Financial Development in Asia: The Role of Policy and Institutions, with Special Reference to China

Abstract

This is where I came in. A decade ago I wrote a series of papers on financial development and integration in Asia focusing on the role of openness in fostering financial deepening and economic growth. In subsequent years there has much water (some would say liquidity) under the bridge, not just an additional decade of financial experience but also the global financial crisis. This commission from the Asian Monetary Policy Forum thus offers a welcome opportunity to revisit these issues.