The rapid spread and far-reaching impact of the global financial
crisis have highlighted the need for strengthening financial
systems in advanced economies and emerging markets. Emerging
markets face particular challenges in developing their nascent
financial systems and making them resilient to domestic and
external shocks. Financial reforms are critical to these economies
as they pursue programs of high and sustainable growth.
In this timely volume Masahiro Kawai, Eswar Prasad, and their
contributors offer a systematic overview of recent developments in
--and the latest thinking about --regulatory frameworks in both
advanced countries and emerging markets. Their analyses and
observations clearly point out the challenges to improving
regulation, efficiency of markets, and access to the fi nancial
system. Policymakers and financial managers in emerging markets are
struggling to learn from the crisis and will need to grapple with
some key questions as they restructure and reform their financial
markets:
- What lessons does the global financial crisis of 2007?09 offer
for the establishment of efficient and flexible regulatory
structures?
- How can policymakers develop broader financial markets while
managing the associated risks?
- How --or should --they make the formal financial system more
accessible to more people?
- How might they best contend with multinational financial
institutions?
This book is an important step in getting a better grasp of
these issues and making progress toward solutions that strike a
balance between promoting financial market development and
efficiency on the one hand, and ensuring financial stability on the
other.
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