Rethinking Financial Deepening

Stability and Growth in Emerging Markets

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book Rethinking Financial Deepening by Ratna Ms. Sahay, Martin Cihak, Papa Mr. N'Diaye, Adolfo Mr. Barajas, Diana Ms. Ayala Pena, Ran Bi, Yuan Gao, Annette Kyobe, Lam Nguyen, Christian Saborowski, Katsiaryna Svirydzenka, Reza Mr. Yousefi, INTERNATIONAL MONETARY FUND
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Author: Ratna Ms. Sahay, Martin Cihak, Papa Mr. N'Diaye, Adolfo Mr. Barajas, Diana Ms. Ayala Pena, Ran Bi, Yuan Gao, Annette Kyobe, Lam Nguyen, Christian Saborowski, Katsiaryna Svirydzenka, Reza Mr. Yousefi ISBN: 9781475570199
Publisher: INTERNATIONAL MONETARY FUND Publication: May 4, 2015
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Ratna Ms. Sahay, Martin Cihak, Papa Mr. N'Diaye, Adolfo Mr. Barajas, Diana Ms. Ayala Pena, Ran Bi, Yuan Gao, Annette Kyobe, Lam Nguyen, Christian Saborowski, Katsiaryna Svirydzenka, Reza Mr. Yousefi
ISBN: 9781475570199
Publisher: INTERNATIONAL MONETARY FUND
Publication: May 4, 2015
Imprint: INTERNATIONAL MONETARY FUND
Language: English

The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.

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The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.

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