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Designing a Financial MarketStructure in Post-Crisis Asia

dc.contributor.authorDr. Masaru Yoshitomi
dc.contributor.authorDr. Sayuri Shirai
dc.date.accessioned2015-04-29T14:29:11Z
dc.date.available2015-04-29T14:29:11Z
dc.date.issued2001-03-27
dc.identifier.urihttp://hdl.handle.net/11540/4120
dc.description.abstractSince the Asian financial crisis, strong and increasingly prevalent views have emerged thatbanks are no more functional and that economic development should rely on capital markets. Suchviews claim that the Asian crisis was caused by heavy dependence of firms’ investment on bank loansand that Asian commercial banks did not function as properly as those operating in some advancedcountries, due to crony relations among banks, firms, and governments. These views conclude thatpolicies should place less emphasis on bank loans and that Asian countries should develop domesticcapital markets as alternative more important sources of financing.This paper attempts to examine whether policy implications suggested by these prevalentviews are justifiable by considering the following two categories of questions. The first category isabout whether banks can be characterized as unsound and unfit institutions for economic developmentas often argued in the context of post-crisis Asia.Provided that existing economic theories andempirical studies clearly define basic functions and reason d’être of commercial banks, one then needsto ask: what went wrong with the banking system in Asia? The second category of questions focuseson why corporate bond markets are underdeveloped in many emerging market economies. Byanalyzing factors deterring the development of corporate bond markets, the paper then examineswhether, why, and how the markets should be developed.
dc.languageEnglish
dc.publisherAsian Development Bank Institute
dc.rightsCC BY 3.0 IGO
dc.rights.urihttps://creativecommons.org/licenses/by/3.0/igo/
dc.titleDesigning a Financial MarketStructure in Post-Crisis Asia
dc.typeWorking Papers
dc.subject.expertRegional Development Finance
dc.subject.expertPublic Scrutiny of City Finances
dc.subject.expertNon-Bank Financial Institutions
dc.subject.expertLocal Government Finance
dc.subject.expertGovernment Financial Institutions
dc.subject.expertForeign and Domestic Financing
dc.subject.expertFinancial Risk Management
dc.subject.expertAssessing Corporate Governance
dc.subject.expertGood Governance
dc.subject.expertGovernance Approach
dc.subject.adbPublic Accounting
dc.subject.adbBusiness Financing
dc.subject.adbSubsidies
dc.subject.adbSocial Equity
dc.subject.adbEconomic Equity
dc.subject.adbProject Risks
dc.subject.adbProject Impact
dc.subject.adbPublic Administration
dc.subject.adbCorporations
dc.subject.naturalInvestment Requirements
dc.subject.naturalBanks
dc.subject.natural|Taxing power
dc.subject.naturalTax administration and procedure
dc.subject.naturalTax policy
dc.subject.naturalEffect of taxation on labor supply
dc.subject.naturalDecentralization in government
dc.subject.naturalCommunity power
dc.subject.naturalCorporate divestment
dc.subject.naturalCivil government
dc.subject.naturalDelegation of powers
dc.subject.naturalEquality
dc.subject.naturalNeighborhood government
dc.subject.naturalSubnational governments
dc.subject.naturalDelivery of government services
dc.title.seriesResearch Paper Series
dc.title.volume15
dc.contributor.imprintAsian Development Bank
oar.themeFinance
oar.themeGovernance
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-004687
oar.authorYoshitomi, Dr. Masaru
oar.authorShirai, Dr. Sayuri
oar.importtrue
oar.googlescholar.linkpresenttrue


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  • ADBI Research Paper Series
    The Asian Development Bank Institute (ADBI) research paper series disseminate selected work in progress to facilitate an exchange of ideas within academic and policy communities. An objective of the series is to circulate primary findings promptly, regardless of the degree of finish. ADBI’s activities are guided by its three strategic priority themes of inclusive and sustainable growth, regional cooperation and integration, and governance for policies and institutions.

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