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Economic and Social Survey of Asia and the Pacific 1995

image of Economic and Social Survey of Asia and the Pacific 1995

The annual Survey provides an extensive annual review of current economic and social trends within the Asian region and analyzes these developments against the background of events in the world economy. This publication is invaluable to every multinational corporation intending to expand their business in Asia or to invest in the region. Please note: This issue of the Survey, published in 1995, has been titled 'Economic and Social Survey of Asia and the Pacific 1995'. It marks a break with the past practice of using the year preceding the actual year of publication in the title. Hence there will be no issue of the Survey under the title 'Economic and Social Survey of Asia and the Pacific 1994.'

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Reform and liberalization of the financial sector

During the last decade considerable emphasis was put on the need for financial sector re- form in developing countries, with much discussion on the relative merits of specific reforms and on the speed and phasing of their implementation, Practically all countries in the Asian and Pacific region have been undertaking such reforms, albeit at different speeds and with varying focuses, and this process is likely to continue. The emphasis has therefore shifted from whether reforms should be undertaken towards the limits of these reforms in the light of their impact on Ihe real economy, in particular their effects on domestic savings and investment. Another concern has been to develop ways and means of effectively handling the consequences of the increased exposure of exchange rates, foreign exchange reserves and domestic price levels to instability arising from the movements of highly mobile speculate funds in and between countries within a liberalized and increasingly globalized financial system. The tools available to Governments to influence or control financial flows, domestic money supply and rates of inflation are changing as a result of developments in the financial markets. In addition, there is an increasing need for effective prudential regulation of the sector by Governments. Ail these elements place increasing demands on the capabilities of national officials responsible for policy in ihe financial area and on domestic and international supervisory and monitoring inslilulions.

English

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