IDEAS home Printed from https://ideas.repec.org/a/umk/journl/v9y2017i2p15-33.html
   My bibliography  Save this article

Political Economy of Financial Market Regulation - An Emerging Asia Perspective

Author

Listed:
  • Suresh Ramanathan

    (Department of Economics. Faculty of Economics and Administration, University of Malaya)

  • Kwek Kian Ting

    (Department of Economics. Faculty of Economics and Administration, University of Malaya)

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.

Suggested Citation

  • Suresh Ramanathan & Kwek Kian Ting, 2017. "Political Economy of Financial Market Regulation - An Emerging Asia Perspective," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 9(2), pages 15-33, April.
    • Handle: RePEc:umk:journl:v:9:y:2017:i:2:p:15-33
    as

    Download full text from publisher

    File URL: http://ijie.um.edu.my/filebank/published_article/11266/Political%20Economy%20of%20Financial%20Market%20Regulation%20-An%20Emerging%20Asia%20Perspective.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Classical; Neo-Classical; Keynesian; Minsky; OTC; Emerging Asia;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:umk:journl:v:9:y:2017:i:2:p:15-33. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Teoh Wern Jun (email available below). General contact details of provider: https://edirc.repec.org/data/feaummy.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.