Recovery without long-term structural reform in financial markets is not sustainable on a long-term basis. Indonesia, Japan, Korean, Malaysia and Thailand continue the struggle to reform and broaden the depth and breadth of their financial markets. Hints of recovery promoted by financial assistance packages may well have stalled efforts at financial reform implementation and corporate restructuring.
The Milken Institute has created a scorecard on the major crisis countries to review reform measures that have been put into place in five Asian countries. Major changes in financial sector regulations implemented by these five Asian countries are condensed here.