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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
