FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2024784457> ?p ?o ?g. }

• W2024784457 endingPage "517" @default.
• W2024784457 startingPage "493" @default.
• W2024784457 abstract "Abstract For the better part of the last century, the debate between ‘liberalisers’ and ‘interventionists’ marked thinking about the relationship between finance and development. It has by now been superseded by the emergence of the discourse of financial system development, which links economic growth to the development of the financial sector. As the risks entailed by wholesale financial reform came to the fore in the financial crises of the 1990s and early 2000s, emphasis shifted from liberalising financial markets to building institutional frameworks to accommodate investment. Arguably, the emergence of the financial-system-development discourse occurred within a wider shift in the neoliberal paradigm towards institution building. These changes are particularly pronounced in East and Southeast Asia. This paper argues that a convergence of opinions has occurred between Asian financial policy elites, previously strong supporters of the bank-based developmental state model, and the liberalisers, represented through international financial institutions such as the IMF. This consensus is geared towards the expansion of capital markets and a generally more neoliberal, market-oriented mode of economic governance. To illustrate this claim, this paper traces institutional changes in Asian financial systems since the 1997-98 financial crisis. Although local characteristics remain, a common feature is the more salient role of bond markets in the financial system. This is the result of the conscious and deliberate development of local currency debt markets by policymakers. However, the new consensus narrows down the space in which economic policymaking takes place. Yet, by re-politicising financial system development, this space could be broadened again. Keywords: financial system developmentfinancial crisisbond marketsEast Asiaeconomic constructivism Notes I would like to thank James Brassett, Phil Cerny, Ben Clift, Michael Fini, Owen Parker, Tine Sinclair and three anonymous reviewers for their comments on earlier versions of this paper. All errors and omissions remain mine. It has to be pointed out that their critique was foremost directed to the import-substituting Latin American countries. Until the mid-1990s, Asian countries such as Japan, Taiwan and Singapore were held up to these countries as successful examples with positive, market-oriented interest rates (see e.g. McKinnon Citation1989). Apart from the participation of local financial policymakers in a wide range of financial development-related activities that will be discussed in the second half of this article, Asian financial policy makers also took a strong interest in the intellectual debates surrounding financial development. For example, the Annual Report for the year 1996 of the Malaysian central bank, Bank Negara Malaysia, published only shortly before the outbreak of the Asian financial crisis in Citation1997, dedicates a number of special interest boxes that run over several pages to the question of ‘financial development’ and how it has been treated in the academic (economics) literature. The fourth trait identified by Haas are ‘shared notions of validity’. Moreover, there are voices which recommend to make financial sector assessments an integral part of the Article IV surveillance process, although this has been put on hold for now (see e.g. Independent Evaluation Office Citation2006). ASEAN + 3 consists of the 10 countries of the Association of Southeast Asian Nations (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam), China, Japan and South Korea. Interview Securities Commission, Kuala Lumpur, 22 March 2007. Informal conversation with two ADB officials, Kuala Lumpur, 23 April 2008. EMEAP consists of the Reserve Bank of Australia, People's Bank of China, Hong Kong Monetary Authority, Bank Indonesia, Bank of Japan, Bank of Korea, Bank Negara Malaysia, Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore and the Bank of Thailand. Even if the potentially exclusionary dynamics of recent patterns of financial system development are left aside, there are most certainly distributive consequences which cannot be ignored, most importantly the price of credit for different economic actors, independently of the actual risk which is taken. Nevertheless, it is important to point out that this more comprehensive understanding of financial development and its emphasis on financial inclusion is in itself normative. It presupposes the functional and moral superiority of the access to and use of credit (see also Jayasuriya Citation2006). Arguably, its focus on inclusion pre-empts more radical forms of resistance as for instance the prohibition of debt relationships (a core feature of Islamic finance, see Rethel Citation2010a)." @default.
• W2024784457 created "2016-06-24" @default.
• W2024784457 creator A5001609208 @default.
• W2024784457 date "2010-12-01" @default.
• W2024784457 modified "2023-09-27" @default.
• W2024784457 title "The New Financial Development Paradigm and Asian Bond Markets" @default.
• W2024784457 cites W1543680316 @default.
• W2024784457 cites W1965363005 @default.
• W2024784457 cites W1968001662 @default.
• W2024784457 cites W1968547649 @default.
• W2024784457 cites W1978286570 @default.
• W2024784457 cites W1978423965 @default.
• W2024784457 cites W1980961473 @default.
• W2024784457 cites W2007294634 @default.
• W2024784457 cites W2008736419 @default.
• W2024784457 cites W2013907717 @default.
• W2024784457 cites W2024483386 @default.
• W2024784457 cites W2044673659 @default.
• W2024784457 cites W2048124543 @default.
• W2024784457 cites W2048928332 @default.
• W2024784457 cites W2095188692 @default.
• W2024784457 cites W2100987064 @default.
• W2024784457 cites W2111867365 @default.
• W2024784457 cites W2115411156 @default.
• W2024784457 cites W2146579121 @default.
• W2024784457 cites W2157631309 @default.
• W2024784457 cites W2169508410 @default.
• W2024784457 cites W2170479323 @default.
• W2024784457 cites W2319678915 @default.
• W2024784457 cites W2485376938 @default.
• W2024784457 cites W2489393876 @default.
• W2024784457 cites W2501470397 @default.
• W2024784457 cites W2737954344 @default.
• W2024784457 cites W3121759882 @default.
• W2024784457 cites W4206133390 @default.
• W2024784457 cites W4206657585 @default.
• W2024784457 cites W4237018467 @default.
• W2024784457 cites W4237353928 @default.
• W2024784457 cites W4238835265 @default.
• W2024784457 cites W4240536884 @default.
• W2024784457 cites W4249900841 @default.
• W2024784457 cites W4285781971 @default.
• W2024784457 cites W4298413470 @default.
• W2024784457 cites W4302604455 @default.
• W2024784457 cites W4371184 @default.
• W2024784457 cites W610296041 @default.
• W2024784457 doi "https://doi.org/10.1080/13563460903302667" @default.
• W2024784457 hasPublicationYear "2010" @default.
• W2024784457 type Work @default.
• W2024784457 sameAs 2024784457 @default.
• W2024784457 citedByCount "23" @default.
• W2024784457 countsByYear W20247844572012 @default.
• W2024784457 countsByYear W20247844572013 @default.
• W2024784457 countsByYear W20247844572014 @default.
• W2024784457 countsByYear W20247844572017 @default.
• W2024784457 countsByYear W20247844572018 @default.
• W2024784457 countsByYear W20247844572019 @default.
• W2024784457 countsByYear W20247844572020 @default.
• W2024784457 countsByYear W20247844572023 @default.
• W2024784457 crossrefType "journal-article" @default.
• W2024784457 hasAuthorship W2024784457A5001609208 @default.
• W2024784457 hasConcept C10138342 @default.
• W2024784457 hasConcept C120527767 @default.
• W2024784457 hasConcept C139719470 @default.
• W2024784457 hasConcept C143910263 @default.
• W2024784457 hasConcept C162324750 @default.
• W2024784457 hasConcept C19244329 @default.
• W2024784457 hasConcept C19263331 @default.
• W2024784457 hasConcept C196390999 @default.
• W2024784457 hasConcept C197142791 @default.
• W2024784457 hasConcept C2777747085 @default.
• W2024784457 hasConcept C2778300220 @default.
• W2024784457 hasConcept C2779015050 @default.
• W2024784457 hasConcept C2780015253 @default.
• W2024784457 hasConcept C2986840890 @default.
• W2024784457 hasConcept C39389867 @default.
• W2024784457 hasConcept C48235672 @default.
• W2024784457 hasConcept C510755694 @default.
• W2024784457 hasConcept C65146658 @default.
• W2024784457 hasConcept C69738904 @default.
• W2024784457 hasConcept C73283319 @default.
• W2024784457 hasConceptScore W2024784457C10138342 @default.
• W2024784457 hasConceptScore W2024784457C120527767 @default.
• W2024784457 hasConceptScore W2024784457C139719470 @default.
• W2024784457 hasConceptScore W2024784457C143910263 @default.
• W2024784457 hasConceptScore W2024784457C162324750 @default.
• W2024784457 hasConceptScore W2024784457C19244329 @default.
• W2024784457 hasConceptScore W2024784457C19263331 @default.
• W2024784457 hasConceptScore W2024784457C196390999 @default.
• W2024784457 hasConceptScore W2024784457C197142791 @default.
• W2024784457 hasConceptScore W2024784457C2777747085 @default.
• W2024784457 hasConceptScore W2024784457C2778300220 @default.
• W2024784457 hasConceptScore W2024784457C2779015050 @default.
• W2024784457 hasConceptScore W2024784457C2780015253 @default.
• W2024784457 hasConceptScore W2024784457C2986840890 @default.
• W2024784457 hasConceptScore W2024784457C39389867 @default.
• W2024784457 hasConceptScore W2024784457C48235672 @default.
• W2024784457 hasConceptScore W2024784457C510755694 @default.

• next