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The objective of global regulatory reform is to build a resilient global financial system that can withstand shocks and dampen, rather than amplify, their effects on the real economy. Lessons drawn from the recent crisis have led to specific reform proposals with concrete implementation plans at the international level. Yet, these proposals have raised concerns of relevance to Asia's developing economies and hence require further attention at the regional level. The authors argue that global financial reform should allow for the enormous development challenges faced by developing countries - while ensuring that domestic financial regulatory systems keep abreast of global standards.
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