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International Finance: Actions Taken to Reform Financial Sectors in Asian211 Emerging Markets

机译:国际金融:改革亚洲211新兴市场金融部门的行动

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This report responds to your request that we analyze efforts to improve the211u001efinancial sectors of emerging market countries, most of which experienced crises 211u001esince 1980. Financial crises limit emerging countries' economic growth and 211u001eforeign trade and strain their abilities to service and repay international 211u001eobligations. Developed countries, including the United States, have felt the 211u001erepercussions of these crises through losses on loans to and investments in 211u001eemerging markets and through diminished exports to these countries. To address 211u001eyour request, we focused on three countries-Indonesia, South Korea, and Thailand. 211u001eWe chose these countries, among other reasons, because when we began our review, 211u001ethey had been receiving large capital flows, were experiencing financial crises, 211u001eand were making changes in their financial systems. We focused on the banking 211u001esectors in these countries because their economies, like most developing and 211u001etransition countries, relied more heavily on bank financing than on stock or bond 211u001eissuance or other types of market financing. Specifically, our objectives were to 211u001edetermine (1) the nature of weaknesses in the countries' financial sectors, (2) 211u001ethe extent to which the countries have achieved reforms in their financial 211u001esystems, (3) the extent to which the countries have implemented international 211u001eprinciples for banking supervision, and (4) U.S. government and multilateral 211u001einstitutions' efforts to effect changes in the financial sectors of these 211u001eemerging markets. We conducted our work in Washington, D.C.; New York City, New 211u001eYork; Jakarta, Indonesia; Tokyo, Japan; Seoul, Korea; Basel, Switzerland; and 211u001eBangkok, Thailand, between September 1998 and August 1999.

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