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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    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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