A New Financial Market Structure for East Asia

In the rush to globalization it would seem East Asia has many natural advantages, not the least of which are a relatively high rate of savings, a substantial and skilled labor force, and commitment to increased profitability. However, contend the contributors of these 18 articles, East Asia also has a significant impediment to further development because it has a high short-term debt market and depends so much on financial centers outside the region. They cover the recent financial liberalization and attempts at capital market integration, including the lessons learned from European monetary integration and the new business cycles in the East Asian region, the financial centers primed to serve the region, including the differing situations of Tokyo, Hong Kong, Singapore, Korea, Malaysia, Thailand, Indonesia, Shanghai and Australia, and the means whereby those high savings can be put to better use in financial markets. Annotation ©2006 Book News, Inc., Portland, OR (booknews.com)