Introduction

It is difficult to overstate the growing importance of Asia in the global economy. Despite the sharp downturn experienced in the 1997 financial crisis, the region has bounced back strongly in the new millennium and delivered solid economic growth. The crisis experience, however, revealed a shortcoming in the region of being only a stronghold of trade and the need of a well functioning financial section. Since the 1997 event, the region has made considerable efforts to improve the governance and efficiency of its financial section. While the region’s financial markets are still in the development phase, the region is exerting its financial prowess to the rest of the world via outward direct investment and sovereign wealth fund activity.