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.
Chapter 16: The Asian Bond Fund-2 and Regional Initiatives*
The Asian Bond Fund-2 and Regional Initiatives*
This chapter attempts to present the rationale for integration of regional financial and capital markets in East Asia, the Asian Bond Fund-2 (ABF-2), and the way forward toward further integration.
The Need to Further Develop and Integrate Markets: Financing of Current Account Deficit
Today, the world's attention seems to be focused on the global imbalance; the growing current account deficit of the United States (US), and, on the opposite side, the current account surplus of Asia. Both phenomena are considered unsustainable, and countries are urged to cooperate to help the unwinding of this imbalance in an orderly way.
Emerging countries in Asia have not always enjoyed current account surplus positions, however. They all have long ...