Financing Asia's Growth

20 Pages Posted: 23 Dec 2015

See all articles by Gemma Bolotaulo Estrada

Gemma Bolotaulo Estrada

Asian Development Bank - Economic Research

Marcus Noland

Peter G. Peterson Institute for International Economics; East-West Center

Donghyun Park

Asian Development Bank - Economic Research

Arief Ramayandi

Asian Development Bank - Economic Research

Multiple version iconThere are 3 versions of this paper

Date Written: July 2015

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.

Keywords: economic growth, finance sector, financial development, financial inclusion, productivity

JEL Classification: E44, G20, G28

Suggested Citation

Estrada, Gemma Bolotaulo and Noland, Marcus and Park, Donghyun and Ramayandi, Arief, Financing Asia's Growth (July 2015). Asian Development Bank Economics Working Paper Series No. 438, Available at SSRN: https://ssrn.com/abstract=2707510 or http://dx.doi.org/10.2139/ssrn.2707510

Gemma Bolotaulo Estrada

Asian Development Bank - Economic Research ( email )

6 ADB Avenue, Mandaluyong City 1550
Metro Manila
Philippines

Marcus Noland

Peter G. Peterson Institute for International Economics ( email )

1750 Massachusetts Avenue, NW
Washington, DC 20036
United States

East-West Center ( email )

1601 East-West Road
Honolulu, HI 96848-1601
United States

Donghyun Park (Contact Author)

Asian Development Bank - Economic Research ( email )

6 ADB Avenue, Mandaluyong City 1550
Metro Manila
Philippines

Arief Ramayandi

Asian Development Bank - Economic Research ( email )

6 ADB Avenue, Mandaluyong City 1550
Metro Manila
Philippines

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