Financial sector reform and regulation in the Asia-Pacific region: A perspective

Asia-Pacific financial markets-and their economies-have proven more resilient to the consequences of the Global Financial Crisis than markets in many developed nations. Much is owed to financial market reform introduced following the Asian Financial Crisis of 1997-1998. Here, we provide an overview of some key empirical and theoretical issues that affect the process and impact of financial sector reform and regulation, such that one can draw implications for the design of future regional and country-specific reform initiatives. In addition, we also show the complex financial arrangements that now link emerging and developed financial markets in the Asia-Pacific region and elsewhere in the current post-crisis environment.