アジア通貨危機10年

構造改革の進捗と含意

抄録

A decade of reform in East Asia has witnessed successful progress in financial restructuring, which has enabled the recent robust growth. However, the real reform needed to achieve a disciplined financial system will require much more time and more intensive efforts, sustained by both mature market functions and efficient banking intermediaries. The East Asian experience so far has proved that a mere shift from bank lending to a corporate finance market did not automatically improve the governance of family-owned and -controlled firms. More stringent rules for empowering minority equity-holders and open access to information may add inconsistent disincentives to list firms, while bond issuance may not be able to offer appropriate financial support for certain types of businesses, if the information costs are included. The banking sector needs more sophistication, especially for supporting small and medium-sized enterprises. Meanwhile, enhancement of financial supervision has become an additional urgent agenda, along with the soaring number of cross-border transactions, often supported by foreign financial institutes with their advanced technologies. After the first round for financial restructuring, the reform in East Asia has entered a new phase: this needs to consist of a more comprehensive approach and speedy implementation of the policy agenda, without indulging in complacency.