Emerging Banking Systems

This book is an in-depth analysis of the key players (China, India, Brazil, Russia, Turkey, Indonesia, North Africa) of the unprecedented international economic integration of the last 25 years. Despite their success, the fragilities of their banking systems pose constraints to domestic growth and risks to global financial stability.

PAOLA BONGINI is Associate Professor of Banking and Finance at the Faculty of Economics, University of Milan-Bicocca, Italy, where she teaches Portfolio Management and Market Microstructure. Her research interests and publications include financial systems regulation, financial fragility, bank management and organization.
STEFANO CHIARLONE is a senior economist in the Research and Strategy of UniCredit Group and adjunct professor at the Catholic University of Milan, Italy. He was previously an economist at the United Nations and a researcher at Bocconi University, Italy. His research focus spans from Italian competitiveness to the economics of China and India and to financial globalization.
GIOVANNI FERRI now chairs the Department of Economics, University of Bari, Italy. He has previously served at the World Bank and the Banca dItalia and was visiting at Princeton University and the University of Tokyo, Japan. He holds a Ph.D. in Economics from New York University and has published extensively on money and credit economics.

List of Tables	p. viii
List of Figures	p. x
Foreword	p. xi
Acknowledgements	p. xv
Notes on Contributors	p. xvi
Introduction	p. xix
Emerging Banking Systems	p. 1
Introduction	p. 1
Systemic financial crises in the 1990s	p. 2
Common characteristics of recent financial crises	p. 6
Recovery strategies followed by emerging countries	p. 9
The reform of the banking systems of emerging countries	p. 13
The role of foreign banks	p. 21
Conclusions	p. 26
China	p. 34
Introduction	p. 34
The Chinese economy: an overview	p. 36
Structure of the Chinese banking system	p. 39
Recent reforms in the Chinese banking sector	p. 41
International integration of the Chinese banking system	p. 48
Conclusions	p. 53
India	p. 56
Introduction	p. 56
From protectionism to liberalisation	p. 57
The bank nationalisation period	p. 58
The banking reforms	p. 60
The structure of the Indian banking system	p. 65
Financial deepening and financial inclusion	p. 71
Conclusions	p. 74
Indonesia	p. 79
Introduction	p. 79
The Indonesian economy: a five-step transformation	p. 81
The 1997-99 Asian crisis: the onset and the way out	p. 85
A bank-oriented financial system	p. 87
Recent performance and lingering fragilities of Indonesian banks	p. 92
Foreign banks in Indonesia: role and perspectives	p. 97
Brazil	p. 101
Introduction	p. 101
A long-term perspective on Brazilian development	p. 102
The Brazilian banking system at the turn of the century	p. 106
The Brazilian system at the beginning of the new millennium: an emerging system with some 'anomalies'	p. 111
Assessing the stability of the Brazilian banking system	p. 117
Conclusions	p. 120
North Africa	p. 126
The economies of North Africa in the framework of Euro-Mediterranean relations	p. 126
Structural profiles of the North African economies	p. 134
Recent macroeconomic developments in North Africa	p. 138
Structural reforms in North African economies	p. 143
International opening	p. 144
Institutional framework	p. 146
The banking systems of North Africa: quantitative indicators	p. 146
The banking systems of North Africa: qualitative profiles	p. 149
Stability and efficiency	p. 150
Recent reforms	p. 152
Privatisations and the role of foreign banks	p. 154
Conclusions	p. 155
Russia	p. 162
Introduction	p. 162
The Russian economy: from default to recovery	p. 163
From Perestroika to the new millennium: banking reforms a la Russe	p. 165
Structure and development of the Russian banking system	p. 168
Recent evolutions and perspectives: between dirigisme and opening the market	p. 172
Conclusions	p. 178
Turkey	p. 183
Introduction	p. 183
Recent trends in the Turkish economy	p. 184
The banking sector in Turkey: a deep change	p. 189
Banking in Turkey: risks and opportunities	p. 193
Conclusions	p. 199
Index	p. 205
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Emerging Banking Systems

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