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The Asian and European Banking Systems: The case of Spain in the quest for development and stability

Author

Listed:
  • Alicia García Herrero

    (Bank of Spain)

  • Sonsoles Gallego Herrero

    (Bank of Spain)

  • Jesús Saurina Salas

    (Bank of Spain)

Abstract
After a brief review of the literature on the determinants of financial development, the paper reviews the Asian and European financial systems in terms of their size and efficiency. It also compares the steps taken in the two regions in the quest for financial development and stability, which in a few cases are very similar but differ markedly in others. While there has been a clear move towards a more balanced financial structure in both regions, financial liberalization, as well as the strengthening of bank regulation and supervision occurred later in Asia and with a different speed and sequencing. The most striking difference between the two areas is the degree of international - and regional – financial integration, much lower for Asia. Finally, the case of Spain - as a European country with a finance-led convergence process - is analyzed in more detail. Lessons are drawn from the Spanish experience for Asian countries.

Suggested Citation

  • Alicia García Herrero & Sonsoles Gallego Herrero & Jesús Saurina Salas, 2003. "The Asian and European Banking Systems: The case of Spain in the quest for development and stability," Finance 0304007, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpfi:0304007
    Note: Type of Document - Acrobat PDF; prepared on PC; to print on HP; pages: 40 ; figures: included
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    References listed on IDEAS

    as
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    2. Jose E. Gomez-Gonzalez & Santiago Gomez-Malagon & Luis F. Melo-Velandia & Daniel Ordoñez-Callamand, 2020. "A rank approach for studying cross-currency bases and the covered interest rate parity," Empirical Economics, Springer, vol. 59(1), pages 357-369, July.
    3. Cristina Martínez Sola & Pedro J. García-Teruel & Pedro Martínez Solano, 2012. "Trade credit policy and firm value," Working Papers. Serie EC 2012-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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    More about this item

    Keywords

    Financial development; financial liberalization; Spanish financial system;
    All these keywords.

    JEL classification:

    • G - Financial Economics

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