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Financing Asia’s Growth

Gemma Estrada (), Marcus Noland (), Donghyun Park () and Arief Ramayandi ()

No 438, ADB Economics Working Paper Series from 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.

Keywords: economic growth; finance sector; financial development; financial inclusion; productivity (search for similar items in EconPapers)
JEL-codes: E44 G20 G28 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2015-07-01
New Economics Papers: this item is included in nep-mac and nep-sea
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