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
Share
  • ShareShare
Information about Asia and the Pacific Asia y el Pacífico
Show Summary Details

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

    Other Resources Citing This Publication