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 i...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2014/01/18860706/financial-development-asia-beyond-aggregate-indicators http://hdl.handle.net/10986/16816 |
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okr-10986-16816 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 Didier, Tatiana Schmukler, Sergio L. Financial Development in Asia : Beyond Aggregate Indicators |
| geographic_facet |
East Asia and Pacific South Asia Asia |
| relation |
Policy Research Working Paper;No. 6761 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Didier, Tatiana Schmukler, Sergio L. |
| author_facet |
Didier, Tatiana Schmukler, Sergio L. |
| author_sort |
Didier, Tatiana |
| title |
Financial Development in Asia : Beyond Aggregate Indicators |
| title_short |
Financial Development in Asia : Beyond Aggregate Indicators |
| title_full |
Financial Development in Asia : Beyond Aggregate Indicators |
| title_fullStr |
Financial Development in Asia : Beyond Aggregate Indicators |
| title_full_unstemmed |
Financial Development in Asia : Beyond Aggregate Indicators |
| title_sort |
financial development in asia : beyond aggregate indicators |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2014/01/18860706/financial-development-asia-beyond-aggregate-indicators http://hdl.handle.net/10986/16816 |
| _version_ |
1764435041745633280 |
| spelling |
okr-10986-168162021-04-23T14:03:33Z Financial Development in Asia : Beyond Aggregate Indicators Didier, Tatiana Schmukler, Sergio L. 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 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. 2014-02-03T20:24:55Z 2014-02-03T20:24:55Z 2014-01 http://documents.worldbank.org/curated/en/2014/01/18860706/financial-development-asia-beyond-aggregate-indicators http://hdl.handle.net/10986/16816 English en_US Policy Research Working Paper;No. 6761 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research East Asia and Pacific South Asia Asia |