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The Financial Sector and Growth in Emerging Asian Economies

Listed author(s):
  • William R. Cline

    ()

    (Peterson Institute for International Economics)

This study suggests that Asian emerging-market economies now have financial sectors relatively unlikely to provoke new financial crises, either because of reforms after the late-1990s East Asian financial crisis or because of the dominance of state-owned banks not subject to bank runs. Financial intermediation is found to be surprisingly high and is consistent with higher rates of saving and investment and hence growth in the main economies of the region than in counterparts in Latin America. There are sharply diverging patterns nonetheless (e.g., high foreign ownership of banks in the Republic of Korea versus minimal presence in the People's Republic of China). Differing national structures are identified (bank dominated, portfolio oriented, diversified). Policy recommendations include establishing clear long-term plans to improve efficiency in state-owned banks or reduce their dominance; pursuing bank capitalization targets at least as ambitious as those of Basel III; ensuring adequate regulation of growing nonbank intermediaries; reversing a recent trend toward renewed international financial closure in some economies; and improving legal security of bank regulators in some countries.

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File URL: https://piie.com/publications/working-papers/financial-sector-and-growth-emerging-asian-economies
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Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP15-5.

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Date of creation: Mar 2015
Handle: RePEc:iie:wpaper:wp15-5
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  1. Jacob Funk Kirkegaard, 2005. "Outsourcing and Skill Imports: Foreign High-Skilled Workers on H-1B and L-1 Visas in the United States," Working Paper Series WP05-15, Peterson Institute for International Economics.
  2. Gary Clyde Hufbauer & Jeffrey J. Schott, 2005. "NAFTA Revisited: Achievements and Challenges," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 332, November.
  3. Jacob Funk Kirkegaard, 2007. "Accelerating Decline in America's High-Skilled Workforce: Implications for Immigration Policy," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa84.
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