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Asia's Debt Capital Markets: Prospects and Strategies for Development

Douglas Arner ; Jae-Ha Park ; Paul Lejot ; Qiao Liu (eds.)

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Institución detectada Año de publicación Navegá Descargá Solicitá
No detectada 2006 SpringerLink

Información

Tipo de recurso:

libros

ISBN impreso

978-0-387-25089-2

ISBN electrónico

978-0-387-25090-8

Editor responsable

Springer Nature

País de edición

Reino Unido

Fecha de publicación

Información sobre derechos de publicación

© Milken Institute 2006

Cobertura temática

Tabla de contenidos

Introduction

Douglas Arner; Jae-Ha Park2; Paul Lejot; Qiao Liu

This article challenges certain tenets of the theories of reflexive law and ecological modernization. While far-sighted prevention-oriented and structural changes are needed, some proponents of these theories argue that the very industries and firms that create environmental problems can, through continuous institutional learning; the application of life cycle analysis; dialogue and networks with stakeholders; and implementation of "environmental management systems," be transformed into sustainable industries and firms. While useful, these reforms are insufficient. It is not marginal or incremental changes that are needed for sustainability, but rather major product, process, and system transformations — often beyond the capacity of the dominant industries and firms. This article also questions the alleged failure of regulation to stimulate needed technological changes, and identifies the conditions under which innovation for sustainability can occur. Finally, it discusses differences in needed policies for industrialized and developing countries.

- Introduction | Pp. 1-7

Opportunities and Challenges in Asian Bond Markets

James R. Barth; Donald McCarthy; Triphon Phumiwasana; Glenn Yago

This article challenges certain tenets of the theories of reflexive law and ecological modernization. While far-sighted prevention-oriented and structural changes are needed, some proponents of these theories argue that the very industries and firms that create environmental problems can, through continuous institutional learning; the application of life cycle analysis; dialogue and networks with stakeholders; and implementation of "environmental management systems," be transformed into sustainable industries and firms. While useful, these reforms are insufficient. It is not marginal or incremental changes that are needed for sustainability, but rather major product, process, and system transformations — often beyond the capacity of the dominant industries and firms. This article also questions the alleged failure of regulation to stimulate needed technological changes, and identifies the conditions under which innovation for sustainability can occur. Finally, it discusses differences in needed policies for industrialized and developing countries.

Part I - Asia’s Debt Capital Markets: Opportunities and Prospects | Pp. 11-32

Developing Asian Bond Markets Using Securitization and Credit Guarantees

Jae-Ha Park; Gyutaeg Oh

This article challenges certain tenets of the theories of reflexive law and ecological modernization. While far-sighted prevention-oriented and structural changes are needed, some proponents of these theories argue that the very industries and firms that create environmental problems can, through continuous institutional learning; the application of life cycle analysis; dialogue and networks with stakeholders; and implementation of "environmental management systems," be transformed into sustainable industries and firms. While useful, these reforms are insufficient. It is not marginal or incremental changes that are needed for sustainability, but rather major product, process, and system transformations — often beyond the capacity of the dominant industries and firms. This article also questions the alleged failure of regulation to stimulate needed technological changes, and identifies the conditions under which innovation for sustainability can occur. Finally, it discusses differences in needed policies for industrialized and developing countries.

Part I - Asia’s Debt Capital Markets: Opportunities and Prospects | Pp. 33-54

Contemporary Markets for Asian Debt Capital Market Instruments

Paul Lejot; Douglas Arner; Qiao Liu

This article challenges certain tenets of the theories of reflexive law and ecological modernization. While far-sighted prevention-oriented and structural changes are needed, some proponents of these theories argue that the very industries and firms that create environmental problems can, through continuous institutional learning; the application of life cycle analysis; dialogue and networks with stakeholders; and implementation of "environmental management systems," be transformed into sustainable industries and firms. While useful, these reforms are insufficient. It is not marginal or incremental changes that are needed for sustainability, but rather major product, process, and system transformations — often beyond the capacity of the dominant industries and firms. This article also questions the alleged failure of regulation to stimulate needed technological changes, and identifies the conditions under which innovation for sustainability can occur. Finally, it discusses differences in needed policies for industrialized and developing countries.

Part I - Asia’s Debt Capital Markets: Opportunities and Prospects | Pp. 57-115

Institutional Reform and Economic Development

Paul Lejot; Douglas Arner; Frederick Pretorius

This article challenges certain tenets of the theories of reflexive law and ecological modernization. While far-sighted prevention-oriented and structural changes are needed, some proponents of these theories argue that the very industries and firms that create environmental problems can, through continuous institutional learning; the application of life cycle analysis; dialogue and networks with stakeholders; and implementation of "environmental management systems," be transformed into sustainable industries and firms. While useful, these reforms are insufficient. It is not marginal or incremental changes that are needed for sustainability, but rather major product, process, and system transformations — often beyond the capacity of the dominant industries and firms. This article also questions the alleged failure of regulation to stimulate needed technological changes, and identifies the conditions under which innovation for sustainability can occur. Finally, it discusses differences in needed policies for industrialized and developing countries.

Part II - The Role of Reform | Pp. 119-142

Reforming China’s Bond Markets:

John Board; Paul Lejot; Stephen Wells

This article challenges certain tenets of the theories of reflexive law and ecological modernization. While far-sighted prevention-oriented and structural changes are needed, some proponents of these theories argue that the very industries and firms that create environmental problems can, through continuous institutional learning; the application of life cycle analysis; dialogue and networks with stakeholders; and implementation of "environmental management systems," be transformed into sustainable industries and firms. While useful, these reforms are insufficient. It is not marginal or incremental changes that are needed for sustainability, but rather major product, process, and system transformations — often beyond the capacity of the dominant industries and firms. This article also questions the alleged failure of regulation to stimulate needed technological changes, and identifies the conditions under which innovation for sustainability can occur. Finally, it discusses differences in needed policies for industrialized and developing countries.

Part II - The Role of Reform | Pp. 143-171

Improving the Policy Environment for Private Sector Participation in the Development of Local Currency and Regional Bond Markets in APEC:

Julius Caesar Parreñas

This article challenges certain tenets of the theories of reflexive law and ecological modernization. While far-sighted prevention-oriented and structural changes are needed, some proponents of these theories argue that the very industries and firms that create environmental problems can, through continuous institutional learning; the application of life cycle analysis; dialogue and networks with stakeholders; and implementation of "environmental management systems," be transformed into sustainable industries and firms. While useful, these reforms are insufficient. It is not marginal or incremental changes that are needed for sustainability, but rather major product, process, and system transformations — often beyond the capacity of the dominant industries and firms. This article also questions the alleged failure of regulation to stimulate needed technological changes, and identifies the conditions under which innovation for sustainability can occur. Finally, it discusses differences in needed policies for industrialized and developing countries.

Part II - The Role of Reform | Pp. 173-204

Essential Changes in National Law and Regulation: Impediments to cross-border investment in Asian bond markets

S. Ghon Rhee; Paul Lejot; Douglas Arner

This article challenges certain tenets of the theories of reflexive law and ecological modernization. While far-sighted prevention-oriented and structural changes are needed, some proponents of these theories argue that the very industries and firms that create environmental problems can, through continuous institutional learning; the application of life cycle analysis; dialogue and networks with stakeholders; and implementation of "environmental management systems," be transformed into sustainable industries and firms. While useful, these reforms are insufficient. It is not marginal or incremental changes that are needed for sustainability, but rather major product, process, and system transformations — often beyond the capacity of the dominant industries and firms. This article also questions the alleged failure of regulation to stimulate needed technological changes, and identifies the conditions under which innovation for sustainability can occur. Finally, it discusses differences in needed policies for industrialized and developing countries.

Part III - Strategies for Development | Pp. 207-242

Policy Concerns and the Value of Regional Markets

Paul Lejot; Douglas Arner; Qiao Liu

This article challenges certain tenets of the theories of reflexive law and ecological modernization. While far-sighted prevention-oriented and structural changes are needed, some proponents of these theories argue that the very industries and firms that create environmental problems can, through continuous institutional learning; the application of life cycle analysis; dialogue and networks with stakeholders; and implementation of "environmental management systems," be transformed into sustainable industries and firms. While useful, these reforms are insufficient. It is not marginal or incremental changes that are needed for sustainability, but rather major product, process, and system transformations — often beyond the capacity of the dominant industries and firms. This article also questions the alleged failure of regulation to stimulate needed technological changes, and identifies the conditions under which innovation for sustainability can occur. Finally, it discusses differences in needed policies for industrialized and developing countries.

Part III - Strategies for Development | Pp. 243-268

Promoting Market Development with Structured Finance and Regional Credit Enhancement

Paul Lejot; Douglas Arner; Frederick Pretorius

This article challenges certain tenets of the theories of reflexive law and ecological modernization. While far-sighted prevention-oriented and structural changes are needed, some proponents of these theories argue that the very industries and firms that create environmental problems can, through continuous institutional learning; the application of life cycle analysis; dialogue and networks with stakeholders; and implementation of "environmental management systems," be transformed into sustainable industries and firms. While useful, these reforms are insufficient. It is not marginal or incremental changes that are needed for sustainability, but rather major product, process, and system transformations — often beyond the capacity of the dominant industries and firms. This article also questions the alleged failure of regulation to stimulate needed technological changes, and identifies the conditions under which innovation for sustainability can occur. Finally, it discusses differences in needed policies for industrialized and developing countries.

Part III - Strategies for Development | Pp. 269-290