Three years after the onset of the crisis, Asia finds itself again at a defining moment in its history. This time, the threat is from the outside developments in the US economy may prove to be the catalyst of further financial, political and social change in the region.
Asia has come a long way since the beginning of the crisis. Capital controls introduced in Malaysia, followed by a tightening of regulations in Thailand and the intensified vigilance of central banks elsewhere in the region, created by default the new onshore derivative markets of Asia. These have recently been joined by promising developments in the domestic debt capital markets, enhancing their ability to serve both...
