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viii | |
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Table of cases, statutes and conventions |
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xiv | |
Acknowledgements |
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xix | |
About the authors |
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xxi | |
Introduction |
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1 | (10) |
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1 | (1) |
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I.2 Financial intermediation |
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2 | (2) |
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4 | (2) |
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I.4 The future of finance in Asia |
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6 | (1) |
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I.5 Structure of the book |
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6 | (5) |
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1 Asia's development model |
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11 | (38) |
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1.1 Divergent results from development |
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13 | (5) |
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1.2 Asia's modern economic history |
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18 | (4) |
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1.3 Features of the development model |
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22 | (14) |
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36 | (2) |
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1.5 Conclusions and questions |
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38 | (11) |
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49 | (42) |
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2.1 Finance and development |
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49 | (7) |
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2.2 Finance in the Asian development model |
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56 | (8) |
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2.3 The Asian financial crisis of 1997-98 |
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64 | (10) |
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2.4 From regional to global crises |
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74 | (6) |
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2.5 The global financial crisis 2007-9 |
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80 | (11) |
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3 Challenges to development and finance |
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91 | (56) |
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3.1 Weaknesses in the development model |
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92 | (12) |
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3.2 A generic view of intermediation |
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104 | (8) |
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3.3 Intermediation in Asia |
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112 | (26) |
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3.4 Intermediation in China |
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138 | (9) |
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4 Financial systems and practice: central banking, regulation and risk management |
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147 | (39) |
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4.1 Second generation financial systems: lessons from law and finance |
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147 | (4) |
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4.2 How does finance matter? |
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151 | (2) |
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4.3 Monetary policy and central banking |
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153 | (11) |
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4.4 Financial stability, regulation and development |
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164 | (13) |
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4.5 Financial intermediaries and risk management |
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177 | (9) |
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5 Institutional foundations of finance |
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186 | (29) |
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5.1 Institutional foundations of finance |
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186 | (1) |
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5.2 Governance, legal systems and economic development |
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187 | (2) |
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5.3 The significance of property rights |
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189 | (2) |
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5.4 Collateral and creditor rights |
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191 | (14) |
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205 | (8) |
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5.6 Contract enforcement and dispute resolution |
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213 | (2) |
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6 Credit risk and commercial banking |
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215 | (47) |
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215 | (12) |
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6.2 Core commercial banking |
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227 | (9) |
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236 | (18) |
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254 | (8) |
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7 Investment banking and financial innovation |
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262 | (33) |
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263 | (5) |
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7.2 Investment and universal banking |
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268 | (3) |
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7.3 Markets in information and reputational capital |
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271 | (4) |
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7.4 Contracts and innovation |
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275 | (10) |
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7.5 Innovation in derivatives |
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285 | (3) |
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7.6 Asian investment banking |
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288 | (2) |
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7.7 The end of innovation? |
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290 | (5) |
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8 Debt securities, derivatives and complex transactions |
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295 | (76) |
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8.1 Debt contracts, loans and bonds |
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298 | (36) |
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8.2 Financial derivatives |
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334 | (22) |
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8.3 Credit derivatives and complex transactions |
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356 | (15) |
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9 Equity securities, organized exchanges and corporate governance |
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371 | (59) |
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9.1 Equity claims and capital markets |
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373 | (7) |
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9.2 Portfolio theory and financial globalization |
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380 | (6) |
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386 | (16) |
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9.4 Equity markets in Asia |
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402 | (5) |
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407 | (23) |
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Appendix: the IPO process |
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422 | (8) |
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10 Mergers, acquisitions and corporate control |
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430 | (41) |
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433 | (12) |
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10.2 Finance and deal mechanics |
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445 | (6) |
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451 | (3) |
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10.4 Case study: ABN Amro Holding NV |
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454 | (14) |
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468 | (3) |
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11 Non-bank and non-traditional intermediation |
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471 | (34) |
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475 | (5) |
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11.2 Traditional asset management |
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480 | (7) |
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11.3 Non-traditional intermediation |
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487 | (12) |
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499 | (6) |
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12 Regional financial integration |
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505 | (35) |
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12.1 Concepts of integration |
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508 | (2) |
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12.2 State cooperation and governance |
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510 | (3) |
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513 | (3) |
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12.4 Integration and development |
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516 | (1) |
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12.5 Monetary and financial cooperation |
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517 | (16) |
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533 | (7) |
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13 The future of finance in Asia |
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540 | (4) |
Notes |
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544 | (3) |
Glossary |
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547 | (15) |
Bibliography |
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562 | (35) |
Index |
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597 | |