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FINANCIAL
               REFORMS IN
               EMERGING
               ECONOMIES WITH
               REFERENCE TO
               ASIAN COUNTRIES




February 18,
2013
Introduction

  Developing countries also known as the emerging markets are fast
  becoming the driver of global growth.The diversification that emerging
  markets provide is they tend to perform differently than developed
  markets and have been successful at decoupling from the greater longer
  term woes of the mature economies. A modest growth pickup to about 6
  percent in 2013 would result mostly from strengthening external
  demand, with accommodative monetary stances across the region.




February 18,
2013
To sustain economic growth over the medium term and
       make growth more inclusive, a diverse policy agenda will
       be required in different parts of Asia, ranging from
       economic rebalancing to strengthening the sources of
       private sector–led investment to reforms in goods,labor
       markets.The existing opportunities and challenges from
       rapid demographic change have also contributed to the
       growth factor of Asian economies.




February 18,
2013
Following are some important objectives of this paper :-


                                  • The policy agenda for advanced
                                    economies—and the implications
                                    for Asian economies.
               Malaysia
                                  • The virtues and benefits of
                                    further economic cooperation
                                    within Asian economies.
      India                       • Importance of fiscal
                                    consolidation and sustaining
                                    growth in Asian economies.
                          China




February 18,
2013
1.POLICY AGENDA IN ADVANCED ECONOMIES AND
             IMPLICATIONS FOR ASIAN COUNTRIES


                               • In the midst of             global
                                 economy, where momentum
                                 continues to slow,the expected
                                 global growth of 3.3 percent in
                                 2012 and 3.6 percent in 2013 is
                                 expected to slowdown,it is also
                                 spreading in regions that have
                                 previously performed well.
                               • This year, growth in emerging
                                 Asia fell to its lowest level since
                                 2008—partly from domestic
                                 slowdowns in China and India,
                                 but also because of strong
                                 gusts from storms in the west.

February 18,
2013
2. INCREASED ECONOMIC COOPERATION WITHIN ASIAN
                      COUNTRIES


     Trade integration                       Financial integration
  Asia has already made great strides.     More than 90 percent of ASEAN
  Over the past decade, trade within       cross-border portfolio investment
  Asia tripled, and regional trade         flows are with advanced economies
  among emerging Asia grew even            outside Asia. Malaysia, for instance,
  faster.With Asian trade, many            is a big direct investor in Cambodia,
  tributaries flow together as a single    Indonesia,        Thailand,      and
  great river. A typical pattern is that   Vietnam.Greater regional financial
  Asian economies send intermediate        integration could open up a host of
  goods to China, which assembles          new benefits. It can boost domestic
  them into final goods for exports. In    demand—partly by making it easier
  fact, intermediate goods now account     for small businesses in countries to
  for over 70 percent of all Asian         gain access to credit.
  exports.



February 18,
2013
3.IMPORTANCE OF FISCAL CONSOLIDATION AND
              SUSTAINING GROWTH IN ASIAN ECONOMIES


    Country circumstances will also determine the appropriate pace of
    fiscal consolidation. Coordinated and collective action by asian
    policymakers will also help in particular, by pursuing ongoing
    initiatives to maintain and deeper strong regional trade integration.
    Automatic stabilizers––that is, automatic tax revenue declines and
    spending increases that dampen the impact of the shock––should be
    the first line of defense.Calibrating the appropriate near-term
    support for growth without fanning inflationary and financial
    stability risks is the key near-term challenge for policymakers.




February
18, 2013
DIRECTIONS FOR POLICY FRAMING


  There is room to spend more on healthcare and education, which are at
 relatively low levels in Asia.
  There is room to cover more people under pension and unemployment
 insurance schemes—only 20 percent of the working-age population is
 covered in emerging Asia, as opposed to 60 percent in the OECD.
  There is room to raise minimum wages for the poor, which are relatively
 low in Asia.Introduction of minimum wage policy should be made
 compulsory for all emerging nations in Asia.
  And there is room to improve access to financial markets—right now,
 nearly 60 percent of the people in East Asia are excluded from the formal
 financial system.




February
18, 2013
Conclusion


    There is an increasing impetus in different economies to establish an
  institutional framework to coordinate the work of different regulatory
  agencies and to provide oversight of the future.
  This papers attempts to recommends setting up a financial sector
  oversight agency in emerging asian economies to redefine the objectives
  and avenues of financial development in light of recent events in major
  Asian emerging economies.




February 18,
2013
Thank You




                             Abhishek Pande
                              Faculty
                      Orange School of Business


February 18,
2013

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Abhishek Pande "International Economics"

  • 1. FINANCIAL REFORMS IN EMERGING ECONOMIES WITH REFERENCE TO ASIAN COUNTRIES February 18, 2013
  • 2. Introduction Developing countries also known as the emerging markets are fast becoming the driver of global growth.The diversification that emerging markets provide is they tend to perform differently than developed markets and have been successful at decoupling from the greater longer term woes of the mature economies. A modest growth pickup to about 6 percent in 2013 would result mostly from strengthening external demand, with accommodative monetary stances across the region. February 18, 2013
  • 3. To sustain economic growth over the medium term and make growth more inclusive, a diverse policy agenda will be required in different parts of Asia, ranging from economic rebalancing to strengthening the sources of private sector–led investment to reforms in goods,labor markets.The existing opportunities and challenges from rapid demographic change have also contributed to the growth factor of Asian economies. February 18, 2013
  • 4. Following are some important objectives of this paper :- • The policy agenda for advanced economies—and the implications for Asian economies. Malaysia • The virtues and benefits of further economic cooperation within Asian economies. India • Importance of fiscal consolidation and sustaining growth in Asian economies. China February 18, 2013
  • 5. 1.POLICY AGENDA IN ADVANCED ECONOMIES AND IMPLICATIONS FOR ASIAN COUNTRIES • In the midst of global economy, where momentum continues to slow,the expected global growth of 3.3 percent in 2012 and 3.6 percent in 2013 is expected to slowdown,it is also spreading in regions that have previously performed well. • This year, growth in emerging Asia fell to its lowest level since 2008—partly from domestic slowdowns in China and India, but also because of strong gusts from storms in the west. February 18, 2013
  • 6. 2. INCREASED ECONOMIC COOPERATION WITHIN ASIAN COUNTRIES Trade integration Financial integration Asia has already made great strides. More than 90 percent of ASEAN Over the past decade, trade within cross-border portfolio investment Asia tripled, and regional trade flows are with advanced economies among emerging Asia grew even outside Asia. Malaysia, for instance, faster.With Asian trade, many is a big direct investor in Cambodia, tributaries flow together as a single Indonesia, Thailand, and great river. A typical pattern is that Vietnam.Greater regional financial Asian economies send intermediate integration could open up a host of goods to China, which assembles new benefits. It can boost domestic them into final goods for exports. In demand—partly by making it easier fact, intermediate goods now account for small businesses in countries to for over 70 percent of all Asian gain access to credit. exports. February 18, 2013
  • 7. 3.IMPORTANCE OF FISCAL CONSOLIDATION AND SUSTAINING GROWTH IN ASIAN ECONOMIES Country circumstances will also determine the appropriate pace of fiscal consolidation. Coordinated and collective action by asian policymakers will also help in particular, by pursuing ongoing initiatives to maintain and deeper strong regional trade integration. Automatic stabilizers––that is, automatic tax revenue declines and spending increases that dampen the impact of the shock––should be the first line of defense.Calibrating the appropriate near-term support for growth without fanning inflationary and financial stability risks is the key near-term challenge for policymakers. February 18, 2013
  • 8. DIRECTIONS FOR POLICY FRAMING  There is room to spend more on healthcare and education, which are at relatively low levels in Asia.  There is room to cover more people under pension and unemployment insurance schemes—only 20 percent of the working-age population is covered in emerging Asia, as opposed to 60 percent in the OECD.  There is room to raise minimum wages for the poor, which are relatively low in Asia.Introduction of minimum wage policy should be made compulsory for all emerging nations in Asia.  And there is room to improve access to financial markets—right now, nearly 60 percent of the people in East Asia are excluded from the formal financial system. February 18, 2013
  • 9. Conclusion There is an increasing impetus in different economies to establish an institutional framework to coordinate the work of different regulatory agencies and to provide oversight of the future. This papers attempts to recommends setting up a financial sector oversight agency in emerging asian economies to redefine the objectives and avenues of financial development in light of recent events in major Asian emerging economies. February 18, 2013
  • 10. Thank You Abhishek Pande Faculty Orange School of Business February 18, 2013