Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/53734 
Authors: 
Year of Publication: 
2010
Series/Report no.: 
ADBI Working Paper No. 258
Publisher: 
Asian Development Bank Institute (ADBI), Tokyo
Abstract: 
This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical policy lessons can be drawn from historical experience. Some financial structures may be better suited to growth at certain stages of development but they may be less well suited in other circumstances. In the search for optimal financial structure, rather than attempt to adopt another country's particular structure it may be more fruitful for today's emerging world to concentrate more on addressing the needs of savers and borrowers in each individual system. A major lesson for the emerging world from past financial development is that there are risks involved in transitioning from one framework to another. Too fast a change increases the danger that all the necessary regulatory, supervisory and educational changes may not keep pace with the financial changes. This can increase the susceptibility to instability and reduce resilience to shocks.
JEL: 
E44
F00
F01
F02
G00
G01
G15
G18
G20
G38
N00
N01
N20
N30
N40
O10
O16
Document Type: 
Working Paper

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