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The Asian and European Banking Systems: The Case of Spain in the Quest for Develpoment and Stability

Author

Listed:
  • Sonsoles Gallego

    (Banco de España)

  • Alicia García Herrero

    (Banco de España)

  • Jesús Saurina

    (Banco de España)

Abstract

After a brief review of the literature on the determinants of financial development, the paper reviews the Asian and European financial systems in terms of their size and efficiency. It also compares the steps taken in the two regions in the quest for financial development and stability, which in a few cases are very similar but differ markedly in others. While there has been a clear move towards a more balanced financial structure in both regions, financial liberalization, as well as the strengthening of bank regulation and supervision occurred later in Asia and with a different speed and sequencing. The most striking difference between the two areas is the degree of international - and regional – financial integration, much lower for Asia. Finally, the case of Spain - as a European country with a finance-led convergence process - is analyzed in more detail. Lessons are drawn from the Spanish experience for Asian countries.

Suggested Citation

  • Sonsoles Gallego & Alicia García Herrero & Jesús Saurina, 2002. "The Asian and European Banking Systems: The Case of Spain in the Quest for Develpoment and Stability," Working Papers 0217, Banco de España.
    • Handle: RePEc:bde:wpaper:0217
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    References listed on IDEAS

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    2. Jose E. Gomez-Gonzalez & Santiago Gomez-Malagon & Luis F. Melo-Velandia & Daniel Ordoñez-Callamand, 2020. "A rank approach for studying cross-currency bases and the covered interest rate parity," Empirical Economics, Springer, vol. 59(1), pages 357-369, July.
    3. Cristina Martínez Sola & Pedro J. García-Teruel & Pedro Martínez Solano, 2012. "Trade credit policy and firm value," Working Papers. Serie EC 2012-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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    More about this item

    Keywords

    Financial development; financial liberalization; Spanish financial system;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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