Financial Crisis as a Catalyst of Legal Reforms: The Case of Asia

Abstract

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“…However, those who applied to the Service faced fierce opposition from their creditors. M. Kawai et al (2013), discuss how financial crises in six Asian countries worked as catalysts for legal reforms. The authors state that reforms of economic laws alone cannot improve the quality of entire legal and judicial systems of countries and the crucial issue is the enforcement of substantive law by procedural law, the efficiency of the justice system, and other political and social factors.…”