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The International Financial Crisis And Policy Challenges In Asia And The Pacific

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Executive Summary

This paper addresses financial stability issues in Asia and the Pacific. The keynote address by the author compares the attractiveness of two different models of commercial banking, specifically the Anglo-Saxon model and the Asian model. The author argues that the Anglo-Saxon model imploded during the crisis for good reasons. The author discusses the potential for a synthesis of the two models as a way forward, drawing on the desirable elements of the Asian model together with desired improvements to the Anglo-Saxon model based on lessons learnt during the crisis.

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