영문목차
Editor Bios=xi
Contributor Bios=xiii
Acknowledgments=xxi
Introductory Chapter=xxiii
PART 1. Banking
1. Risk Rating in Asian Banks / Edward H.K. Ng=3
1.1. Introduction=3
1.2. PIT Versus Behavior Modeling=4
1.3. Transaction Behavior Scoring=8
1.4. Simulation and Conclusion=14
References=16
2. Private Wealth Management in Asia / David R. Meyer=17
2.1. Introduction=17
2.2. Global Market Distribution of Private Wealth=18
2.3. Asian Market Distribution of Private Wealth=19
2.4. Asian Private Wealth Management=24
2.5. Asian Centers of Private Wealth Management=25
2.6. Swiss Private Banking Across Asia=31
2.7. Conclusion=32
References=34
3. The Banking Networks of Asian Financial Centers / David R. Meyer=37
3.1. Introduction=37
3.2. The Roots of Asia's Banking Networks=37
3.3. Asia's Leading Financial Centers=41
3.4. Asia's Exchanges=46
3.5. China's Financial Centers=49
3.6. Conclusion=50
Acknowledgments=51
References=51
4. Dynamics of House Prices and Bank Lending in Korea / Heeho Kim ; Sae Woon Park=53
4.1. Introduction=53
4.2. Literature Review=55
4.3. Apartment House Prices and Bank Lending : Stylized Facts in Regional Submarkets of House in Korea=56
4.4. Long-Run Analysis=59
4.5. Short-Run Relationship=68
4.6. Conclusion=72
Appendix 1. Data Descriptions and Sources=74
References=75
5. The Effect of Bank Mergers on Shareholder Value and Performance in Japan / Heather Montgomery ; Yuki Takahashi=77
5.1. Literature Review=79
5.2. M&A in Japan's Financial Sector=80
5.3. Methodology=82
5.4. Data Description=86
5.5. Results=87
5.6. Conclusions=95
Appendix=99
Acknowledgments=103
References=103
6. A Regime-Switching Analysis of Asian Bank Stocks / Kin-Yip Ho ; Yanlin Shi ; Zhaoyong Zhang=105
6.1. Introduction=105
6.2. RavenPack News Database=108
6.3. Data and Sample=110
6.4. Markov Regime-Switching (MRS) Model=111
6.5. Empirical Results=113
6.6. Conclusion=125
6.7. Appendix A : Selected 20 Asian Banks List=126
6.8. Appendix B : RavenPack Algorithms=127
References=129
7. Embedded Predictor Selection for Default Risk Calculation : A Southeast Asian Industry Study / Wolfgang Karl Härdle ; Dedy Dwi Prastyo=131
7.1. Introduction=131
7.2. Data and Default Predictors=133
7.3. Embedded Predictor Selection=134
7.4. Empirical Result=138
7.5. Conclusion=147
Acknowledgment=147
References=147
8. Demand for International Reserve and Monetary Disequilibrium : Evidence from Emerging Asia / Chandan Sharma ; Sunny Kumar Singh=149
8.1. Introduction=149
8.2. Literature Review=151
8.3. Stylized Facts and Adequacy of Reserves=153
8.4. Data Description=158
8.5. Empirical Models and Results=158
8.6. Conclusion=165
Acknowledgment=165
References=165
PART 2. Market Developments and Governance Issues
9. Singapore's Financial Market : Challenges and Future Prospects / David Lee Kuo Chuen ; Kok Fai Phoon=171
9.1. Introduction=171
9.2. Growth of the Financial Sector=172
9.3. The Prospects=174
9.4. The Challenges=181
9.5. The Instability Paradox=189
9.6. Micro- and Macroprudential Policies=191
9.7. Conclusion=193
References=194
10. Wealth Management : A Comparison of Switzerland, Singapore, and Hong Kong / Francis Koh ; Peggan Tan=195
10.1. Introduction=195
10.2. Switzerland=195
10.3. Singapore=197
10.4. Hong Kong=199
10.5. A Comparison of Switzerland, Singapore, and Hong Kong=199
10.6. Voices of Practitioners in Singapore=200
10.7. Conclusion=203
References=203
11. Asian Market Reactions to US Macroeconomic News Surprises / Natàlia Vails ; Helena Chuliá=205
11.1. Introduction=205
11.2. Data=207
11.3. Methodology=211
11.4. Empirical Results=212
11.5. Conclusion=217
Acknowledgment=218
References=218
12. Monetary Policy in Taiwan : The Implications of Liquidity / Logan Kelly ; Jane Binner ; Chia-Ling Chang ; Yi-Heng Tseng=221
12.1. Introduction=221
12.2. Financial Innovation and the Divisia Monetary Aggregate in Taiwan=224
12.3. Data and Methodology=225
12.4. Results and Discussions=228
12.5. Conclusion=231
References=233
13. Comparative Financial Development in Asia-Pacific Since the Asia Crisis / Kym Brown ; Jonathan A. Batten ; Michael Skully ; Yen N. Nguyen=237
13.1. Introduction and Background=237
13.2. The Asian Financial Crisis and Global Financial Crisis Reforms=238
13.3. Macroeconomic Asia and Financial Systems=240
13.4. Conclusion=249
References=249
14. Does Asia Really have Poorer Governance? Evidence from International Variations in Self-Dealing Transparency / Raj Aggarwal ; John W. Goodell=251
14.1. Introduction=251
14.2. Corporate Governance, Transparency, and Transaction Costs=252
14.3. Methodology=259
14.4. Results=263
14.5. Conclusion=267
Acknowledgments=267
References=268
15. Attitudes Toward Tax Evasion in Korea : A Study in Public Finance / Robert W. McGee ; Yeomin Yoon=271
15.1. Introduction=271
15.2. Prior Studies=271
15.3. The Present Study=273
15.4. Conclusion=281
References=281
16. Attitudes Toward Accepting a Bribe : A Comparative Study of the People's Republic of China, Taiwan, and Hong Kong / Robert W. McGee=285
16.1. Introduction=285
16.2. Prior Studies=286
16.3. The Present Study=288
16.4. Conclusion=294
References=294
PART 3. Sovereign Wealth Funds
17. The Emergence of Sovereign Wealth Funds in Asia / Donghyun Park ; Gemma Esther B. Estrada=299
17.1. Introduction=299
17.2. Stylized Facts about Developing Asia's Foreign Exchange Reserves=300
17.3. Informal Examination of the Adequacy of Developing Asia's Foreign Exchange Reserves=303
17.4. Sovereign Wealth Funds as a Blueprint for Investing Developing Asia's Excess Reserves=307
17.5. Policy Prescriptions for Developing Asia's SWFs=308
17.6. Conclusion=311
References=313
18. China Investment Corporation : China's Sovereign Wealth Fund / Yuwei Hu=315
18.1. Introduction=315
18.2. Overview and Organizational Structure=316
18.3. Investment Strategy=318
18.4. Current Problems=322
18.5. Policy Recommendations=325
18.6. Conclusion=327
References=327
19. Portfolio Allocation Dynamics of China Investment Corporation in the Aftermath of the Global Financial Crisis of 2007-2009 / Tayyeb Shabbir=329
19.1. Introduction=329
19.2. SWFs and China's Economic Policy=330
19.3. CIC : Establishment and Objectives=333
19.4. Dynamics of CIC's Investment Allocation Strategies=335
19.5. Critical Assessment of the Role of CIC=348
19.6. Conclusion=352
References=353
20. Sovereign Wealth Funds in East Asia : An Update of their Recent Developments / Kin-Yip Ho ; Zhaoyong Zhang=355
20.1. Introduction=355
20.2. Review of SWFs=356
20.3. Asian SWFs : Investment Strategies and Recent Developments=360
20.4. Conclusion=370
References=370
Index=373