• Summary
  • Contents
  • Subject index

Capital Market Reform in Asia contains a selection of papers that capture the essence of capital market reform in the Asian region, including important lessons from the global financial crisis of 2007–2009. It points to the need for Asian economies to adapt their capital market development strategies to rebalance growth by increasing mobilization of Asian savings for Asian investment.

Capital Market Reform in Asia is derived from 11 round table conferences on Capital Market Reform in Asia, jointly organized by Asian Development Bank Institute (ADBI) and the Organization for Economic Co-operation and Development (OECD).

The volume charts the progress of capital market development in Asia after the 1997–1998 Asian financial crisis, providing insights into capital market reform and the new challenges that have arisen since the global financial crisis of 2007–2009, amidst reforms to the international financial architecture.

Financial Sector Supervision: What We Have Learned So Far*
Financial sector supervision: What we have learned so far

This roundtable audience embodies more practical experience in the specific regulatory requirements of the securities sector than a former central banker can match. If I can make some contribution, it may be in two very disparate areas. The first one is quite micro—on the role of the “frontline” supervisor. The second is at a more macro level—to make the case that, for the emerging financial markets in East Asia, conventional (old-fashioned, if you like) industry-based supervision may be more appropriate than the current vogue for universal/unitary supervision of the financial sector as a whole.

The Role of the “Frontline” Regulator

Douglass North (2005) has observed: “Economists of the libertarian persuasion ...

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