Financial Sector Development in the Pacific Rim

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Overview

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.

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Product Details

Meet the Author

Takatoshi Ito is professor of economics at the University of Tokyo and a research associate of the NBER and the Tokyo Center for Economic Research.

Andrew K. Rose is the Bernard T. Rocca Jr. Professor of International Trade, director of the Clausen Center for International Business and Policy at the Haas School of Business, University of California, Berkeley, and a research associate of the NBER.

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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

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