Contributing authors: Mark Allen, Age Bakker, Kee Hong Bea, Amar Bhattacharya, Henk Brouwer, Marek Dabrowski, Heiner Flassbeck, Frans van Loon, Yung Chul Park, Wouter Raab, Eisuke Sakakibara, Barbara Stallings, Jürgen Stark, Rogério Studart, György Szapáry, Nout Wellink, Charles Wyplosz
Editors: Jan Joost Teunissen and Mark Teunissen
Financial stability in developing countries depends on, among other things, the robustness of their domestic financial sector, the soundness of their macroeconomic policies, the volatility of international capital flows, and the overall stability of the global financial system. This book analyses these issues in their individual capacity and their mutual relationships, based on rigorous empirical research.
Policy insights include that: Asia should and will play a much larger role in global financial governance; to achieve stability and growth in emerging economies, more is needed than just a better regulated and supervised domestic financial system; in Argentina and Brazil the recent financial crises cannot be attributed to a poorly regulated banking system as regulation was already stricter than in the United States.
Contributors to the book include development thinkers from ECLAC (José Antonio Ocampo and Rogério Studart), UNCTAD (Heiner Flassbeck), the World Bank (Amar Bhattacharya) and the IMF (Mark Allen), deputy governors of the central banks of Hungary (György Szapáry), Germany (Jürgen Stark) and the Netherlands (Henk Brouwer), widely respected professors of economics: Yung Chul Park, Eisuke Sakakibara, Barbara Stallings, Stephany Griffith-Jones and Charles Wyplosz, and development finance experts from the private sector like banker Frans van Loon (ING).
Preface by Nout Wellink
Introduction by Jan Joost Teunissen and Mark Teunissen
Part II: Central and Eastern Europe: The EU Convergence Challenges
6. Banking Sector Development and Financial Stability in the Run Up to EU Accession
9. Sources of Financial Fragility in the EU Candidate Countries
Part III: Asia: A New Agenda of Financial Reform and Regional Cooperation
10. Financial Liberalisation and Economic Integration in East Asia
12. Asian Cooperation and the End of Pax Americana
Part IV: The Role for Market Participants and Financial Authorities
17. The Lack of Stable Capital Flows to Developing Countries Stephany Griffith-Jones
18. Private Sector Views on Financial Stability Frans van Loon
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