Asian Financial Markets


Masahiro KAWAI

Credits / Language / Semester

2Credits / English / Winter


This course will provide an overview of the history, development and challenges of financial markets in Asia, including ASEAN member countries, China, Japan, Korea and India. Its primary focus is how policymakers can achieve the right balance between financial development (through liberalization, innovation and inclusion) and financial stability (through macroeconomic management, financial regulation and supervision, and international financial safety nets).

Japanese and Asian financial markets went through fundamental changes in the 1990s. The Japanese banking crisis and the Asian financial crisis in 1997-98 were instrumental in causing such changes. The global financial crisis of 2007-09 again affected Asian markets and has offered several lessons to be learned globally, including in Asia which has been increasingly integrated as a region financially. Open-economy financial policy would require significant attention to be paid to the hypothesis of impossible trinity, or trilemma, in international finance.

At the end of the course, students are expected to understand the key drivers of Asian financial market development in the past 30 years and be familiar with a range of ongoing policy debates to influence financial development and stability in the region.

Students are expected to attend all lectures, participate actively in class discussions, produce a lecture note for the session of the student’s choice, write a term paper on any of the lecture topics or related issues, and present the term paper.


Teaching Methods

Lecture, class discussion


Each student will be assessed as follows:
・20% - class attendance and contribution to class discussion
・20% - production of a lecture note
・40% - written term paper (individual)
・20% - term paper presentation with powerpoint

Miscellaneous Information


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