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Handbook of Asian Finance

Book Description

Asia's miraculous recovery from the 1997 crisis ushered in unexpected transformations to its economies and financial sectors.  The reasons many Asian countries are growing above 6%, with double-digit growth for a year or two in-between, are investigated by this extensive research collection.    The Handbook of Asian Finance covers the most interesting issues raised by these growth rates. From real estate prices and the effects of trading technologies for practitioners to tax evasion, market manipulation, and corporate governance issues, expert scholars analyze the ways that the region is performing.  Offering broader and deeper coverage than other handbooks,  the Handbook of Asian Finance explains what is going on in Asia today.



  • Devotes significant attention to the systematic risk created by banks’ exposure to links between real estate and other sectors
  • Explores the implications implicit in the expansion of sovereign funds and the growth of the hedge fund and real estate fund management industries
  • Investigates the innovations in technology that have ushered in faster capital flow and larger trading volumes

Table of Contents

  1. Cover image
  2. Title page
  3. Copyright
  4. Editor Bios
  5. Contributor Bios
  6. Acknowledgments
  7. Introductory Chapter. Asia Finance: The Emergence of Asia Economy and New Development in Finance
    1. Banking
    2. Market Developments and Governance Issues
    3. Sovereign Wealth Funds
    4. Summary of Individual Chapters in Volume 1
    5. Re-Emergence of Asia
    6. Disclaimers
  8. Part 1: Banking
    1. Chapter 1. Risk Rating in Asian Banks
      1. Abstract
      2. 1.1 Introduction
      3. 1.2 PIT Versus Behavior Modeling
      4. 1.3 Transaction Behavior Scoring
      5. 1.4 Simulation and Conclusion
      6. References
    2. Chapter 2. Private Wealth Management in Asia
      1. Abstract
      2. 2.1 Introduction
      3. 2.2 Global Market Distribution of Private Wealth
      4. 2.3 Asian Market Distribution of Private Wealth
      5. 2.4 Asian Private Wealth Management
      6. 2.5 Asian Centers of Private Wealth Management
      7. 2.6 Swiss Private Banking Across Asia
      8. 2.7 Conclusion
      9. References
    3. Chapter 3. The Banking Networks of Asian Financial Centers
      1. Abstract
      2. Acknowledgments
      3. 3.1 Introduction
      4. 3.2 The Roots of Asia’s Banking Networks
      5. 3.3 Asia’s Leading Financial Centers
      6. 3.4 Asia’s Exchanges
      7. 3.5 China’s Financial Centers
      8. 3.6 Conclusion
      9. References
    4. Chapter 4. Dynamics of House Prices and Bank Lending in Korea
      1. Abstract
      2. 4.1 Introduction
      3. 4.2 Literature Review
      4. 4.3 Apartment House Prices and Bank Lending: Stylized Facts in Regional Submarkets of House in Korea
      5. 4.4 Long-Run Analysis
      6. 4.5 Short-Run Relationship
      7. 4.6 Conclusion
      8. Appendix 1 Data Descriptions and Sources
      9. References
    5. Chapter 5. The Effect of Bank Mergers on Shareholder Value and Performance in Japan
      1. Abstract
      2. Acknowledgments
      3. 5.1 Literature Review
      4. 5.2 M&A in Japan’s Financial Sector
      5. 5.3 Methodology
      6. 5.4 Data Description
      7. 5.5 Results
      8. 5.6 Conclusions
      9. Appendix
      10. References
    6. Chapter 6. A Regime-Switching Analysis of Asian Bank Stocks
      1. Abstract
      2. 6.1 Introduction
      3. 6.2 RavenPack News Database
      4. 6.3 Data and Sample
      5. 6.4 Markov Regime-Switching (MRS) Model
      6. 6.5 Empirical Results
      7. 6.6 Conclusion
      8. 6.7 Appendix A: Selected 20 Asian Banks List
      9. 6.8 Appendix B: RavenPack Algorithms
      10. References
    7. Chapter 7. Embedded Predictor Selection for Default Risk Calculation: A Southeast Asian Industry Study
      1. Abstract
      2. Acknowledgment
      3. 7.1 Introduction
      4. 7.2 Data and Default Predictors
      5. 7.3 Embedded Predictor Selection
      6. 7.4 Empirical Result
      7. 7.5 Conclusion
      8. References
    8. Chapter 8. Demand for International Reserve and Monetary Disequilibrium: Evidence from Emerging Asia
      1. Abstract
      2. Acknowledgment
      3. 8.1 Introduction
      4. 8.2 Literature Review
      5. 8.3 Stylized Facts and Adequacy of Reserves
      6. 8.4 Data Description
      7. 8.5 Empirical Models and Results
      8. 8.6 Conclusion
      9. References
  9. Part 2: Market Developments and Governance Issues
    1. Chapter 9. Singapore’s Financial Market: Challenges and Future Prospects
      1. Abstract
      2. 9.1 Introduction
      3. 9.2 Growth of the Financial Sector
      4. 9.3 The Prospects
      5. 9.4 The Challenges
      6. 9.5 The Instability Paradox
      7. 9.6 Micro- and Macroprudential Policies
      8. 9.7 Conclusion
      9. References
    2. Chapter 10. Wealth Management: A Comparison of Switzerland, Singapore, and Hong Kong
      1. Abstract
      2. 10.1 Introduction
      3. 10.2 Switzerland
      4. 10.3 Singapore
      5. 10.4 Hong Kong
      6. 10.5 A Comparison of Switzerland, Singapore, and Hong Kong
      7. 10.6 Voices of Practitioners in Singapore
      8. 10.7 Conclusion
      9. References
    3. Chapter 11. Asian Market Reactions to US Macroeconomic News Surprises
      1. Abstract
      2. Acknowledgment
      3. 11.1 Introduction
      4. 11.2 Data
      5. 11.3 Methodology
      6. 11.4 Empirical Results
      7. 11.5 Conclusion
      8. References
    4. Chapter 12. Monetary Policy in Taiwan: The Implications of Liquidity
      1. Abstract
      2. 12.1 Introduction
      3. 12.2 Financial Innovation and the Divisia Monetary Aggregate in Taiwan
      4. 12.3 Data and Methodology
      5. 12.4 Results and Discussions
      6. 12.5 Conclusion
      7. References
    5. Chapter 13. Comparative Financial Development in Asia-Pacific Since the Asia Crisis
      1. Abstract
      2. 13.1 Introduction and Background
      3. 13.2 The Asian Financial Crisis and Global Financial Crisis Reforms
      4. 13.3 Macroeconomic Asia and Financial Systems
      5. 13.4 Conclusion
      6. References
    6. Chapter 14. Does Asia Really have Poorer Governance? Evidence from International Variations in Self-Dealing Transparency
      1. Abstract
      2. Acknowledgments
      3. 14.1 Introduction
      4. 14.2 Corporate Governance, Transparency, and Transaction Costs
      5. 14.3 Methodology
      6. 14.4 Results
      7. 14.5 Conclusion
      8. References
    7. Chapter 15. Attitudes Toward Tax Evasion in Korea: A Study in Public Finance
      1. Abstract
      2. 15.1 Introduction
      3. 15.2 Prior Studies
      4. 15.3 The Present Study
      5. 15.4 Conclusion
      6. References
    8. Chapter 16. Attitudes Toward Accepting a Bribe: A Comparative Study of the People’s Republic of China, Taiwan, and Hong Kong
      1. Abstract
      2. 16.1 Introduction
      3. 16.2 Prior Studies
      4. 16.3 The Present Study
      5. 16.4 Conclusion
      6. References
  10. Part 3: Sovereign Wealth Funds
    1. Chapter 17. The Emergence of Sovereign Wealth Funds in Asia
      1. Abstract
      2. 17.1 Introduction
      3. 17.2 Stylized Facts about Developing Asia’s Foreign Exchange Reserves
      4. 17.3 Informal Examination of the Adequacy of Developing Asia’s Foreign Exchange Reserves
      5. 17.4 Sovereign Wealth Funds as a Blueprint for Investing Developing Asia’s Excess Reserves
      6. 17.5 Policy Prescriptions for Developing Asia’s SWFs
      7. 17.6 Conclusion
      8. References
    2. Chapter 18. China Investment Corporation: China’s Sovereign Wealth Fund
      1. Abstract
      2. 18.1 Introduction
      3. 18.2 Overview and Organizational Structure
      4. 18.3 Investment Strategy
      5. 18.4 Current Problems
      6. 18.4.2 Internal Conflict Between CIC International and Central Huijin
      7. 18.4.3 Unsatisfactory Performance of CIC Investments
      8. 18.4.4 The Problematic Financing Mechanism of CIC International
      9. 18.5 Policy Recommendations
      10. 18.6 Conclusion
      11. References
    3. Chapter 19. Portfolio Allocation Dynamics of China Investment Corporation in the Aftermath of the Global Financial Crisis of 2007–2009
      1. Abstract
      2. 19.1 Introduction
      3. 19.2 SWFs and China’s Economic Policy
      4. 19.3 CIC: Establishment and Objectives
      5. 19.4 Dynamics of CIC’s Investment Allocation Strategies
      6. 19.5 Critical Assessment of the Role of CIC
      7. 19.6 Conclusion
      8. References
    4. Chapter 20. Sovereign Wealth Funds in East Asia: An Update of their Recent Developments
      1. Abstract
      2. 20.1 Introduction
      3. 20.2 Review of SWFs
      4. 20.3 Asian SWFs: Investment Strategies and Recent Developments
      5. 20.4 Conclusion
      6. References
  11. Index