Download Financial Market Development Financial Education and Financial Regulation in Asia

Financial Market Development
Financial Education
and
Financial Regulation in Asia
Naoyuki Yoshino
Dean, Asian Development Bank Institute (ADBI)
Professor Emeritus, Keio University, Japan
[email protected], [email protected]
March 30-31 2016, Inchon Korea
Assets of Financial Institutions
source: IMF, A Bird’s-Eye View of Finance in Asia, 2015
2
Size of Institutional Investor/GDP
source: IMF, A Bird’s-Eye View of Finance in Asia, 2015
life Insurance and Pension Funds
3
Stocks
And
Bonds
Large
Companies
SMEs
Venture
Business
Capital
Market
Pension
Funds &
Insurance
ordinary
Banks
SME banks
Micro
credit
Hometown Trust Funds
S
4
Financial Education for Individuals
Education Program and School Education
1, Financial Education Council
FSA (Financial Services Agency),
Ministry of Education, Cabinet Ministry
Ministry of Consumer Protection,
Chairperson, YOSHINO
Central Bank of Japan
Various Financial Associations
(Bankers Association, Stock Exchange)
2, Text books, Educate School teachers
5
High
Volatility
of
Stock
Market
Large
Share
of
overseas’
Investors
6
Investors in Japan’s Stock Market right after Tsunami Accident
Overseas’ Investors
Individuals
Securities
Financial Institutions
7
Percentage of US and Japanese household
share of investment trusts and Mutual Fund
8
Fees and Commissions of Distributors
Maximize Fee and Commissions (Distributors)
Investors --- maximize Return
Trust Fees & Commissions= α（A＋Dividend)
Trust Fees and
Commissions
Asset
Managem
ent
Company
Distribu
tors
Banks
Securities
companies
MAX Return
Inves
tors
Mutual Funds – Holding Period
Fee Structure is important
10
Access to Finance by SMEs and Large
Firms in Japan (Bank of Japan)
11
Barriers for SMEs in Accessing Financial
Institutions,Collateral, High interest rate
Source: ADB–OECD study on enhancing financial accessibility for SMEs: Lessons from recent crises.
Mandaluyong City, Philippines: Asian Development Bank, 2013
12
Possible Solutions
Start up businesses
Hometown Investment
-------------------------------------------------A Stable Way to Supply Risk Capital
Yoshino, Naoyuki; Kaji Sahoko (Eds.)
2013, IX, 98 p. 41 illus.,20 illus. in color
Available Formats:
ebook
Hardcover
13
Investment in start up businesses and SMEs
Purchase type and Investment type
Cambodia and Vietnam
14
15