Financial sector development in Asia : country studies

목차 (Table of Contents)

• CONTENTS
• LIST OF CONTRIBUTORS = xxiii
• ABBREVIATIONS AND ACRONYMS = xxv
• GLOSSARY = xxvii
• CHAPTER ONE KOREA'S FINANCIAL MARKETS AND POLICIES / SANG-WOO NAM
• Evolution of the Korean Financial Market = 1
• Policy Environment = 3
• Selective Credit Allocation = 3
• Credit Control System = 6
• Regulation of Interest Rates = 7
• Slow Pace of Financial Liberalization = 10
• Information Asymmetry and Legal Framework = 12
• Overview of the Financial Markets = 14
• Growth of Financial Sector = 15
• Flow of Funds = 21
• Sources of Corporate Financing = 26
• Banking System = 26
• Bank of Korea = 26
• Banking Institutions and Business = 28
• Deposit and Loan Portfolio of deposit Money Banks = 32
• Efficiency of Banks = 35
• Supervision for Sound Banking Operation = 40
• Development Institutions = 41
• Korea Development Bank (KDB) = 41
• Export­Import Bank of Korea (KEXIM) = 43
• Korea Long­term Credit Bank (KLCB) = 43
• Other Finanacial Institutions = 44
• Saving Institutions = 44
• Investment and Finance Companies = 47
• Merchant Banking Corporations = 48
• Insurance Companies = 48
• National Investment Fund and the National Housing Fund = 49
• Leasing Companies = 49
• Venture Capital Companies = 50
• Credit Guarantee Funds = 52
• Regulation of the Safety and Soundness of NBFIs = 52
• Informal Credit Market = 54
• NBFI Ownership = 56
• Money Market = 57
• Call Market = 58
• Commercial Paper Market = 59
• Bond Market on RPs = 59
• Market for CDs = 60
• Short­term Government Bond Market = 60
• Monetary Stabilization Bond Market = 60
• Markets for Commercial and Trade Bills = 61
• Capital Market = 61
• Development of the Korean Capital Market = 61
• Stock Market = 62
• Bond Market = 63
• Major Capital Market Institutions = 64
• Agenda for Financial Reform = 66
• Policies toward NPLs and Bailing out Troubled Firms = 66
• Restructuring of the Financial Sector = 68
• Structure of Ownership and Management Control of Banks = 71
• Upgrading Financial Infrastructure = 73
• Summary and Conclusion = 76
• Bibliography = 79
• CHAPTER TWO FINANCIAL SECTOR DEVELOPMENT AD POLICIES IN TAIPEI, CHINA / JIA-DONG SHEA
• Introduction = 81
• Overview of the Financial Systme = 82
• Types of Financial Institutions = 82
• Types of Financial Instruments = 84
• Flow­of­Funds Relationship = 87
• Consolidated Balance Sheet of Financial Institutions = 93
• Distribution of Loans = 93
• Financial Infrastructure, Regulations, and Macroeconomic Policies = 95
• Accounting System = 95
• Legal and Supervisory System = 98
• Financial Regulation and Deregulation = 99
• Distress Managing Method and Prudential Re­regulation = 104
• Macro Stabilization Policies = 106
• Banking System = 110
• Central Bank of China = 110
• Full­Service Domestic Banks = 110
• Local Branches of Foreign Banks = 113
• Medium Business Banks = 114
• Deposits and Loans of Banks = 115
• Operational Efficiency of Banks = 118
• Nonbank Financial Intermediaries = 119
• Cooperatives = 121
• Investment and Trust Companies = 122
• Postal Savings System = 123
• Insurance Companies = 123
• Nonintermediary Financial Markets = 124
• Money Market = 124
• Bond Market = 125
• Stock Market = 126
• Foreign Exchange Market = 131
• Unregulated Financial System = 134
• Structure of Unregulated Financial System = 134
• Types of Financial Transactions = 134
• Interest Rate = 136
• Size of the Unregulated System = 136
• Growth Promotion Financial Policies = 138
• Export Financing = 139
• Special Loans = 140
• Strategic­Industry Financing = 141
• Financing of Small­and Medium­Scale Enterprises = 142
• Financing for Small­and Medium­Scale Enterprises = 143
• Credit Guarantee for Small­and Medium­Scale Enterprise = 145
• Evaluation of the Performance of the Financial System = 147
• Development of the Financia System = 147
• Stimulation and Mobilization of Savings = 149
• Allocative Efficiency of Loanable Funds = 151
• Prospects and Lessons = 154
• Bibliography = 157
• CHAPTER THREE FINANCIAL SECTORPOLICIES IN INDONESIA, 1980­1993 ANWAR NASUTION
• Macroeconomic Setting Before and After Deregulation = 163
• Macro Economic Conditions = 163
• Structure of the Financial System = 168
• Financial Assets = 169
• Deregulation and Government Interventions = 172
• Coverage, Aspects, and Sequence of Economic Deregulation = 173
• Reforms of the Banking Industry, 1983­1993 = 175
• Sequence of Deregulation = 175
• Coverage and Aspects of the Reforms = 178
• Impact of the Banking Reforms = 184
• Growing Market Competition = 184
• Internal Problems = 190
• Monetary Policy = 197
• Economic Overheating, 1989­1991 = 197
• Capital Market = 198
• Capital Market = 198
• Money Market = 203
• Interbank Money Market = 203
• SBI and SBPU Markets = 204
• Controlling Liquidity Through Nonmarket Mechanisms = 205
• Nondepository Financial Intermediaries = 205
• Insurance Industry = 205
• Noninsurance and Nonbank Financial Companies = 212
• Infrastructure of Financial Sector = 215
• Internal Capability of Financia Institutions to Supervise Credit = 216
• Regulatory and Supervisory Agencies = 217
• Underdeveloped Legal and Accounting Systems = 220
• Reorganization and Recapitalization of finanacial Institutions = 222
• Corporatization of State­Owned Financial Institutions = 222
• Bad Debts and Premium Collections = 222
• Recapitalization of Banks = 223
• Operating System = 225
• Conclusion = 225
• Bank­Oriented Financial System = 225
• Growing Market Competition = 226
• Savings Mobilization and Resources Allocation = 226
• Risks = 227
• Weak Financial Institutions = 227
• Weak Human Resources and System of Operations = 227
• Inadequate Market Infrastructure = 228
• Ineffective Monetary Policy = 228
• Acknowledgments = 229
• Bibliography = 229
• CHAPTER FOUR A STUDY OF FINANCIAL SECTOR POLICIES : THE PHILIPPINE CASE / MARIO B. LAMERTE AND GILBERTO M. LLANTO
• Overview of the Financial Issues of the Financial System = 238
• Microeconomic Efficiency Issues of the Financial System = 238
• Credit Rationing in a Liberalized Financial Market = 239
• Financial Intermediaries = 240
• Banking System = 240
• Depositor Protection = 251
• Efficiency of the Banking System in Mobilizing and Allocating Savings = 251
• Accounting System = 257
• Nonbank Financial Intermediaries = 258
• Finance Companies = 258
• Other NBFLs = 260
• Insurance Companies = 263
• Private Pension Funds = 269
• Nonbank Government­Owned Credit Guarantee Institutions = 271
• Financial Firms and Markets = 271
• Money Markets = 271
• Capital Markets = 274
• Foreign Exchange Market = 279
• Infrastructure Support System = 281
• Accounting and Auditing Systems = 282
• Legal Framework for Debt Recovery = 288
• Credit Rating Institution = 290
• Review and Assessment of Government Policies and Recommendations = 292
• Bibliography = 298
• CHAPTER FIVE FINANCIAL SECTOR DEVELOPMENT IN THAILAND PAKORN VICHYANOND
• Introduction = 303
• Overview and Evolution of the Financial Sector = 304
• Relative Sizes of the Financial Institutions = 309
• Evolution = 312
• Financial Infrastructure = 314
• Commercial Banks = 314
• Finance Companies = 317
• Financial Institutions Development Fund = 319
• Stock Exchange = 320
• Accounting Standards = 323
• Value­Added Tax = 324
• Commercial Banking System = 325
• Improving the Effectiveness of Bank Supervision = 326
• Lines of Business = 327
• Banking Structure and Current Issues = 327
• Nonbank Savings Institutions = 329
• Finance Companies = 329
• Credit Foncier Companies = 334
• Lift Insurance Companies = 334
• Agricultural Cooperatives = 335
• Savings Cooperatives = 336
• Government Finance Institutions = 336
• Government Savings Bank = 337
• Bank for Agriculture and Agricultural Cooperatives = 339
• Government Housing Bank = 340
• Industrial Finance Corporation of Thailand = 340
• Nonintermediary Financial Firms \ 342
• Securities Companies = 342
• Mutual Fund Companies = 342
• Macroeconomic Issues = 344
• Monetary Policy = 344
• Fiscal Policy = 347
• Exchange Rate Policy = 348
• Financial Markets = 350
• Money Markets = 350
• Foreign Exchange Market = 352
• Government Bond Market = 352
• Commercial Papers = 353
• Stock Market = 353
• Recent Reform Experiences = 356
• Deregulation and Relaxation = 357
• Dismantling of Exchange Controls = 358
• Interest Rate Liberalization = 359
• Fewer Constraints on Financial Institutions Portfolio Management = 359
• Rural Credit Policy = 360
• Branch Opening Requirements = 360
• Modification of the Reserve Requirement = 361
• Expansion of Financial Institutions' Scope of Operations = 361
• Improvement of Supervision and Examination of Financial Institutions = 362
• Bangkok International Banking Facilities = 363
• Other Recent Moves = 365
• Conclusion = 366
• Financialization = 366
• Fundamentals = 367
• Sequencing = 367
• Consequences and Outlook = 368
• Bibliogrphy = 370
• CHAPTER SIX REFORM OF INDIA'S FINANCIAL SYSTEM / P. JAYENDRA NAYAK
• Introduction = 371
• Micentive Compatibility of Theoretical Issues = 372
• Incentive Compatibility of Financial Sector Contracts = 372
• Responses to Imperfect Information = 372
• Diversification of Creditor Risks = 374
• Interest Rate Deregulation = 375
• Macroeconomics : The Conventional Wisdom = 377
• Informal Finance = 378
• Informality as a Banking Style = 378
• Reach of the Informal Sector = 378
• Sources of Informal Credit = 380
• Industrial Structure of Informal Markets = 380
• Comparison with Formal Finance = 382
• Equity : The Reach of Credit = 384
• Efficiency : Impact on the Real Economy = 385
• Regulation of Informal Finance = 386
• Formal Finance = 387
• Financial Deepening = 387
• Commercial Banks = 389
• Banking Policy and Its Outcome = 390
• Development Financial Institutions = 394
• Fragility of Institutions = 396
• Reform of Commercial Banking = 397
• Macroeconomic Policy Support = 397
• Financial Infrastructure Support = 399
• Restructuring of Banks = 400
• Short­Term Profitability Support = 402
• Longer­Term Competitive Strength = 404
• Restructuring the DFIs = 407
• Legal and Regulatory Environment = 408
• Market Development = 409
• Clarity in Corporate Strategy = 410
• Nonintermediary Finance = 410
• Capital Markets = 411
• Capital Market Improvements = 412
• Creation of Debt Markets = 413
• Corporate Debentures and PSU Bonds = 415
• Money Markets = 416
• Foreign Exchange Markets = 418
• Financial Infrastructure = 419
• Legal System = 419
• Accounting Conventions = 421
• Regulation and Supervision = 422
• Deposit Insurance and Credit Guarantees = 423
• Issues in Industrial Finance = 424
• Market Signaling under Weak Contracts Enforcement = 424
• Risk Diversification for Working Capital = 426
• Financing Sick Companies : Mortality or Morbidity = 427
• Financing Small­Scale Industries = 428
• Concluding Observations = 429
• Acknowledgments = 432
• References = 432
• CHAPTER SEVEN DEVELOPMENT OF THE FINANCIAL SECTOR IN PAKISTAN / NADEEM UL HAQUE AND SHAHID KARDAR
• Introduction = 437
• Financial Sector : Size, Depth, and Sources of Funds = 438
• Sources and Uses of Funds = 438
• Financial Institutions : Type and Performance = 442
• Commercial Banks = 444
• Development Finance Institutions = 452
• Finanacial Markets and Instruments = 455
• Money Markets = 455
• Debt Markets = 456
• Equities Markets = 457
• Foreign Exchange Markets = 458
• Insurance = 459
• Informal Financial Markets = 460
• Adequacy of the Financial Infrastructure = 460
• Institutional Capability of the Country's Regulatory Agencies = 461
• Weak Enforcement of Regulatory Mechanisms = 462
• Information Disclosure = 462
• Auditing and Accounting Standards = 462
• Prudential Regulations = 463
• Debt Recovery System = 463
• Weak Payment and Information System = 465
• Economic and Financial Policies = 466
• Constraints of Finanacing a Large Fiscal Deficit = 466
• Financial Repression and the Quasi­Fiscal Deficit = 466
• Recent Financial Sector Reforms = 472
• Developing the Market for Equities = 474
• Investor Perceptions and Returns to Stockholders = 474
• Limited Availability of Stock and the Institutional Investor = 475
• Privatization = 476
• Cumbersome Procedures for Trading Stocks = 476
• Limited Use of Current Information Technology = 477
• Constraints on the Development of Secondary Markets for Government Debt = 477
• Increased Competition in Instruments = 479
• Differential Fiscal Treatment of Financial Instruments = 479
• Limited Availability of Finanacial Instruments = 480
• Potential New Instruments = 481
• Factors Hindering Development of Housing Finance Markets = 482
• Policies for the Development of Finanacial Markets = 483
• Fiscal Prudence and Stable Policy Environment = 483
• Market­Oriented Monetary and Credit Policy = 484
• Reform of the Financial Sector = 485
• Conclusion = 487
• Bibliography = 489
• AUTHOR INDEX = 493
• SUBJECT INDEX = 495