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Financial development in Asia : beyond aggregate indicators, Volume 1
 
Author:Didier, Tatiana; Schmukler, Sergio L.; Country:Asia;
Date Stored:2014/01/27Document Date:2014/01/01
Document Type:Policy Research Working PaperSubTopics:Access to Finance; Emerging Markets; Debt Markets; Banks & Banking Reform; Mutual Funds
Language:EnglishMajor Sector:Finance
Rel. Proj ID:1W-Capital Flows And Financial Integration -- -- P053639;Region:East Asia and Pacific; South Asia
Report Number:WPS6761Sub Sectors:General finance sector
Collection Title:Policy Research working paper ; no. WPS 6761TF No/Name:TF015108-KCP II - Firm Financing from Capital Markets; TF092859-KCP - CAPITAL RAISING ACTIVITY IN DOMESTIC AND INTERNATIONAL MARKETS; TF098583-KCP II - On the use of domestic and international debt markets; BBRSB-BB RESEARCH SUPPORT BUDGET; TF040198-WORLD:; TF094565-KCP II - GLOBALIZATION, RISK, AND CRISES; TF010688-KCP II - Understanding Capital Flows to Developing Countries; TF040145-WORLD:; TF015022-KCP II - Institutional Investors; TF092864-CAUSES AND CONSEQUENCES OF MACROECONOMIC VOLATILITY
Volume No:1  

Summary: 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.

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