My sense is that one consequence of this Asian crisis is an increasing awareness in the region that market capitalism, as practiced in the West, especially in the United States, is the superior model; that is, it provides greater promise of producing rising standards of living and continuous growth.
Development of financial markets Another major BSP strategic policy reform is to accelerate financial market development with special focus on the local currency debt market and foreign exchange (FX) market. We envision a more balanced financial ecosystem where a well-functioning banking system is complemented by a deep and liquid capital market. There is much room for growth in the domestic debt market.