Escolar Documentos
Profissional Documentos
Cultura Documentos
Development:
Implications for Asian Financial Integration
Linh Bun and Nirvikar Singh
Department of Economics, University of California, Santa Cruz
Introduction
Financial integration and financial development
Measuring financial development: Levels and
patterns
Data
Results
Conclusion
Financial crises
1997-98 vs. 2007-09
Challenges and responses
Category Indicator
Affordability of financial services
Availability of financial services
Efficiency Financing through local equity market
Ease of access to loans
Venture capital availability
Soundness of banks
Trustworthiness and
Regulation of securities exchanges
confidence
Legal rights of investors
Main Results
Institutional Environment
Business Environment
Based on WEF Financial Development Report 2012
Appendix
Business Sophistication
Technology Sophistication
Openness
Institutional Environment 2
AUS
HKG
JPN
Reg of sec. exchanges Equity mkts KOR
NZL
SGP
TWN
Venture capital
KHM
CHN
IDN
Reg of sec. exchanges Equity mkts MYS
PHL
THA
VNM
Venture capital
0.90
IDN
0.80
0.70
Pattern Distance
0.60
TWN
0.50
0.40
PHL
THA
KHM
0.30 VNMMYS
SGP
NZL KOR HKG
0.20 JPN AUS
CHN
0.10
0.00
0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50
Level Distance
0.3
0.25
AUS SGP
0.2 JPN NZL HKG
0.15
0.1
0.05
0
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5
Level Distance
0.45
0.4
0.35
Pattern Distance
0.3
0.25
0.2
KHM
0.15
TWN
IDN
NZL
0.1
VNM
JPN AUS SGPKOR
CHN HKG
THA PHLMYS
0.05
0
0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50
Level Distance
0.5
0.45
0.4
0.35
Pattern Distance
0.3
KHM
0.25 VNM
0.2
0.15
TWN
CHN
0.1
IDN KOR
JPN MYS SGP
THAAUS NZL
PHL HKG
0.05
0
0 0.1 0.2 0.3 0.4 0.5
Level Distance
0.9 IDN
0.8
0.7
TWN
Pattern Distance
0.6
0.5
PHL
THA
0.4 KHM
MYSKOR
VNM
NZL
SGP
0.3 HKG
JPN AUS
CHN
0.2
0.1
0
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5
Level Distance
0.9
0.8
0.7
0.6
Pattern Distance
TWN VNM
0.5
IDN PHL KOR
KHM
0.4 CHN MYS
THA
0.3
JPN
AUS NZL SGP
HKG
0.2
0.1
0
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5
Level Distance
0.45
0.4 IDN
0.35
Pattern Distance
0.3 KOR
0.25
TWN
NZL
KHM
0.2
JPN SGP
PHL
MYS AUS
0.15
THA CHN VNM
HKG
0.1
0.05
0
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5
Level Distance
0.45
KOR
0.40
0.35
KHM
VNM
Pattern Distance
0.30
0.25
IDN
CHN MYS
0.20 TWN
PHL
THA
JPN
NZL
0.15 AUS SGP
HKG
0.10
0.05
0.00
0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4 0.45 0.5
Level Distance
0.45
0.4
HKG
VNM KOR
0.35 KHM
SGP
NZL
Level Distance
0.3
MYS
0.25
CHN AUS
PHL
0.2 TWN
IDN THA
JPN
0.15
0.1
0.05
0
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00
Level
0.3
0.25
SGP
AUS HKG
0.2 JPN
NZL
0.15
0.1
0.05
0
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00
Level
JPN JPN JTw JTw JTw JTw JTw JTw JTw JTw JTwA JTwACPITh JTwACPIThMNHS
KOR KoV KoV KoVKh KoVKh KoVKh KoVKh KoVKh KoVKh KoVKh KoVKh KoVKh KoVKh
TWN TWN
VNM
KHM KHM KHM KHM KHM KHM KHM KHM KHM KHM KHM KHM
IDN IDN IDN IDN IP IP IPTh IPTh IPThC IPThCTw IPThCTw IPThCTw IPThCTw
JPN JPN JPN JPN JPN JPN JPN JPN JPN JPN
KOR KOR KOR KOR KOR KoM KoM KoMV KoMV KoMV KoMV
NZL
SGP SGP