Financial Innovation in East Asia

40 Pages Posted: 27 Sep 2013 Last revised: 12 Nov 2014

See all articles by Ross P. Buckley

Ross P. Buckley

University of New South Wales (UNSW) - Faculty of Law

Douglas W. Arner

The University of Hong Kong - Faculty of Law

Michael Panton

The University of Hong Kong

Date Written: September 27, 2013

Abstract

Finance is important for development. However, the Asian financial crisis of 1997-1998 and the global financial crisis of 2008 highlighted the serious risks associated with financial liberalisation and excessive innovation. East Asia’s strong focus on economic growth has necessitated a careful balancing of the benefits of financial liberalisation and innovation against the very real risks inherent in financial sector development. This paper examines this issue, focusing on the role of regulation and legal and institutional infrastructure in both supporting financial development and limiting the risk of financial crises. The paper then addresses a series of issues with particular developmental significance in the region: trade finance, mortgage markets, SME finance, non-bank finance, and mobile financial services.

Suggested Citation

Buckley, Ross P. and Arner, Douglas W. and Panton, Michael, Financial Innovation in East Asia (September 27, 2013). Seattle University Law Review, Forthcoming; UNSW Law Research Paper No. 2013-69; University of Hong Kong Faculty of Law Research Paper No. 2013/036. Available at SSRN: https://ssrn.com/abstract=2331847

Ross P. Buckley (Contact Author)

University of New South Wales (UNSW) - Faculty of Law ( email )

Sydney, New South Wales 2052
Australia

Douglas W. Arner

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01237

Michael Panton

The University of Hong Kong ( email )

Pokfulam Road
Hong Kong, Pokfulam HK
China

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