Financial Development in Asia : Beyond Aggregate Indicators

This paper documents the major trends in financial development in Asia since the early 1990s and the spillovers to firms. It compares Asia with advanced and emerging countries and uses both aggregate and disaggregate indicators. Financial systems in Asia remain less developed than in advanced countries but more developed than in Eastern Europe and Latin America. Bond and stock markets play a larger role and institutional investors have gained importance. Nonetheless, capital-raising activity has not expanded. A few large companies capture most of the issuances. Many secondary markets remain illiquid. The public sector captures a significant share of bond markets. The largest advancements in Asia occurred in China and India. But still in these countries, few large companies use capital markets to expand and grow, becoming much larger than nonuser firms. In sum, Asia's financial systems remain less developed than aggregate measures suggest, with few spillovers to many firms.

Bibliographic Details

Main Authors:	Didier, Tatiana, Schmukler, Sergio L.
Language:	English en_US
Published:	World Bank, Washington, DC 2014-01
Subjects:	ACCESS TO BANKS, ACCESS TO FINANCING, ACCOUNTING, ADVANCED COUNTRIES, ADVANCED ECONOMIES, AMOUNT OF CAPITAL, ASSET HOLDINGS, ASSET MANAGERS, BANK CREDIT, BANK DEBT, BANK DEPOSITS, BANK FINANCING, BANK LENDING, BANKING SECTOR, BANKING SECTORS, BANKING SYSTEM, BANKING SYSTEMS, BOND, BOND FINANCING, BOND FUNDS, BOND ISSUANCES, BOND ISSUES, BOND MARKET, BOND MARKET CAPITALIZATION, BOND MARKET TRADING, BOND MARKETS, BONDS, CAPITAL FLOWS, CAPITAL FUNDS, CAPITAL MARKET, CAPITAL MARKET FINANCE, CAPITAL MARKET FINANCING, CAPITAL MARKETS, CAPITAL RAISING, CAPITAL-RAISING ACTIVITY, COLLATERAL, COMMERCIAL LENDING, COMMERCIAL MORTGAGE, CONSUMER CREDIT, CONTRACT ENFORCEMENT, CORPORATE BOND, CORPORATE GOVERNANCE, CURRENCY, CURRENCY COMPOSITION, CURRENCY MISMATCHES, DATA AVAILABILITY, DEGREE OF RISK, DEPOSIT, DEPOSITS, DEVELOPING COUNTRIES, DEVELOPMENT BANK, DOMESTIC BOND, DOMESTIC BOND MARKETS, DOMESTIC BONDS, DOMESTIC CURRENCY, DOMESTIC ECONOMY, DOMESTIC EQUITY, DOMESTIC INSTITUTIONAL INVESTORS, DOMESTIC MARKET, DOMESTIC MARKETS, EMERGING ECONOMIES, EMERGING MARKET, EMERGING MARKETS, EQUITIES, EQUITY CAPITAL, EQUITY FINANCING, EQUITY FUND, EQUITY FUNDS, EQUITY ISSUES, EQUITY MARKET, EQUITY MARKET CAPITALIZATION, EQUITY MARKETS, EQUITY PRICES, EQUITY VALUATIONS, EXCHANGE RATE, EXCHANGE RATE REGIME, EXCHANGE RATES, EXPENDITURES, EXTERNAL FINANCE, FEDERAL RESERVE, FEDERAL RESERVE BANK, FINANCIAL ASSETS, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL DEEPENING, FINANCIAL DEVELOPMENT, FINANCIAL FRAGILITY, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL MARKETS, FINANCIAL POLICIES, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SECTORS, FINANCIAL SERVICES, FINANCIAL STABILITY, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FINANCIAL TRANSACTIONS, FINANCING OBSTACLES, FIRM GROWTH, FISCAL DEFICITS, FIXED INCOME, FIXED INCOME SECURITIES, FOREIGN BANKS, FOREIGN CURRENCY, FOREIGN CURRENCY DEBT, FOREIGN CURRENCY LOANS, FOREIGN FINANCING, FOREIGN FUNDS, FOREIGN INVESTMENTS, FOREIGN INVESTORS, FOREIGN MARKETS, GLOBAL MARKETS, GLOBALIZATION, GOVERNMENT BONDS, GOVERNMENT SECURITIES, GROSS DOMESTIC PRODUCT, GROWTH RATE, INCOME INSTRUMENTS, INFLATION, INSTITUTIONAL DEVELOPMENT, INSTITUTIONAL INVESTOR, INSTITUTIONAL INVESTORS, INSURANCE, INSURANCE COMPANIES, INTERNATIONAL BANK, INTERNATIONAL CAPITAL, INTERNATIONAL ECONOMICS, INTERNATIONAL FINANCIAL STATISTICS, INTERNATIONAL INVESTORS, INTERNATIONAL MARKETS, INTERNATIONAL SETTLEMENTS, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT BEHAVIOR, INVESTMENT OPPORTUNITIES, INVESTOR PROTECTION, ISSUANCE, ISSUANCES, LEGAL ENVIRONMENT, LENDERS, LIABILITY, LINES OF CREDIT, LIQUIDITY, LOCAL CAPITAL MARKETS, LOCAL CURRENCIES, LOCAL CURRENCY, LOCAL MARKETS, LOCAL STOCK EXCHANGES, LOCAL STOCK MARKET, LONG-TERM DEBT, MACROECONOMIC VOLATILITY, MACROECONOMICS, MARKET FINANCE, MARKET LIQUIDITY, MARKET REFORMS, MARKET SIZE, MARKET TURNOVER, MARKETS DATABASE, MATURITIES, MATURITY, MATURITY MISMATCHES, MATURITY STRUCTURE, MONETARY FUND, MONEY MARKET, MORTGAGE, MORTGAGE CREDIT, MORTGAGE LENDING, MUTUAL FUND, MUTUAL FUND ASSETS, MUTUAL FUNDS, NONBANK INSTITUTIONS, OFFSHORE CENTERS, PENSION, PENSION FUND, PENSION FUND ASSETS, PENSION FUND INVESTMENT, PENSION FUNDS, POLITICAL ECONOMY, PORTFOLIO, PORTFOLIO HOLDINGS, PORTFOLIOS, PRIVATE BOND, PRIVATE BONDS, PRIVATE EQUITY, PRIVATE SECTOR CREDIT, PROPERTY RIGHTS, PUBLIC SECTOR BOND, REGULATORY ENVIRONMENTS, REGULATORY FRAMEWORK, SAVINGS, SECONDARY MARKET, SECONDARY MARKET ACTIVITY, SECONDARY MARKETS, SECURITIES, SHAREHOLDERS, STOCK MARKET, STOCK MARKET DEVELOPMENT, STOCK MARKET INDEXES, STOCK MARKETS, SYSTEMIC RISK, TRADING, TRADING VOLUMES, TRANSPARENCY, TURNOVER, TURNOVER RATIO, TURNOVER RATIOS, VENTURE CAPITAL, VENTURE CAPITAL FUNDS, WORLD DEVELOPMENT INDICATORS,
Online Access:	http://documents.worldbank.org/curated/en/2014/01/18860706/financial-development-asia-beyond-aggregate-indicators https://hdl.handle.net/10986/16816
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