Political Economy of Financial Market Regulation - An Emerging Asia Perspective

Suresh Ramanathan () and Kian Teng Kwek
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Suresh Ramanathan: Department of Economics. Faculty of Economics and Administration, University of Malaya

Institutions and Economies (formerly known as International Journal of Institutions and Economies), 2017, vol. 9, issue 2, 15-33

Abstract: Clearing of prices in over the counter derivatives (OTC) market has been subject to state intervention via a new regulatory financial frame work in the post Global Financial Crisis (GFC) era. The classical and neo classical approach is being questioned. For Emerging Asia, a financial regulatory framework was already in place even before the GFC of 2008, camouflaging itself as macro prudential policies, with a heavy state led intervention in clearing of prices in the OTC market ala Keynesian. However, many of the emerging Asian financial markets find it difficult to embrace and integrate their localised macro prudential policies with the new global financial regulatory framework. Thus, policy makers need weigh whether they want a sequential approach in relation to financial market liberalisation or to embrace in totality the new global financial regulatory framework.

Keywords: Classical; Neo-Classical; Keynesian; Minsky; OTC; Emerging Asia (search for similar items in EconPapers)
JEL-codes: E12 E13 E44 G15 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:umk:journl:v:9:y:2017:i:2:p:15-33

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