Information about Asia and the Pacific Asia y el Pacífico
Back Matter

Back Matter

Author(s):
Ratna Sahay, Cheng Lim, Chikahisa Sumi, James Walsh, and Jerald Schiff
Published Date:
August 2015
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Information about Asia and the Pacific Asia y el Pacífico
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Index

Page numbers followed by b, f, or t refer to boxed text, figures, or tables, respectively.

A

  • Access to financial services

    • current indicators, 26, 196t

    • financial sector deepening for infrastructure development, 181, 192–198

    • future demand, 3

    • mobile banking technology and, 26

    • for small- and medium-sized enterprises, 9, 25–26

  • Agricultural Bank of China, 13

  • ASEAN+3, 62, 167, 206b, 232

  • ASEAN-4, 212–213, 226–227b

  • ASEAN Economic Community, 4–5, 7–8, 204, 205, 218–219, 233

  • AsiaBondsOnline, 62

  • Asian Bond Fund-2, 62

  • Asian Bond Market Forum, 62

  • Asian Development Bank, 62

  • Asian Dollar Market, 150

  • Asian financial crisis (1997)

    • Asian stock market and, 48

    • drivers of capital flows after, 239–241, 260f

    • effects on advanced and emerging economies, 267

    • policy responses to, 6, 29, 108–109, 123–124, 125–127t, 265, 266–267

    • sources of, 61–62

  • Association of Southeast Asian Nations

    • approach to further integration, 216–217, 233

    • banking sector integration, 213–214, 214f

    • benefits and risks of further liberalization and integration, 203–219

    • bond yield patterns, 215, 216f

    • capital account openness, 226–227b

    • credit to private sector in, 217–218, 218t

    • current account balances, 225–228, 228t

    • economic performance, 203, 207, 208–209t, 210f

    • exchange rate regimes, 222t

    • financial integration to date, 204

    • foreign direct investment flows, 211–213

    • future challenges, 204

    • future prospects, 3, 4–5, 7–8, 204 GDP, 3

    • IMF collaboration in risk mitigation, 232

    • interest rate trends, 215, 216f

    • lessons from integration experience of European Union, 221–223, 231–232, 233

    • member characteristics, 203, 204

    • population, 3

    • portfolio investment, 214–215, 215f

    • rationale for further integration, 216, 232–233

    • reform initiatives to promote further integration, 205–206b, 219–221

    • regulatory coordination, 167

    • risk management initiatives, 206b

    • strategies for safe financial integration in, 229–232

    • trade patterns within, 207–211, 210f, 211f

    • See also ASEAN Economic Community

  • Australia, 144

    • financial sector characteristics, 11, 13

    • financial sector regulation, 280

    • response to global financial crisis, 29

B

  • Bangladesh, 180, 280

  • Banking sector

    • assets, 11, 136–137, 137f

    • balance sheets, 118

    • characteristics of, in Asia, 9, 11–12, 271–272

    • composition of non-interbank claims, 24t

    • credit tightening after global financial crisis, 89

    • cross-border lending, 25

    • deposit-to-credit ratios, 23, 24t

    • domestic and international interconnectedness, 140–142

    • foreign-owned institutions, 13, 164–166, 165f, 278–279, 279f

    • future of ASEAN integration, 219–220

    • future prospects, 9–10, 137–140, 282

    • global systemically important institutions, 13, 164–165, 166, 168–169, 265, 273, 278, 284, 285

    • government ownership, 13, 27–28

    • growth risks, 218, 230

    • income distribution, 30

    • interbank linkages, 30–31

    • Japan’s, lending by, 244, 245–246b

    • lending profitability, 139f

    • lessons from European Union liberalization experience, 221–223, 231–232

    • mobile technology, 26, 27f, 36

    • private sector credit intermediation, 22–25

    • regional and global integration, 213–214, 214f

    • resolution frameworks, 93, 125, 127, 169, 222, 223, 272, 275–276, 278, 282–283

    • risk management in integration, 229–232

    • size of institutions, 272–274

    • sources of loans to Asia, 238, 240f

    • “too important to fail” institutions, 265, 266, 272–274, 278, 285

  • Basel Core Principles, 274

  • Basel III, 23, 138, 197, 266, 267–270, 268t, 269t, 278, 283

  • Bond markets

    • access, 79–82, 92–93, 94t

    • Asian financial crisis (1997) and, 61–62

    • corporate, 25, 60, 71, 74, 74f, 82–91, 84t, 85t, 90f, 91f, 96–97, 99, 101–102f, 283

    • currency denomination, 64, 64f

    • current state of, 9, 10, 16–18, 19–21, 19f, 60, 136

    • dematerialization of securities, 93–94

    • derivatives markets and, 96–97

    • determinants of yield, 76–79, 79t, 80–81f

    • evolution of issuance quantity and quality, 82–91, 83f, 84t, 86–87f, 88f

    • foreign investment in Asia’s, 6, 60, 61, 63, 71–74, 72f, 73f, 92–93, 95, 99, 196

    • future challenges and opportunities, 6, 17, 61, 92–99, 137–138

    • goals and outcomes of 1990s reforms, 59–60

    • infrastructure, 93–96, 100, 197–198

    • international comparison, 64, 65f

    • investor base, 60, 63–64, 69, 70f, 92–93, 99–100, 136

    • issuance in international financial centers, 154f, 155, 158–159, 159t

    • lending rates and yields in, 90f

    • liquidity, 18, 20f, 66–69, 67t

    • offshore currency trading and, 97–99

    • portfolio investments in ASEAN countries, 214–215, 215f

    • private sector financing, 25, 60

    • rationale for development of, 61–64

    • recommendations for reform, 99–100

    • regional integration, 95–96

    • returns, 64, 66f

    • shallowness, 21–22, 22t

    • trends in Asia, 16–17, 17f, 59, 60, 64–76, 64f, 65f, 66f, 89, 99, 111f, 151

    • U.S. tapering policy and, 111–112

    • yield trends in ASEAN, 215, 216f

  • Brazil, 15, 84

  • Brunei Darussalam, 212–213

C

  • Cambodia

    • demographic trends and challenges, 181

    • foreign direct investment inflows, 212–213

  • Capital account openness

    • de jure indices, 132–133, 225, 226–227b

    • effects on future capital flows, 244–251

    • financial sector growth and, 132, 132t, 133–134, 135, 144–145

    • future of ASEAN, 223–229

    • international comparison, 244, 246f

    • macroeconomic management and, 231

    • measures of, 132–133

    • pace of liberalization, 228–229

    • purchasing power parity and, 144f

  • Capital flows

    • benefits of regional integration, 195–196, 223–229

    • composition, 237, 239f

    • demographic trends and, 141–142, 182–183, 190

    • determinants of, 235, 236, 261t

    • drivers of, after Asian financial crisis, 239–241, 260f

    • effects of capital account liberalization on, 244–251

    • financial sector deepening and, 251–252

    • as foreign direct investment, 212–213, 237

    • future challenges, 8, 235, 236, 258

    • future prospects, 204–207, 241–252

    • global interconnectedness, 33

    • patterns and trends, 8, 235, 236–238, 237f, 238f, 258

    • policies to reduce future risk from volatility in, 252–258, 259

    • policy responses to Asian financial crisis, 108–109

    • productive use of, 258

    • regional integration and, 252

  • Capital markets

    • bank regulation effects, 282

    • clearing and settlement risk, 95

    • current state of, 9, 16–22

    • derivatives trade, 74–76, 76f

    • foreign participation, 21, 21f, 63–64, 74–75, 138

    • future challenges for Asian economies, 4

    • growth patterns and trends, 16–17, 17f, 64

    • growth risks, 218

    • implications of demographic trends, 182

    • integration among ASEAN countries, 214–215, 215f

    • investor base, 14, 14f, 35

    • Singapore and Hong Kong, 156

    • structural reforms to foster development of, 63

    • transparency, 69, 93

  • Chiang Mai Initiative, 167, 206b, 252, 258

  • China

    • access to financial services in, 26

    • bank resolution in, 272

    • capital account openness, 145, 162–164, 247, 248–249b

    • capital flows to and from, 8, 237, 247–250, 251t

    • capital markets, 63, 66–67, 71, 84, 93

    • credit growth, 115–116

    • debt patterns, 116–118

    • demographic trends, 4, 7, 178, 181, 190

    • effects of capital account liberalization on Asian capital flows, 246–251

    • external debt, 118–119

    • financial sector characteristics, 13, 15–16, 24, 25, 28–29, 30

    • financial sector regulation, 278

    • financial sector supervision, 277

    • foreign direct investment flows, 248–249

    • future prospects, 3

    • government debt, 17, 21

    • Hong Kong SAR and, 151, 152–155

    • infrastructure development, 185

    • macroprudential policies, 253

    • nonbank financial sector, 281, 282

    • nonbank lending, 118

    • projected financial sector growth, 142, 143–144

    • Renminbi Qualified Foreign Institutional Investor scheme, 63–64

    • shock propagation modeling, 162, 163f

    • trade within ASEAN and, 210f, 211

  • Citigroup, 13, 166

  • Clearance and settlement issues, 95, 223

  • Consumption

    • future challenges for Asian economies, 7

    • trends in Asia, 3

  • Corruption, 135

  • Credit Guarantee and Investment Facility, 63

  • Credit markets

    • bond market growth after global financial crisis, 89–91

    • corporate lending, 24–25

    • credit to private sector in ASEAN, 217–218, 218t

    • cross-border bank lending, 25

    • effects of regulatory reform on lending rates, 270–271, 271f

    • effects of tighter regulation in, 282

    • government involvement, 28–29, 35–36

    • household lending, 24–25

    • intermediation of private sector credit, 22–26

    • lenders to Asia, 238, 240f

    • loan-to-value caps, 253

    • nonbank lending, 118

    • private credit-to-GDP ratio, 22, 23f

    • sectoral allocation, 29

    • trends in, vulnerability to shock and, 115–118, 116f

  • Crisis management frameworks, 272, 282, 285

  • Current account balances, 118–120, 119f, 225–228, 228t

D

  • Demographics

    • challenges for Asian economies, 4, 7, 129, 177–179, 181–192

    • dependency ratios, 181, 182t, 183–184, 184f, 188–189

    • economic growth and, 190

    • financial product design for changes in, 196

    • financial sector growth and, 134–135, 142–143, 143f

    • financial sector policies to address challenges from trends in, 180–181, 198–200

    • implications for future capital flows, 252

    • infrastructure investment and trends, 189, 192–194

    • international interconnectedness of financial sector and, 141–142

    • patterns and trends, 181, 182t, 183f, 191t

    • working-age population trends, 178f, 181–182, 190

  • Deposit insurance, 35–36

  • Derivatives markets, 31, 61, 74–76, 76f, 77, 96–97, 98, 152, 284, 295

E

  • East Asia Pacific Central Banks, 63

  • Education gap, 223

  • Electricity infrastructure, 179, 180

  • Euro area

    • cross-border capital flows, 33

    • international finance centers of Asia and, 167–168

    • investment in Asia, 238, 240f

    • lessons from financial sector liberalization, 221–223, 231–232

    • shadow banking sector, 15

    • size of financial sector, 10

  • Exchange-traded equity derivatives, 75

  • Exchange-traded funds, 31–32

  • Executives’ Meeting of East Asia Pacific Central Banks, 72, 167

F

  • Fertility rate, 178

  • Financial sector

    • Basel III requirements, 267–270, 268t, 269t

    • benefits of deepening and integration, 192–194, 198–199, 217–219

    • capital account openness, 132–134, 144–145, 144f

    • capital flows affected by deepening of, 251–252

    • complexity, 30–32, 136–139, 145, 146

    • current features, 5–6, 9–10

    • demographic implications for future of, 141–143, 143f, 177–178

    • determinants of growth, 132t, 146

    • foreign reserves, 120

    • future challenges and opportunities, 4–5, 9, 35–36, 129, 142–145, 146

    • future growth prospects, 129–136

    • future of ASEAN, 217–223

    • global interconnectedness, 32–33, 33f, 34f, 145

    • government debt and, 136

    • government involvement, 26–29, 28f, 35–36, 277–278, 285

    • infrastructure development supported by, 177

    • institutional investor assets, 199t

    • institutions, 11–16, 12f

    • intermediation of private sector credit, 22–26

    • international comparison, 40f

    • liberalization, international interconnectedness and, 141

    • reforms in response to 1997 financial crisis, 125–127t

    • regional convergence, 131

    • resilience and vulnerability of Asian economies to shocks, 115–118

    • significance of, in Asia’s future growth, 4

    • size of Asia’s, 10, 11f, 130–131b, 132t

    • strategies for addressing demographic challenges, 180–181, 184

    • strategies for addressing infrastructure challenges, 180–181, 198–199

    • strategies for enhancing deepening and integration, 194–199

  • Foreign direct investment, 211–213, 212f, 237

  • Foreign exchange derivatives, 31, 74–75, 76f

  • Foreign exchange markets, 16, 18b, 31, 108–109

  • Foreign ownership

    • banking institutions, 13, 164–166, 165f, 278–279, 279f

    • government bonds, 21

    • restrictions, 213

  • Fund of Bond Funds, 63

G

  • Global economy

    • Asian currency in foreign exchange markets, 18b

    • Asian interconnectedness, 33

    • Asian share, 3

    • effects of foreign investment on bond yields, 76–79, 79t, 80–81f

    • financial stability, 115, 115f

    • harmonization of financial regulations, 167

    • spillover effects from international regulation, 278–279, 284, 286

    • See also Global regulatory environment

  • Global financial crisis (2008), 22

    • Asian financial crisis and, 108–109

    • bond market performance and, 64–65, 71, 89

    • effects on Asian economies, 6, 28, 30, 107–110, 109, 123–124

    • effects on European economies, 222–223

    • policy responses in Asia, 29

    • recovery, 61

    • stock market performance and, 44, 48

    • vulnerability of Asian economies to repeat of, 122, 123t

  • Global regulatory environment

    • current compliance in Asia, 274, 275f, 284–285

    • future of Asian economies and, 8

    • spillover effects, 278–279, 286

    • See also Basel III

  • Global systemically important banks, 13, 164–165, 166, 168–169, 265, 273, 278, 284, 285

  • Governance and law

    • institutional development for financial sector growth, 135, 145

    • See also Regulation, financial

  • Government bonds, 10, 18, 67

    • bid-ask spreads, 68f

    • foreign ownership, 21

  • Government-owned banks, 13, 27–28

  • Growth

    • among ASEAN countries, 207, 208–209t, 210f

    • capital markets, 16

    • demographic trends and, 190, 191f

    • expectations for financial sector, 129–136, 142–145

    • future prospects, 7, 120–122

    • global financial crisis and, 108

    • government involvement in financial intermediation as restraint to, 277–278

    • infrastructure development and, 179, 184–185

    • of international finance centers in Asia, 157–159

    • intraregional trade and, 211

    • patterns and trends in Asia, 3

    • significance of financial sector in Asia’s, 4

H

  • Hedge funds, 170

  • Hong Kong SAR, 10

    • capital markets, 66–67, 69, 74, 84

    • credit growth, 115–116

    • demographic trends and challenges, 181

    • financial sector characteristics, 11, 13, 16, 23, 25

    • foreign exchange market, 18b, 31

    • renminbi business in, 152–155

    • See also International finance centers of Singapore and Hong Kong

  • Household debt, 116–117, 117f

  • HSBC, 13, 166, 169

  • Human capital, 4

I

  • India

    • capital account openness, 246

    • capital markets, 63–64, 69, 71, 84, 93

    • demographic trends and challenges, 181

    • external debt, 118–119

    • financial sector characteristics, 13, 15, 16, 23, 24, 25, 30–31, 271–272, 276

    • financial sector regulation, 278

    • financial sector supervision, 277

    • future challenges, 3, 7

    • government debt, 17, 21

    • inflation, 120

    • infrastructure development, 179

    • macroprudential policies, 253, 280

    • nonbank financial sector, 281

    • projected financial sector growth, 142

    • recovery from U.S. tapering shock, 113–115

  • Indonesia

    • bank resolution in, 272–273

    • capital markets, 69, 74, 86, 89, 92, 94

    • debt patterns, 116–118

    • demographic trends and challenges, 181

    • external debt, 118–119

    • financial sector characteristics, 11, 13, 15, 16, 25, 30–31, 272

    • foreign direct investment inflows, 212–213

    • future challenges, 3, 7

    • inflation, 120

    • infrastructure development, 179

    • macroprudential policies, 253

    • nonbank financial sector, 281

    • recovery from U.S. tapering shock, 113–115

    • reforms in response to Asian financial crisis, 125t

    • trade, 211

  • Industrial and Commercial Bank of China, 13

  • Inflation, 120, 134

  • Infrastructure and physical capital

    • benefits of financial sector deepening for development of, 192–194, 198–199

    • bond markets, 93–96, 100, 197–198

    • current state, 179, 179f, 180, 180f

    • demographic change and investment in, 189, 192–194

    • economic growth and, 179, 184–185

    • financial sector policies to support development of, 180–181, 194–198, 199–200

    • financing, 185–186, 196–198

    • future challenges for Asian economies, 4, 7, 177, 185, 223

    • public–private partnerships for development of, 197

    • rationale for bond market development to finance, 61

  • Initial public offerings, 154f, 155, 157–158, 158t

  • Insurance companies, 13–14, 69, 136, 243

  • Interest income, 30, 31f

  • Interest-rate derivatives, 75, 76f

  • Interest rates

    • bank lending and, 136–137, 137f

    • future prospects, 138

    • patterns and trends, 216f

    • signs of regional integration, 215

  • International Association of Insurance Supervisors, 274

  • International finance centers of Singapore and Hong Kong, 7, 18b, 149

    • assets under management, 153f, 156

    • bond markets, 154f, 155, 158–159, 159t

    • effects of capital account liberalization in China, 163–164

    • evolution of, 150–152, 153f

    • financial regulation in, 166–170

    • foreign exchange markets in, 152

    • foreign financial market participation, 164–166, 165f, 168–169

    • future challenges and opportunities, 170–171

    • geographic regions and economic sectors served by, 152–157, 153f

    • government policies and support for, 151–152

    • Initial public offerings, 154f, 155, 157–158, 158t

    • market specialization of, 152

    • offshore financial activity and, 156

    • openness of, 156–157

    • participation in regional and global forums, 167

    • rationale for complementarity relationship between, 149–150, 154–164, 170

    • renminbi business and, 154–155

    • shock propagation model, 160–162, 161b, 163f, 172f

    • significance of, in Asian economies, 149

    • sources of growth, 157–159, 158t, 159t

    • stock market capitalization, 156

  • International investment position, 132–134, 140, 144

  • International Monetary Fund, 232

  • International Organization of Securities Commissions, 274, 280

  • Investment

    • benefits of financial deepening for infrastructure development, 192–194

    • demographic trends and, 182

    • institutional investor assets, 199t

    • Japan’s, in Asia, 242–244, 243f

    • trends in ASEAN countries, 214–215, 215f

  • Investor base

    • bond market, 60, 61, 69, 92–93, 99–100, 136

    • capital market development and, 14, 14f, 35, 63–64

    • diversity, 70f, 99–100

    • for infrastructure development, 196, 198

    • strategies for expanding, 92

    • trends, 69

J

  • Japan

    • banking sector, cross-border activities of, 244, 245–246b

    • demographic trends and challenges, 4, 178, 181

    • financial sector characteristics, 11, 13, 15, 16, 23, 28, 271, 272

    • financial sector regulation, 280

    • foreign exchange market, 18b

    • future challenges and opportunities, 3

    • government debt, 10, 17

    • influence on Asian capital flows, 8, 241, 242–244

    • outward portfolio investment, 242–243, 243f

    • projected financial sector growth, 142

    • response to global financial crisis, 29

K

  • Knock-in-knock-out foreign exchange options, 31

  • Korea

    • capital markets, 66–67, 74, 84, 86, 92

    • debt patterns, 118

    • demographic trends and challenges, 4, 178, 181

    • financial sector characteristics, 11, 13, 16, 23, 25, 30

    • foreign-exchange-related

    • macroprudential policy, 256–257b

    • macroprudential policies, 253

    • nonbank financial sector, 281

    • response to Asian financial crisis, 125t

    • response to global financial crisis, 29

L

  • Labor market

    • demographic trends, 178f, 181–182, 190

    • foreign direct investment flows to Asia, 213

  • Lao P.D.R., 212–213, 237

  • Legal system. See Governance and law

  • Life expectancy, 178

  • Low-income households

    • access to financial services, 3, 26

    • future challenges and opportunities, 3

M

  • Macroprudential regulation, 108, 279–280

    • countercyclical, 257

    • foreign-exchange-related, in Korea, 256–257b

    • global comparison, 255f

    • to reduce risk from capital flow volatility, 253–258, 259

  • Malaysia

    • banking sector, 214

    • capital markets, 66–67, 69, 74, 86, 89, 92, 93, 94, 95

    • credit growth, 115–116

    • debt patterns, 116

    • demographic trends and challenges, 181

    • external debt, 118–119

    • financial sector characteristics, 11, 13, 16, 25, 28, 144, 272

    • financial sector supervision in, 277

    • foreign direct investment inflows, 212–213

    • macroprudential policies, 280

    • reforms in response to Asian financial crisis, 126t

  • Middle class

    • in ASEAN, 204, 211, 213, 223

    • in future of Asian economies, 3

    • growth trends in Asia, 3

  • Mitsubishi UFJ Financial Group, 13

  • Mizuho Financial Group, 13

  • Mobile banking, 26, 27f, 36

  • Mongolia, 180, 237

  • Mutual funds, 69–71, 71f, 92

  • Myanmar, 180, 212–213

N

  • New Zealand

    • financial sector characteristics, 13, 23

    • macroprudential policies, 253

  • Nonbank depository institutions, 11–12, 100

  • Nonbank financial institutions. See Shadow banking sector

  • Nonperforming loans, 116f, 118

O

  • Offshore financial activity, 97–99, 156, 229

P

  • Pan Asia Bond Index Fund, 63

  • Pension funds, 13–14, 70f, 92, 136, 198, 243–244

  • Philippines

    • banking sector, 214

    • capital markets, 69, 74, 84, 89, 92, 93, 94, 98

    • demographic trends and challenges, 181

    • external debt, 118–119

    • financial sector characteristics, 13, 15, 16, 24, 25, 272, 275

    • foreign direct investment inflows, 212–213

    • infrastructure development, 179, 180

    • response to Asian financial crisis, 126–127t

  • Policy banks, 13, 28, 29

  • Portfolio investment, 214–215, 215f, 237, 238, 239f, 242–243, 243f

  • Private sector

    • corporate bond markets, 25, 60, 61, 63, 71, 74, 74f, 82–91, 84t, 85t, 90f, 91f, 96–97, 99, 101–102f, 283

    • corporate debt, 117–118

    • credit intermediation, 22–26

    • credit to, in ASEAN, 217–218, 218t

    • financing sources, 25, 60

    • foreign ownership restrictions, 213

    • infrastructure investment from, 193

    • public–private partnerships, 197

    • reforms after Asian financial crisis, 108

  • Privatization, 141

  • Public debt

    • financial sector growth and, 136

    • future challenges, 35–36

    • infrastructure development and, 179, 185

    • nonmarket sources of, 17

    • spending as percentage of GDP, 186f

    • trends, 120, 121f

  • Public–private partnerships, 197

Q

  • Quantitative and qualitative easing program in Japan, 241, 242–244

  • Quantitative easing program, U.S., 6, 61, 107, 110–112, 113, 114f, 124, 215, 235

R

  • Regional integration

    • banking sector, 213–214, 214f

    • bond markets, 63

    • capital flows and, 252

    • capital market infrastructure, 95–96

    • to enhance infrastructure investment, 194–195, 199

    • financial interconnectedness, 9, 32–33, 33f

    • financial sector growth and, 131

    • future challenges and opportunities, 4–5, 7, 199

    • harmonization of financial standards, 167, 230

    • macroeconomic management in, 230–231

    • rationale for financial risk sharing, 180–181

    • reciprocity agreements in, 230

    • regulatory cooperation in, 275–276

    • risks, 181

    • stock market pricing and, 48, 53

    • strategies for enhancing, 195, 229–232

    • trade openness and, 141, 211–212

    • vulnerability to shock and, 110

    • See also Association of Southeast Asian Nations

  • Regulation, financial

    • Basel III requirements, 267–270, 268t, 269t

    • bond market development and, 69, 100

    • characteristics of Asian economies, 277–278

    • corporate bond market growth and, 283

    • credit intermediation, 28–29

    • current compliance with international standards, 274, 275f, 284–285

    • current shortcomings in, 265, 274, 276t

    • derivatives markets, 284

    • effects on lending rates, 270–271, 271f

    • to foster capital market development, 63

    • future challenges for, 7, 8, 266, 285

    • future of Asian securities markets and, 6, 39

    • global, spillover effects from, 278–279, 286

    • of international finance centers, 166–170

    • macroprudential policy, 279–280

    • measure of, 49b, 52

    • nonbank financial institutions, 92, 285

    • to promote banking integration, 222

    • regional variation, 11

    • response to Asian financial crisis, 108, 265, 266–267

    • securities markets, 280

    • stock pricing and, 39, 44, 48–52, 50f, 51f, 53

    • See also Global regulatory environment; Supervision, financial system

  • Resilience of Asian economies

    • current account balances and, 118–120

    • current state of, 107, 115–122, 124

    • financial sector vulnerabilities, 115–118

    • future challenges and opportunities, 107, 124

    • global financial crisis outcomes, 107–110

    • macroeconomic factors, 120–122

    • reducing risk from capital flow fluctuations, 236, 252–258, 259

    • reforms in response to Asian financial crisis (1997) and, 108–109, 123–124, 125–127t

    • sources of, 109–110, 110f, 113–115

    • U.S. tapering policy and, 107, 110–112, 113, 114f, 124

S

  • Savings

    • capital market development and, 63

    • demographic trends and, 134–135, 141, 178–179, 182–184, 184f, 186–192, 188t, 191f, 191t

    • future challenges for Asian economies, 4, 7

    • income and, 189

  • Securities markets

    • current characteristics, 12f

    • dematerialization of securities and, 93–94

    • future challenges and opportunities, 6, 39

    • regulation, 6, 39, 49b, 280

  • Shadow banking sector, 9, 14–16, 15f, 30, 92, 118, 139, 266, 280–283, 281f, 285

  • Shock propagation model, 160–162, 161b, 162f, 163f

  • Singapore, 10

    • bank resolution in, 272, 276

    • capital account openness, 226b

    • capital markets, 66–67, 69, 74, 85, 92, 93, 94

    • credit growth, 115–116

    • debt patterns, 116–118

    • demographic trends, 4

    • financial sector characteristics, 11, 23, 25, 230

    • foreign direct investment inflows, 212–213

    • foreign exchange market, 18b

    • macroprudential policies, 253

    • response to global financial crisis, 29

    • See also International finance centers of Singapore and Hong Kong

  • Small and medium-sized enterprises, access to financial services, 3, 9, 25–26

  • South Africa, 15

  • Standard Chartered Bank, 166, 169

  • Stock markets

    • capitalization, 39, 40, 40f, 41t, 141

    • current characteristics, 10, 12f, 16, 18–21, 19f, 39–42

    • determinants of returns, 47–48

    • effects of idiosyncratic factors in pricing, 42–44, 47–48, 53

    • factor model of returns, 46

    • foreign investment, 39, 40–42, 42f, 44, 45–46

    • foreign listings, 42

    • future challenges and opportunities, 6, 19

    • global financial crisis and, 44

    • growth patterns and trends, 16, 17f

    • of Hong Kong and Singapore, 156

    • institutional factors in performance of, 43

    • international comparison of performance, 45, 54–57t

    • international integration, 40–42, 42f, 45–46

    • liquidity, 19, 20f, 40

    • listed companies, 18, 40

    • new capital raised in, 18, 40

    • regulatory effects, 44, 48–52, 50f, 51f, 53

    • speculative bubbles, 42–43

  • Structured financial products, 9, 31

  • Sumitomo Mitsui Financial Group, 13

  • Supervision, financial system

    • in ASEAN, 223, 230, 231

    • characteristics of Asia’s, 267, 277

    • derivatives markets, 75, 97

    • future challenges, 35

    • independence of supervisors, 277

    • in international financial centers, 149, 150, 164–166, 168

    • macroprudential, 279–280

    • post-Asian financial crisis, 108, 125b, 126b, 265, 266

    • strategies for improving, 274–277

  • Surveillance, ASEAN initiatives, 206b, 223, 230

T

  • Thailand

    • banking sector, 214

    • bank resolution in, 272, 278

    • capital markets, 69, 74, 89, 92, 94, 95

    • credit growth, 115–116

    • debt patterns, 116

    • demographic trends and challenges, 181

    • financial sector characteristics, 11, 13, 16, 272

    • foreign direct investment inflows, 212–213

    • macroprudential policies, 253

    • reforms in response to Asian financial crisis, 127t

  • Trade openness, 135–136, 141

    • among ASEAN countries, 207

    • financial integration and, 211–212

    • opportunities for improving, among ASEAN countries, 207–211

  • Trade patterns

    • among ASEAN countries, 207–211, 210f, 211f

    • exports by category, 211, 211f

  • Transportation infrastructure, 179, 180

U

  • United Kingdom, 142

  • United States

    • exchange-traded funds, 31–32

    • exit from quantitative easing program, 6, 61, 107, 110–112, 113, 114f, 124, 215, 235, 240–241, 242

    • extraterritorial effects of financial regulations, 69, 283

    • influence on Asian capital flows, 235, 239–241, 242

    • international finance centers of Asia and, 167–168

    • investment in Asia, 238, 240f

    • projected financial sector growth, 142

    • shadow banking sector, 15

    • size of financial sector, 10

V

  • Vietnam

    • capital markets, 69, 74

    • demographic trends, 143

    • financial sector characteristics, 28–29

    • financial sector regulation, 278

    • foreign direct investment inflows, 212–213

    • projected financial sector growth, 142

  • Volcker Rule, 283

W

  • Wages, 213

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