Financial Sector Development in the Pacific Rim
Financial Sector Development in the Pacific Rim
The reform in Asian financial sectors—especially in banking and stock markets—has been remarkable since the currency crisis of 1997–98. East Asia is now a major player in international finance, providing serious competition to the more traditional financial centers of London and New York. Financial Sector Development in the Pacific Rim provides a rich collection of theoretical and empirical analyses of the growing capital markets in the region.
Bringing together authors from various East Asian and Pacific nations, this volume examines the institutional factors influencing financial innovation, the consequences of financial development, widespread consolidation occurring through mergers and acquisitions, and the implementation of policy reform. Financial Sector Development in the Pacific Rim offers the comparative analysis necessary to answer broad questions about economic development and the future of Asia.
408 pages | 79 line drawings, 80 tables | 6 x 9 | © 2009
National Bureau of Economic Research East Asia Seminar on Economics
Economics and Business: Economics--International and Comparative
Table of Contents
Acknowledgments
Introduction
Takatoshi Ito and Andrew K. Rose
I. The Evolving Nature of Regional Stock Markets
1. Hong Kong and Shanghai: Yesterday, Today and Tomorrow
Robert N. McCauley and Eric Chan
Comments: David Cook
Peter Nicholas Kriz
2. Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period
Yasushi Hamao, Takeo Hoshi and Tetsuji Okazaki
Comments: Youngjae Lim
Masaya Sakuragawa
II. Consequences of Financial Development
3. Incentives for Mortgage Lending in Asia
Richard Green, Roberto Mariano, Andrey Pavlov and Susan Wachter
Comments: Michael Davies
Mario B. Lamberte
4. East Asia and Global Imbalances: Saving, Investment, and Financial Development
Hiro Ito and Menzie Chinn
Comments: Edwin Lai
Edward Robinson and Liew Yin Sze
5. Consumer Credit Market in Korea Since the Economic Crisis
Chang-Gyun Park
Comment: Winston T.H. Koh
III. Financial Consolidation
6. The Determinants of Cross-Border Merger and Acquisition Activity in the Financial Sector in Asia: Did the Asian Financial Crisis Change Them?
Chung-Hua Shen and Mei-Rong Lin
Comments: Mario B. Lamberte
Wimboh Santoso
7. Merger Activities and Stock Market Valuation in China
Ho-Mou Wu
Comments: Kaoru Hosono
Julian Wright
8. Consolidation of Banks in Japan: Causes and Consequences
Kaoru Hosono, Koji Sakai and Kotaro Tsuru
Comments: Hiro Ito
Barry Williams
IV. Reform and Dynamism
9. Did the Japanese Stock Market Appropriately Price the Takenaka Financial Reform?
Masaya Sakuragawa and Yoshitsugu Watanabe
Comments: Takatoshi Ito
Randall Morck
10. Big Business Stability and Social Welfare
Kathy Fogel, Randall Morck and Bernard Yeung
Comments: Partha Chatterjee
Pushan Dutt