1 Challenges for Capital Market Development in Asia Osaka, 30 October 2014 Masamichi Kono Vice Minister for International Affairs President, Asian Financial Partnership Center Financial Services Agency, Japan * Any views expressed in this presentation are those of the speaker, and are not necessarily identical to the official views of FSA Japan.
2 Table of Contents 1. Global Financial Regulatory Reform Framework for Global Standard Setting following the Financial Crisis The G20 Commitments 2. Challenges for Development of Capital Markets in Asia 3. The FSA s Technical Assistance Activities in Asia Overview of Technical Assistance Activities for Financial Sector Development in Asia Activities of the Asian Financial Partnership Center (AFPAC) 2
3 1. Global financial regulatory reform 3
4 Framework for Global Standard Setting after the Financial Crisis G20 Leaders Summit (Financial Stability Board) International body for discussion of issues concerning financial stability. Member institutions are Ministries of Finance, Central Banks, Supervisory Authorities of G20 and other jurisdictions. Secretariat in Basel, Switzerland (Basel Committee on Banking Supervision) International body of bank supervisors, central banks, etc. from G20 and other jurisdictions. Develops international principles and guidelines for bank supervision. (Basel III etc.) Secretariat in Basel, Switzerland. (International Organization of Securities Commissions) International body of capital market authorities from more than 100 jurisdictions around the world. Develops international principles and guidelines for regulation and supervision of capital markets and intermediaries. Secretariat in Madrid, Spain. (International Association of Insurance Supervisors) International body of insurance supervisors from more than 100 jurisdictions around the world. Agrees on international principles and guidelines for insurance supervision. Secretariat in Basel, 4 Switzerland.
5 Failure of Lehman Brothers Sept Global financial crisis deepens The Key Aspects The G20 Commitments regulatory reform Communiqué of the G20 Finance Ministers and Central Bank Governors (February 2014 In 2014 we are focusing our efforts on substantially completing by the Brisbane Summit key aspects of the core reforms we set out in response to the global financial crisis 1. Building resilient financial institutions (Basel III) 2. Ending Too-Big-To-Fail (Dealing with Systemically Important Financial Institutions (SIFIs)) 3. Addressing shadow banking risks 4. Making derivatives markets safer G20 Leaders Summit First meeting in Washington DC, Nov Commitment to global financial 5
6 2. Challenges for the development of capital markets in Asia 6
7 Asia will still be the growth region in the coming years, but how to finance this growth is a challenge 20 Changes in Real GDP Growth Rates 15 Forecast 10 5 Rate/% Indonesia Malaysia Philippines Thailand Singapore Japan China United States (Source) Prepared from IMF World Economic Outlook, October
8 Asia has high savings rates - But how are those savings invested? Savings and investment ratios in Asia Country Savings/GDP ratio Investment/GDP ratio Indonesia Malaysia Philippines Singapore Thailand Japan China United States (Source) IMF World Economic Outlook Database, October
9 Capital flows into and out of Asia A large part of Asia's cross-border portfolio investment flows has been directed to the US and Europe. On the other hand, a majority of foreign portfolio investment flows into Asia comes from the US and Europe. Recently, there are signs of gradual change in this pattern. However, Asia still faces a challenge in mobilizing its excess savings efficiently, and could benefit from recycling of capital within Asia. This could also reduce the dual risks from maturity and currency mismatches, and benefit both savers and investors in the region. 9
10 A large part of capital outflows from Asia has been directed to the US and Europe (1) Thailand (Amount : 15,239) Capital outflows from Asia (2007) Malaysia Indonesia Philippines (Amount : 12,935) (Amount : 2,608) (Amount : 6,520) 1 Australia 4, Singapore 2, India US 2, UK 2, Hong Kong 1, Hong Kong UK US 1, Luxembourg 1, Netherlands Singapore Netherlands 1, US 1, US Australia Germany 1, Korea UK Cayman Is Japan Korea Hong Kong (Amount : 2,523,566) (Amount : 158,606) (Amount : 778,580) 1 US 813, US 46, China 165, Cayman Is. 357, China 23, Cayman Is. 130, Germany 180, Hong Kong 17, Bermuda 103, UK 162, Luxembourg 12, UK 73, France 145, UK 8, US 70, (Source) IMF, Coordinated Portfolio Investment Survey. Accessed in October,
11 A large part of capital outflows from Asia has been directed to the US and Europe (2) Capital outflows from Asia (2013) Thailand Malaysia Indonesia Philippines (Amount : 29,966) (Amount : 59,976) (Amount : 14,759) (Amount : 5,775) 1 US 4, Singapore 20, Netherlands 1, US 1, Hong Kong 3, US 17, US 1, Indonesia Brazil 3, Hong Kong 3, Luxembourg 1, Cayman Is Korea 3, UK 2, China 1, Korea Luxembourg 1, Australia 1, Singapore UK Japan Korea Hong Kong (Amount : 3,411,352) (Amount : 169,233) (Amount : 1,119,707) 1 US 1,182, US 62, China 356, Cayman Is. 530, UK 12, Cayman Is. 260, France 239, France 8, Bermuda 108, UK 200, Luxembourg 8, US 83, Germany 188, Hong Kong 8, UK 65, (Source) IMF, Coordinated Portfolio Investment Survey. Accessed in October,
12 A large part of capital inflows to Asia comes from the US and Europe (1) Capital inflows to Asia (2007) Thailand Malaysia Indonesia Philippines (Amount : 50,310) (Amount : 95,295) (Amount : 60,077) (Amount : 40,547) 1 US 16, US 25, US 18, US 14, Luxembourg 8, Singapore 20, Luxembourg 11, Luxembourg 5, UK 6, UK 10, UK 7, UK 3, Singapore 5, Luxembourg 9, Singapore 6, Singapore 2, Netherlands 2, China 5, Netherlands 3, Japan 1, Japan Korea Hong Kong (Amount : 1,493,291) (Amount : 372,887) (Amount : 337,600) 1 US 582, US 139, US 121, UK 204, UK 39, UK 43, France 111, Luxembourg 33, Luxembourg 35, Luxembourg 87, Singapore 27, Singapore 22, Ireland 60, France 24, Japan 18, (Source) IMF Coordinated Portfolio Investment Survey. Accessed in October,
13 A large part of capital inflows to Asia comes from the US and Europe (2) Capital inflows to Asia (2013) Thailand Malaysia Indonesia Philippines (Amount : 97,966) (Amount : 164,358) (Amount : 113,327) (Amount : 61,153) 1 US 32, US 42, US 37, US 22, Luxembourg 15, Singapore 35, Luxembourg 16, Luxembourg 8, Singapore 14, Luxembourg 21, Singapore 13, Singapore 6, UK 10, UK 18, UK 12, Australia 5, Japan 4, Hong Kong 11, Japan 5, UK 4, Japan Korea Hong Kong (Amount : 1,613,537) (Amount : 481,135) (Amount : 387,006) 1 US 676, US 183, US 141, UK 214, Singapore 48, UK 53, France 127, Luxembourg 46, Luxembourg 36, Luxembourg 84, UK 39, Singapore 25, Ireland 65, Japan 25, Japan 16, (Source) IMF Coordinated Portfolio Investment Survey. Accessed in October,
14 Currency and Maturity Mismatches Asian countries tend to borrow short-term in foreign currencies To the extent local projects are funded long-term in local currencies, they incur maturity and currency mismatches 1. Currency Mismatch 2. Maturity Mismatch International Claims and Local Currency Claims on Local Residents International Claims by Maturity (Note) Local currency claims are local-currency-denominated claims held by local branches/subsidiaries of foreign banks. International claims are claims held by foreign banks and foreign-currencydenominated claims held by local branches/subsidiaries of foreign banks. All figures are aggregates for ASEAN countries, China, and Korea. 14 (Source) BIS, Consolidated Banking Statistics, immediate borrower basis.
15 Asia s financial system is still very much bankcentered, with relatively underdeveloped capital markets of Direct vs. Indirect Finance in Asia (Note) Breakdown of the main means of finance for private companies in each country, as of end Data for Malaysia include financial institutions. (Source) Presentation by Mr. Shigesuke Kashiwagi at the International Conference on the Role of the Financial Sector in Promoting Economic Growth in Asia, FSA Financial Research Center, Tokyo, 15 Japan, February 2011.
16 Accessibility to financial services varies widely across the region improving financial inclusion is a major challenge Indicators of Financial Inclusion Deposits Loans Outreach No. of accounts per 1,000 adults No. of accounts per 1,000 adults No. of bank branches per 100,000 adults No. of ATMs per 100,000 adults Cambodia Indonesia Lao PDR Malaysia 1, Myanmar na na na na Philippines na Singapore 2, Thailand 1, Viet Nam na na Japan 7, High-income Europe 2, US 2,021.9 na South Asia Sub-Saharan Africa (Source) ASEAN 2030: Toward a Borderless Economic Community, ADBI, Tokyo, 2014.
17 There is room for infrastructure development in Asia Needs for long-term investment for further growth Infrastructure Index for Asian countries (Note) Rank is based on a sample of 144 economies and the score ranges from 1 to 7, with the latter indicating highest efficiency. 17 (Source) World Economic Forum. The Global Competitiveness Report
18 3. The JFSA s Technical Assistance Activities in Asia 18
19 Overview of Technical Assistance Activities by JFSA for Financial Sector Development in Asia Basic Strategy for Technical Assistance in Asian Countries Development stages of fin. infrastructure Stance on assistance Technical cooperation menu Least Developed Countries Japan s support for agenda setting Assistance in Developing Institutional Base Introducing laws/regulations Capacity building on supervision/inspection Facilitating capital procurement by SMEs Developing (including Middle-Income Countries) Developed Identifying issues of mutual interest, Sharing experiences Specific Assistance for Financial Infrastructure IT introduction to settlement system Establishing stock exchange Establishing non-life insurance rating organization Sharing Knowledge and Experiences Fin. regulatory organization Disaster response Setting int l standards 19
20 Signing of MOU/EOL between Asian Countries and JFSA Mongolia Banking Bank of Mongolia Jun Securities Insurance Financial Regulatory Commission Jan Viet Nam Banking State Bank of Viet Nam Jun Myanmar Securities Insurance Ministry of Finance Jan Securities Insurance State Securities Commission Insurance Supervisory Authority Mar Jun Thailand Banking Securities Insurance Bank, Securities, Insurance Bank of Thailand Securities and Exchange Commission Office of Insurance Commission Ministry of Finance May 2014 Feb Aug Jul Indonesia Banking Securities Insurance Financial Services Authority of Indonesia (OJK) Jun Oct
21 Improving the Asian payment system Regional integration through the payment system (APN) APN (Asian Payment Network) Initiated in 2006 by the central banks of major ASEAN countries, aiming to establish Asia s own integrated payment networks for retail. The payment infrastructure companies from the member countries have joined, promoting standardization and interconnection of the payment systems such as ATM systems. After 2010, countries other than the ASEAN members, such as Korea (Korea Financial Telecommunications and Clearing Institute; partly funded by the Bank of Korea) and China (China UnionPay; funded by the People s Bank of China), have joined. From Japan, a private company joined in Jan Country A ATM system ATM ATM Standardize specification interconnect Country B ATM system ATM ATM Members Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam Japan, China, Korea, Australia, New Zealand (Ref) JFSA Cooperation on settlement issues with Asian countries Myanmar Signed an MOU with the Ministry of Finance (Jan 2014). The contents of cooperation, including settlement systems, are now under discussion Thailand Signed an EOL with the Bank of Thailand (May 2014). Currently exchanging views on the facilitation of financing for small and medium-sized enterprises, including settlement related systems. Vietnam Signed an EOL with the State Bank of Vietnam (Jun 2014). Started discussions on the contents of cooperation, including the settlement systems. Indonesia Signed an EOL with the Financial Services Authority of Indonesia (Jun 2014). Currently planning to cooperate on matters regarding banking, financial market, insurance, non-bank, etc
22 Asian Financial PArtnership Center ( AFPAC ) The AFPAC was established at the Financial Services Agency in April Since this summer, it has started to invite officials from Asian financial authorities as Visiting Fellows. It offers training programs tailored to the areas of interest for each Visiting Fellow. [Main Objectives of AFPAC] - To study issues related to financial and capital markets in Asia and to utilize the findings for financial sector development in Asian countries - To contribute to the development of business operations by Japanese firms in Asia and by Asian firms in Japan through enhancing cooperative relationships with Asian financial authorities - To effectively express a stronger Asian voice in the discussions for global financial regulatory reform 22
23 The AFPAC Visiting Fellow Program Through the Visiting Fellow Program, Visiting Fellows will acquire knowledge, enhance their understanding of, and develop expertise in financial regulation and supervision, with a view to be able to contribute to the development of the financial sectors of their home countries. The findings of Visiting Fellows are to be disseminated at seminars/symposiums. Through the program, AFPAC aims to build stronger cooperative relationships with other Asian financial authorities. At the Opening Ceremony of AFPAC 23
24 Latest update on the AFPAC Visiting Fellow Program On 29 July 2014, AFPAC welcomed its first three Visiting Fellows two officials from the Financial Regulatory Commission of Mongolia and one official from the State Bank of Vietnam. During their first month, they attended various lectures led by JFSA staff to study the basics of the Japanese financial system, financial regulation and supervisory practices at the JFSA. They also visited other organizations and institutions, including the Bank of Japan, the Tokyo Stock Exchange, self regulatory organizations, private financial institutions, and research institutes, to attend lectures and exchange views with them on various topics. Following those visits, each Visiting Fellow is now following a training program focused on their respective areas of interest at the JFSA and other relevant organizations, and deepening their understanding of specific topics. After a lecture on Lessons from the Banking Crisis in Japan by Mr. Ryozo Himino, Deputy Director-General of the Supervisory Bureau AFPAC Visiting Fellows at the Tokyo Stock Exchange 24
ASEAN Capital Market Integration and Lessons from the European Union 44 th IAFEI World Congress: Global Recovery Amidst Reforms Makati Shangri-la 16 October 2014 Thiam Hee Ng, Senior Economist Asian Development
An Overview of Offshore RMB Market Nov 2013 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2 Section 1 Outlook of RMB Internationalisation 3 RMB The next international
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration
2014 Asia Securities Forum Presented by the K O R E A I. Korean Capital Market I. Current Status II. Prospects II. Korean Financial Investment Industry C O N T E N T S III. Capital Market Regulations 2
HONG KONG RIGHT PLACE RIGHT TIME RIGHT NOW European Investment in China via Hong Kong Charles Ng Associate Director-General of Investment Promotion 22 May 2012 Agenda Changing Trends in the type of companies
Southeast Asia Development: A Japanese Perspective Masahiro Kawai Graduate School of Public Policy University of Tokyo Past is Prologue for Southeast Asia Development: Japan and U.S. Perspectives Carnegie
International Conference on Asian Market Integration and Financial Innovation February 10, 2012 Competition in the financial sector and its impact on financial intermediation Dr Mamiko Yokoi-Arai Evolution
Asian Stock Markets in 2015: Expected trends and the role of Asian Funds Passports Dr. Andrew Freris CEO, Ecognosis Advisory Ltd March 2015 1 Summary, Part I The Asian markets which outperformed in 2014,
亞 洲 資 本 市 場 的 合 作 契 機 與 挑 戰 Capital Market Cooperation in Asia: To Do, or Not to Do 薛 琦 Dr. Chi Schive The 28 th Asian Securities Forum, Taipei 2013.10.25 Agenda 0. Prelude: How Capital Markets Cooperate?
List of tables I. World Trade Developments 1. Overview Table I.1 Growth in the volume of world merchandise exports and production, 2010-2014 39 Table I.2 Growth in the volume of world merchandise trade
Australia s position in global and bilateral foreign direct investment At the end of 213, Australia was the destination for US$592 billion of global inwards foreign direct investment (FDI), representing
Negotiation of a Free Trade Agreement between Hong Kong and the Association of Southeast Asian Nations Consultation Document INTRODUCTION The Government of the Hong Kong Special Administrative Region will
ADBI Working Paper Series Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves? The People s Republic of China s Answer Bin No. 306 August 2011 Asian Development
BT Managed Event and BT Self-Managed Event (also referred to as Express, Plus and Premium) Conference Bridge and Call for Booked Audio Conferencing Services will comprise the following for each phone-conference:
The ASEAN Comprehensive on Investment Agreement (ACIA): possible lesson learned MENA-OECD Conferences: WG-1 on Investment Policies and Promotion, 15-16 December 2010, Paris, France Rizar Indomo Nazaroedin
ITU Regional Forum and Training Workshop on Telecommunication/ICT Indicators: Measuring the Information Society and ITU ASEAN Meeting on Establishing National ICT Statistics Portals and Measuring ASEAN
PARTICIPATION IN SEACEN TRAINING PROGRAMS Participation in the training programs is by invitation. Participants of the training programs comprise mainly middle to senior level staff of the 20 SEACEN Regular
Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA October 2015 eastspring.co.id 2 Asia Investor Behaviour Study 2015 - Indonesia Asia Investor Behaviour Study 2015 - Indonesia CONTENTS
Global Dynamism Index (GDI) 2013 summary report Model developed by the Economist Intelligence Unit (EIU) What is the Global Dynamism Index (GDI)? the GDI assesses the dynamism of 60 of the world's largest
Statement by Mr. Jun AZUMI, Minister of Finance of Japan, at the Forty-Fifth Annual Meeting of the Board of Governors of the Asian Development Bank (Manila, Philippines, May 4, 2012) 1. Introduction Mr.
The Determinants of Global Factoring By Leora Klapper Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, as
U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the
GROWTH & INCOME INDEX 201 MUTUAL FUND INVESTOR BEHAVIOUR STUDY HONG KONG October 201 CONTENT FOREWORD Foreword By Eastspring Investments Executive Summary The Growth & Income Index Investor Current and
Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit
BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS
2015 Country RepTrak The World s Most Reputable Countries July 2015 The World s View on Countries: An Online Study of the Reputation of 55 Countries RepTrak is a registered trademark of Reputation Institute.
DOMINION GLOBALIZATION WORKSHOP Financial Sector Dennis Encarnation Harvard University For more information, please contact me at www.encarnation.com SERVICES Financial Services & Capital Markets Topics:
MERCER WEBCAST CHARTING YOUR COURSE FOR GLOBAL EXPANSION MANAGING EXPATRIATE MEDICAL PLANS APRIL 10, 2014 Joe Barber, New York Mark Harris, London Today s Speakers MERCER Joe Barber New York Mark Harris
Global Infrastructure: Trend Monitor Southeast Asian Transport Edition: Outlook 2010 2014 ADVISORY The Global Infrastructure: Trend Monitor is a series of publications allowing infrastructure expenditure
The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around
TARGET ASIA FUND (LUXEMBOURG) October 2010 Disclaimer This document is for information purposes only. The distribution of the fund s prospectus and the offering of shares may be restricted in certain jurisdictions.
Total (Transfer Consolidated cross-border claims in all currencies and local claims in non-local currencies Up to and including one year Maturities Over one year up to two years Over two years Public Sector
The foreign exchange and derivatives markets in Hong Kong by the Banking Supervision Department The results of the latest triennial global survey of turnover in the markets for foreign exchange (FX) and
The global economy Banco de Portugal Lisbon, 24 September 213 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist Summary of presentation Global economy slowly exiting recession but
Short-term Exchange Programs and the Internationalization of Japanese Universities: A Case-study Tsutomu NOMIZU, D. Eng. Academic Coordinator and Professor Nagoya University Program for Academic Exchange
Brazil Economic Overview New York Alexandre Tombini Governor February 2013 1 Macroeconomic Policy and Social Development Macroeconomic fundamentals, combined with adequate prudential policies and strong
International Monetary Policy Transmission Előd Takáts and Abraham Vela Bank for International Settlements. BIS Papers No 78 Carl Musozya. Introduction. Effects of advanced economy monetary policy on the
Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON
ASEAN BANKING INTEGRATION FRAMEWORK Advances and Challenges in Regional Integration Jointly organized by Hitotsubashi University and the IMF Regional Offices for Asia and the Pacific Yati Kurniati Macroprudential
THE APERIO DIFFERENCE. Authors Michael Branch, CFA Ran Leshem CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES U.S. investors can capture international equity exposure
International Investment Australia 214 International Investment Australia 214 Economic Diplomacy, Trade Advocacy and Statistics Section Department of Foreign Affairs and Trade September 215 ISSN 223-6571
Governance, Risk and Compliance Assessment Information security is a pervasive business requirement and one that no organisation can afford to get wrong. If it s not handled properly, your business could
Global Economic Briefing: Global Inflation August 7, Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the
Annual Report 2009 By business segment as of March 31, 2009 Operations in Japan Corporate Financial Services Domestic Sales Administrative Headquarters Lending, Leasing, Other Financial Services Apr. 1964
Final report 26-28 November 2014 West hall 1 2 + Atrium Tokyo Big Sight, Japan Outline of the fair Title IFFT/Interior Lifestyle Living Period 26-28 (Wed - Fri) November 2014 10:00-18:00 (last day until
ASIAN PORTFOLIO INVESTMENT ADVISORY This Asian Portfolio Investment Advisory service is set up to assist international financial advisory and planning organizations to create dedicated Asian investment
Inclusive Development in Myanmar: Learning from Neighbours Thangavel Palanivel UNDP Regional Bureau for Asia-Pacific Outline Myanmar vis-à-vis its neighbours Economic reforms in selected Asian countries
www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes
Public Debt Department State budget borrowing requirements financing plan and its background May 2013 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 Record high level of foreign investors'
STATISTICS OF FOREIGN DIRECT INVESTMENT IN ASEAN Eighth Edition, 2006 ASEAN SECRETARIAT The Association of Southeast Asian Nations (ASEAN) was established on 8 August 1967. The Members of the Association
Manuel Sánchez Santander Global Fixed Income Summit London, England, September 20, 2012 Contents 1 Structural features 2 Recent developments and outlook 3 Inflation and monetary policy 4 Economic challenges
Recent trends of dynamically growing and developing life insurance markets in Asia Tomikazu HIRAGA, Ph.D. and LL.M. General Manager for Asia, NLI Research Institute Asia is a growth market where foreign
May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals
Performance 21: Global Stock Markets November 12, 21 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of
IMPACT OF LIBERALISING FINANCIAL SERVICES January 22 This brief reviews the evidence for the impact of liberalising markets for financial services. It begins by showing the increasing economic importance
Verdict Financial: Wealth Management Data Collection and Forecasting Methodologies April 2014 Contents Global Wealth Markets Methodology Methodology Methodology 2 Global Wealth Markets Section 1: Global
Capital Market Linkages: How to facilitate cross border trading? OIC Member States Stock Exchanges Forum Dr. Jochen Biedermann Istanbul, 02 October 2010 Agenda 1. About Deutsche Börse 2. Capital Market
Japan External Trade Organization FY2015 Survey on the International Operations of Japanese Firms JETRO Overseas Business Survey March 3, 2016 Japan External Trade Organization (JETRO) Table of contents
The role of the G20 Central Bank of Argentina Miguel Angel Pesce Deputy Governor, BCRA CEMLA. Cartagena, Colombia. 5-6 May 2011 Agenda Agenda 1. G20 Objectives for 2011 a) Macroeconomic Policy Coordination
Configuring DHCP for ShoreTel IP Phones Network Requirements and Preparation 3 Configuring DHCP for ShoreTel IP Phones The ShoreTel server provides the latest application software and configuration information
2013 CENSUS REPORT: Global Data Center Investment 2013 GLOBAL DATA CENTER INVESTMENT 2013 2013 - Healthy Growth in Data Center Investment Globally Globally, the data center industry has continued to maintain
Joint Statement of the 2 nd ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM), Vientiane, Lao PDR, 4 April 2016 Theme: Turning Vision into Reality for a Dynamic ASEAN Community Introduction
Basel Committee on Banking Supervision A framework for dealing with domestic systemically important banks October 2012 This publication is available on the BIS website (www.bis.org). Bank for International
June 4 th 2013 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Investment in an Indonesian Life Insurance Company, PT
The World Bank Reports on the Observance of Standards and Codes (ROSC) Overview of the ROSC Accounting and Auditing Program January 2004 OVERVIEW OF THE ROSC ACCOUNTING AND AUDITING PROGRAM CONTENTS I.
Certified Once Accepted Everywhere The value of accredited certification Survey Report Published May 212 In 21/11, the IAF carried out a global survey to capture market feedback on the value of certification.
BIS CEMLA Roundtable on Fiscal Policy, public debt management and government bond markets: issues for central banks Is monetary policy constrained by fiscal policy? by Carlos Montoro 26-27 November 212
Free Trade Agreements (FTAs) with Indonesia Mike Lee FTA Unit, Trade Services & Policy Group 07 November 2013 Topics 1. What is a Free Trade Agreement? 2. Singapore & ASEAN s FTA Network 3. Benefits of
Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types
Manuel Sánchez, Deputy Governor Adam Smith Seminar, Schloss Spiez, Switzerland, June 26, 2013 Contents 1 Taxonomy of capital inflows 2 Risks and the prevention of problems 3 Economic outlook 2 Like other
92 Goal 2: Achieve Universal Primary Education In eight economies in the region including a number from the Pacific, total net enrollment ratios in primary education are below 80%. Eleven economies including
RICHARD M. BRANDT Director, Iacocca Institute Dick Brandt is an international consultant, advisor and accomplished public speaker. He has had over 15 years of experience in managing international business
34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.
Global Shadow Banking Monitoring Report 2015 12 November 2015 The report is accompanied by the publication of a dataset on a jurisdiction and aggregate level, which also includes the data underlying most
PMI Purchasing Managers Index (PMI ) series are monthly economic surveys of carefully selected companies compiled by Markit. They provide an advance signal of what is really happening in the private sector
Invesco Funds Series 1-5 Consolidated Prospectus 26 November 2010 Invesco Funds Series 1 Invesco Funds Series 2 Invesco Funds Series 3 Invesco Funds Series 4 Invesco Funds Series 5 Each an open-ended umbrella
TAZEEM PASHA MANAGER, BUSINESS RETENTION AND EXPANSION SELECTUSA U.S. DEPARTMENT OF COMMERCE Tazeem Pasha serves as Manager, Business Retention and Expansion at SelectUSA. Established by Executive Order
EXPORT-IMPORT BANK OF INDIA: Catalysing India s Trade and Investment July 01, 2015 INDIAN ECONOMY SNAPSHOT PARAMETER FY 2010 FY 2013 FY 2014 FY 2015 GDP (current prices, US$ bn) 1365.4 1835.8 1875.9 2050.6