Includes bibliographical references and index.

Part I. The structure of finance in Asia -- Introduction / Ratna Sahay, Jerald Schiff, Cheng Hoon Lim, Chikahisa Sumi -- A bird's-eye view of finance in Asia / Heedon Kang, Phakawa Jeasakul, Cheng Hoon Lim -- Are there crouching tigers and hidden dragons in Asia's stock markets? / Fabian Lipinsky, Li Lian Ong -- Bond markets: are recent reforms working? / Mangal Goswami, Andreas Jobst, Shanaka J. Peiris, Dulani Seneviratne -- Part II. Where is Asia going? -- Is Asia still resilient? / Phakawa Jeasakul, Cheng Hoon Lim, Erik Lundback -- The future of Asia's financial sector / Rina Bhattacharya, Fei Han, James P. Walsh -- Hong Kong SAR and Singapore as Asian financial centers--complementarity and stability / Vanessa le Leslé, Franziska Ohnsorge, Minsuk Kim, Srikant Seshadri -- Part III. Challenges ahead. Asia's demographic changes and infrastructure needs: how can the financial sector address these challenges? / Ding Ding, W. Raphael Lam, Shanaka J. Peiris -- ASEAN financial integration: harnessing benefits and mitigating risks / Geert Almekinders, Alex Mourmouras, Jade Vichyanond, Yong Sarah Zhou, Jianping Zhou -- Capital flows: a prospective view / Edda Zoli, Sergei Dodzin, Wei Liao. Wojciech Maliszewski -- Operating within the new global regulatory environment / Rina Bhattacharya, James P. Walsh, Aditya Narain.

Asia's financial systems proved resilient to the shocks from the global financial crisis, and growth since then has been strong. But new challenges have emerged in the region's economies, including demographics and aging, the need to diversify from bank-dominated systems, urbanization and infrastructure, and the rebalancing of economic activity. This book takes stock of the challenges facing the region today and how economic systems in Asia's advanced and emerging market economies compare with the rest of the world.