Introduction: financial crisis and system reform in Asia / Masayoshi Tsurumi -- Financial reform in Japan / Takao Saga -- Financial reform in the Republic of Korea: past and present / Dong Won Kim and Inn Won Park -- Economic development and financial system reform in Taiwan / Tsun-Siou Lee -- Banking development and the Asian financial crisis in Hong Kong / Yim Fai Luk -- China's capital market in the course of economic restructuring / Shi Jin Liu and Chen Ghui Zhang -- Financial liberalization and financial crisis : the case of Thailand / Prakarn Arphasil -- Financial policy and financial sector development in Indonesia since the 1980s / Anwar Nasution -- Financial reform and crisis in Malaysia / Kok Fay Chin and K.S. Jomo -- East Asian economic and financial crisis : the case of the Philippines / Joseph Y. Lim -- India's financial sector reforms : progress and the macroeconomic constraints / Partha Sen -- Conclusion: financial big bang in Asia / Masayoshi Tsurumi