financial reforms arecritical to these economies as they pursue programs of sustainable high growth. Low-income countries, where the breadth of formal financial systems is severely limited, pose even greater problems. At the moment, policymakers in emerging markets are strugglingto learn from the crisis how they can refashion financial regulatory structures, how they might best contend with multinational financial institutions, and how they can extend financial services to underserved segments of their populations.
Masahiro Kawai, Eswar Prasad, and their contributors offer a systematic overview of recent developments in --and the latest thinking about --regulatory frameworks in both advancedcountries and emerging markets. At the same time, their contributions clearly point out the challenges to improving regulation, markets, and access in developing economies.
Topics include
- Rewriting Financial Sector Regulation
- Evaluating U.S. Plans for Financial Regulatory Reform
- Emerging Contours of Financial Regulation
- What Regulatory Policies Are Suitable for Emerging Markets
- Banking Supervision in Indonesia
- Containing a Systemic Crisis: Is There a Playbook?
- Financial Development: A Broader Perspective
- Financial Development in Emerging Markets: The Indian Experience
- Universalizing Complete Access to Finance
Synopsis
The rapid spread and far-reaching impact of the global financial crisis have highlighted the need for strengthening financial systems in advanced economies and emerging markets. Emerging markets face particular challenges in developing their nascent financial systems and making them resilient to domestic and external shocks. Financial reforms are critical to these economies as they pursue programs of high and sustainable growth.
In this timely volume Masahiro Kawai, Eswar Prasad, and their contributors offer a systematic overview of recent developments in --and the latest thinking about --regulatory frameworks in both advanced countries and emerging markets. Their analyses and observations clearly point out the challenges to improving regulation, efficiency of markets, and access to the fi nancial system. Policymakers and financial managers in emerging markets are struggling to learn from the crisis and will need to grapple with some key questions as they restructure and reform their financial markets:
- What lessons does the global financial crisis of 2007?09 offer for the establishment of efficient and flexible regulatory structures?
- How can policymakers develop broader financial markets while managing the associated risks?
- How --or should --they make the formal financial system more accessible to more people?
- How might they best contend with multinational financial institutions?
This book is an important step in getting a better grasp of these issues and making progress toward solutions that strike a balance between promoting financial market development and efficiency on the one hand, and ensuring financial stability on the other.