ABSTRACT

Against the backdrop of the financial crisis that affected Europe and the US over the later part of the last decade, Asian economies have been trying to shed their over-reliance on the financial resources of the West and find financing solutions in their local and regional financial markets. At the same time, the global growth engine was largely driven by Asia during this period, fueled by expanding regional production networks, integration into the global economy, foreign direct investment (FDI), falling trade and investment barriers, a commodity boom, and heightened demand from a rising Asian middle class.