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Financing Asia’s Growth

Author

Listed:
  • Estrada, Gemma

    (Asian Development Bank)

  • Noland, Marcus

    (Peterson Institute for International Economics)

  • Park, Donghyun

    (Asian Development Bank)

  • Ramayandi, Arief

    (Asian Development Bank)

Abstract

Recent key challenges highlight the need to revisit Asia’s financial development. These include the region’s growth slowdown since the global crisis, compounded by a less benign external environment; internal structural challenges, such as population aging; and the maturing of much of the region into middle-income status. The evolving shift in the region’s growth paradigm from one based primarily on investment to one based on both investment and productivity growth also underscores the urgency for financial development. For economic growth to benefit more from a sound and efficient financial system, financial development should be complemented with structural and policy reforms in other areas. This means that financial development and inclusion work best in a policy environment that is conducive to growth and development.

Suggested Citation

  • Estrada, Gemma & Noland, Marcus & Park, Donghyun & Ramayandi, Arief, 2015. "Financing Asia’s Growth," ADB Economics Working Paper Series 438, Asian Development Bank.
    • Handle: RePEc:ris:adbewp:0438
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    References listed on IDEAS

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    1. de la Torre, Augusto & Martínez Pería, María Soledad & Schmukler, Sergio L., 2010. "Bank involvement with SMEs: Beyond relationship lending," Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2280-2293, September.
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    5. Stephen Cecchetti & Enisse Kharroubi, 2012. "Reassessing the impact of finance on growth," BIS Working Papers 381, Bank for International Settlements.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    economic growth; finance sector; financial development; financial inclusion; productivity;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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