In the wake of the Asian financial crisis that erupted in 1997, an intense scrutiny of the principles and standards of the world’s financial system was inevitable. This new book, a major milestone in the progressive development of the new financial architecture arising from the debacle, represents the penetrating insight and practical proposals of twenty-five experts, including economists, lawyers, bankers, academics, and officials from international financial institutions.The important contributions offered here were originally presented at a series of conferences sponsored in 1999 and 2000 by the Asian Institute of International Financial Law of the University of Hong Kong in collaboration with leading law faculties from five continents. The issues boldly confronted in International Financial Sector Reform include the following: reform of domestic securities regulation; investment insurance and risk management; the role of pension funds; accounting standards; financing real estate and construction projects; global competitiveness in the financial sector; responsibiiity of private lenders; effective anti-money laundering measures; protection of emerging market economies; corporate governance; and institutional investors.All professionals and policymakers interested in sustainable economic recovery, not only in Asia but throughout the world, will benefit enormously from these authors’ fully informed and carefully formulated views. Although the new architecture they suggest will find its most immediate application in assisting emerging markets to withstand future shocks, the nature of the interdependent world in which we now live will ensure increased global financial stability as a result of this invaluable work.
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