The financial crisis in Asia in 1997-1998 has highlighted the weakness of the financial systems in the region. Among others, increased attention is given to the lack of a well-functioning capital market that provides analternative mechanism for efficient allocation of financial resources in an economy in parallel with the banking system. Against this background, the OECD established the Round Table on Capital Market Reform in Asia, in co-operation with the Asian Development Bank Institute in 1999. Gathering together chairmen and high-ranking officials of securities commissions, financial policy makers and experts from stock exchanges and other relevant organisations from Asian and OECD countries and officials of international organisations, the Round Table has met annually to promote policy discussion for the development of capital markets in the region.
The fourth meeting of the Round Table took place on 9-10 April 2002 at the ADB Institute in Tokyo. Under the theme of Medium Term Responses to the Crises, discussions focused on the policy implications in relation to market structures (e.g. exchange demutualisation), regulatory structures (e.g. integrated regulators), corporate governance and restructuring when issuers fail(e.g. corporate debt restructuring).
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