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Basic aspects in the development of financial markets across countries: The Asian story

Vol. 25, Iss. 9, SEPTEMBER 2019

Received: 22 July 2019

Received in revised form: 6 August 2019

Accepted: 20 August 2019

Available online: 30 September 2019

Subject Heading: Financial system

JEL Classification: D53, E44, F3, G1

Pages: 1956–1970

https://doi.org/10.24891/fc.25.9.1956

Shvandar K.V. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation
shvandar@nifi.ru

https://orcid.org/0000-0001-9946-5681

Anisimova A.A. Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation
aanisimova@nifi.ru

https://orcid.org/0000-0001-6421-8349

Subject The importance of financial markets is difficult to overestimate for the development of national economies. Developing financial markets is still relevant to a large number of both developing and developed countries. Nowadays we can see Russia and ASEAN countries developing their economic cooperation in investment. Therefore it is important to analyze the development of Asian financial markets.
Objectives The study is to analyze the main directions for developing the financial markets of the Asian countries, and to identify trends and problems in this area.
Methods The study consists of several parts. The article presents an analysis of the dynamics and state of the Asian financial markets, including an overview of infrastructure and credit risk assessments. We compared the state of the Russian and Asian financial markets.
Results The analysis revealed basic trends and problems in the development of the Asian financial markets, and also determined the current state of the Russian financial market.
Conclusions and Relevance The article highlighted key trends, which demonstrate that domestic investors in the Asian financial markets are mainly represented with banks and pension funds. What unites the Asian financial markets is their conservatism, as well as difficult secondary trade in assets. Compared with Asian countries, Russia faces other problems, such as a lack of conservative institutional investors. The immediate task for the development of the financial market in the Russian Federation is increase of the presence of institutional investors, especially non-state pension funds, which is possible only if the role of voluntary pensions will increase in Russia. The development of Russia’s financial market primarily requires institutional investors be present there, especially non-governmental pension funds. This will be possible only if voluntary pension insurance becomes more significant and important.

Keywords: financial market, government bond, corporate bond, private pension fund, insurance organization

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