From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World


edited by Marcus Noland and Donghyun Park
October 2015
Book Description

Asian financial systems, which serve the most economically dynamic region of the world, survived the global economic crisis of the last several years. In From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World, scholars affiliated with the Peterson Institute for International Economics and the Asian Development Bank argue in separate essays that Asian systems must strengthen their quality, diversity, and resilience to future shocks in order to deliver growth in coming years.

The book examines such phenomena as the dominance of state-owned banks, the growth of nonbank lending (the so-called shadow banks), and the need to develop local bond markets, new financial centers, and stronger supervisory tools to prevent dangerous real estate asset bubbles. China's large financial system is discussed at length, with emphasis on concerns that China's system has grown too fast, that it is overly tilted toward corporate borrowing, and that state domination has led to overly easy credit to state-owned actors. Asia needs investment to improve its infrastructure and carry out technological innovation, but the book argues that the region's financial systems face challenges in meeting that need.

Data disclosure: The data underlying this analysis are available here [zip].

Contents

Selected chapters and sections are provided for preview only.

Preface [pdf]

Introduction [pdf]
Marcus Noland and Donghyun Park

1. Financing Asia's Growth [pdf]
Gemma B. Estrada, Marcus Noland, Donghyun Park, and Arief Ramayandi

2. Financial Development, Financial Openness, and Economic Growth [pdf]
Gemma B. Estrada, Donghyun Park, and Arief Ramayandi

3. The Financial Sector and Growth in Emerging Asian Economies
William R. Cline

4. Financial Development and Output Growth in Developing Asia and Latin America: A Comparative Sectoral Analysis
Joshua Aizenman, Yothin Jinjarak, and Donghyun Park

5. Financing Productivity- and Innovation-Led Growth in Developing Asia: International Lessons and Policy Issues
Ajai Chopra

6. Enhancing Financial Stability in Developing Asia [pdf]
Adam S. Posen and Nicolas Véron

7. Banking Regulation in Asia
Michael J. Zamorski and Minsoo Lee

8. Bank Stress Tests and Financial Stability: Lessons from the 2009–14 US- and EU-Wide Tests for Asian Emerging Economies [pdf]
Morris Goldstein

9. The People's Republic of China: Maintaining Financial Stability amidst Financial Liberalization
Nicholas Borst and Nicholas R. Lardy

10. Bond Market Development in Developing Asia
John D. Burger, Francis E. Warnock, and Veronica Cacdac Warnock

About the Contributors

Index [pdf]

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Book Data

October 2015
ISBN paper 978-0-88132-699-4
200 pp.

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