Fellow Publications

Securitisation in East Asia

AIIFL is pleased to announce the publication of a comprehensive and topical analysis of the future of securitisation in Asia’s major economies. Securitisation in East Asia is published in the Asian Development Bank’s working paper series on Regional Economic Integration.

Securitisation has been challenged by the crisis of confidence that spread in 2007 from the US subprime sector. This study analyses the underlying reasons, the likely results in regulatory policy and future transaction uses by banks and investors. Issues analysed include:

a. Regulatory incentives to securitization, variations in national rules, international capital standards, and Basel II implementation.

b. Recent market dislocations, uncertainty in credit risk transfer, market transparency, future rating agency practices, and post-crisis regulatory outcomes.

c. Criticisms of contemporary securitisation and its uses, stress in credit risk and transaction appraisal, and weaknesses in post-origination subprime loan management.

d. Rethinking securitization, new initiatives for East Asia, and institutional and contractual arrangements to safeguard investors and users.

This study examines the institutional basis of these issues by investigating the use of securitization in East Asia, questioning both the growth in regional activity since the 1997/98 Asian financial crisis, and the reasons for it remaining constrained. It concludes with proposals to support proper development of securitization in the region, including institutional mechanisms that could better allow securitization to enhance development and financial stability.

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Financial Stability, Economic Growth and the Role of Law

The Asian financial crisis began almost ten years ago, as a result of weaknesses in individual economies exposed by incredible changes in the international financial system since the early 1970s.

Over the past ten years, what have we learned and what have we done – internationally, regionally and domestically – to improve the financial architecture to support financial stability and economic growth?

Written by Douglas Arner, Director of the University of Hong Kong’s Asian Institute of International Financial Law and published by Cambridge University Press, this volume explores these questions, focusing on the role of law, and provides a timely and comprehensive critique of what has been achieved and the weaknesses which remain, especially in the architecture of the international financial system.

Additional information is available at: http://www.cambridge.org/us/9780521690560

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Financial Restructuring and Reform in Post-WTO China

December 2006 marks the fifth anniversary of China’s accession to the WTO and is a key milestone for its financial sector, marking the end of China’s five year liberalization period.

This book addresses the on-going process of financial restructuring and reform in post-WTO China from a legal perspective, providing the most up-to-date and comprehensive resource available on China’s WTO financial services liberalization process and its legal implications.

The book can be purchased online at Kluwer Law International.

This book is the result of a significant international, interdisciplinary research project based in AIIFL in collaboration with the Faculty of Law’s East Asian International Economic Law and Policy Programme (www.eaiel.org). The project received financial support from the Hong Kong Research Grants Council through Competitive Earmarked Research Grants, and the University of Hong Kong’s Strategic Research Areas initiatives.

Property Rights, Collateral and Creditor Rights in East Asia

The World Bank has published a major new report on the future of East Asian finance to coincide with this week’s World Bank / IMF annual meetings in Singapore. Researchers at the University of Hong Kong’s Asian Institute of International Financial Law (AIIFL) supported the work through a path-breaking study of Property Rights, Collateral and Creditor Rights in East Asia. The study includes comparative appraisals of current national bankruptcy and securitisation laws.

AIIFL’s study concludes that while much has been done in building the legal and institutional framework to support property rights and their use in East Asia, considerable weaknesses remain in most countries, especially in relation to enforcement, and in the comprehensiveness of national law.

The AIIFL study may be freely downloaded. The main World Bank report is available in two volumes.

This project represents an important part of AIIFL’s ongoing research into the development of Asia’s financial and legal systems. For more information please contact Douglas Arner or Paul Lejot.

Asia’s Debt Capital Markets: Prospects and Strategies for Development

Editors: Douglas Arner, Jae-Ha Park, Paul Lejot and Qiao Liu

This volume stems from discussions at the Asian Bond Market Forum, co-hosted by AIIFL and the Milken Institute in 2003 in Hong Kong, and research supported by HKU’s Hong Kong Institute of Economics and Business Strategy (HIEBS) and the Hong Kong Institute of Monetary Research (HKIMR). The book is published by Springer and is the sixth in the Milken Institute Series on Financial Innovation and Economic Growth, organized by Glenn Yago and James Barth of the Milken Institute.

The book can be purchased online at Springer.com.

Financial Markets in Hong Kong: Law and Practice

Co-authors: Berry Hsu, Douglas Arner, Maurice Tse & Syren Johnstone
Consulting Editors: Laurence LJ Li and Paul Lejot
Oxford University Press, March 2006

Ordering details:

Please contact Vanness Lai, Sales Co-ordinator
Oxford University Press (China) Limited
Tel: (852) 2516 3291
Fax: (852) 2565 1836
Email: vanness.lai@oup.com
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Book Launch was held on 20 April 2006 at Bloomsbury’ Bookshop

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Corporate Governance and Financial Reform in China’s Transition Economy (HKU Press 2009) by Dr Leng Jing

This book provides a comprehensive and up-to-date review and critique of corporate governance reforms and related financial reforms in China during the country’s transition to a market economy, involving its enterprise, banking and capital markets sectors. China’s participation in economic globalization, symbolized by its accession to the World Trade Organization, is taken as a broad background to the country’s domestic reform agenda. By exploring the dynamics of China’s evolving corporate governance regime, this book presents an important country study of corporate governance reforms in developing and post-communist transition economies to show the possibility of alternative paths to the market.

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Among the publications arising from AIIFL events are the following:

International Financial Sector Reform: Standard Setting and Infrastructure Development (516 pp.), Say Goo, Douglas Arner & Zhongfei Zhou (eds) (Kluwer Law International, Spring 2002). This volume resulted from AIIFL’s launch conference and co-organisation of a series of global conferences on the “New International Financial Architecture” in 1999-2001.

Financial Crises in the 1990s: A Global Perspective (675 pp.), Douglas Arner, Mamiko Yokoi-Arai & Zhongfei Zhou (eds) (British Institute of International and Comparative Law, Spring 2002). This volume collects the results of a multiyear, international, collaborative, interdisciplinary study of financial crises around the world over the past 10-15 years.

Financial Regulation – A Guide to Structural Reform, edited by Douglas Arner & Jan-juy Lin, has just been published by Sweet & Maxwell Asia. This book brings together for the first time leading financial market specialists, regulators and academics to analyse, from a comparative and interdisciplinary perspective, the reasons underlying recent efforts to restructure financial regulation, the options available and the experiences in a variety of jurisdictions around the world. The result will be of significance for government officials and regulators facing these issues in their own countries, market professionals seeking to understand changes in a variety of jurisdictions, and academics and students of financial regulation worldwide. This volume is based in part upon the July 2001 collaboration between AIIFL and National Chengchi University (NCCU).

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