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Chapter 1: Banks and Financial Intermediation in Emerging Asia: Reforms and New Risks*
The Asian banking systems have been hit by several large shocks over the past decade. A financial meltdown in the late 1990s almost crippled the Asian financial intermediation process, leading to a massive loss of output and subsequent efforts by Asian authorities to overhaul the banking system. This was followed by the 2001 global slowdown. The 2007–09 global financial crisis proved to be a huge stress test for the Asian banking system. Up to the time of writing, however, most Asian banks seem to have weathered the crisis rather well.1
The conventional view about the transformation of the banking system since the ...