Current and structural developments in the financial systems of OECD enhanced engagement countries

John Thompson
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引用次数: 5

Abstract

This paper discusses the financial systems of OECD Enhanced Engagement Countries (EE5: Brazil, China, India, Indonesia, and South Africa). Rather than providing a comprehensive survey of each financial system, it is designed to highlight some of the salient features of EE5 financial systems, emphasising those aspects of the system that these countries have in common and those that are different from those in OECD countries. While there are significant differences among EE5 countries, this group shares some distinctive characteristics. EE5 have relatively lower financial assets/GDP ratios and their financial intermediation remains relatively bank dominated and less international. Equity markets have reached proportions comparable to those of OECD countries, but fixed income markets (especially private debt markets) remain relatively backward. At the same time, the financial systems of EE5 countries have been developing rapidly supported by steady reforms. Going forward, many institutions outside OECD countries are likely to become bigger players in financial markets, and the emergence of large asset holdings, rising shares of world equity and bond markets and the emergence of powerful financial institutions in new regions of the world are likely to influence the contours of the world financial system in years to come.
经合组织金融体系的当前和结构性发展加强了参与国
本文讨论了经合组织加强参与国家(EE5:巴西、中国、印度、印度尼西亚和南非)的金融体系。它不是对每个金融体系进行全面调查,而是旨在突出EE5金融体系的一些显著特征,强调这些国家与经合组织国家的共同之处和不同之处。虽然EE5国家之间存在显著差异,但这一群体有一些显著的特点。EE5的金融资产/GDP比率相对较低,其金融中介仍然相对由银行主导,国际化程度较低。股票市场已达到与经合组织国家相当的比例,但固定收益市场(尤其是私人债券市场)仍然相对落后。与此同时,在稳步改革的支持下,欧洲经济共同体五国的金融体系得到了快速发展。展望未来,经合组织国家以外的许多机构可能会成为金融市场上更大的参与者,大量资产持有的出现、世界股票和债券市场份额的上升以及世界新地区强大金融机构的出现,可能会在未来几年影响世界金融体系的轮廓。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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