Financial Development in Asia : Beyond Aggregate Indicators

Didier, Tatiana ; Schmukler, Sergio L.

World Bank, Washington, DC

关键词: ACCESS TO BANKS;    ACCESS TO FINANCING;    ACCOUNTING;    ADVANCED COUNTRIES;    ADVANCED ECONOMIES;   

DOI  :  10.1596/1813-9450-6761
RP-ID  :  WPS6761

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper documents the major trends infinancial development in Asia since the early 1990s and thespillovers to firms. It compares Asia with advanced andemerging countries and uses both aggregate and disaggregateindicators. Financial systems in Asia remain less developedthan in advanced countries but more developed than inEastern Europe and Latin America. Bond and stock marketsplay a larger role and institutional investors have gainedimportance. Nonetheless, capital-raising activity has notexpanded. A few large companies capture most of theissuances. Many secondary markets remain illiquid. Thepublic sector captures a significant share of bond markets.The largest advancements in Asia occurred in China andIndia. But still in these countries, few large companies usecapital markets to expand and grow, becoming much largerthan nonuser firms. In sum, Asia's financial systemsremain less developed than aggregate measures suggest, withfew spillovers to many firms.