Skip to Main Navigation

Corporate Financing in East Asia: The Long Road since the 1997-98 Financial Crisis

October 16, 2018

DECRG Kuala Lumpur Seminar Series

  • This paper characterizes the expansion of financial markets in East Asia during the two decades following the 1997-98 Asian Financial Crisis. Financial markets in the region have developed significantly and have become large by international standards. Firms have actively participated in this process. Issuance activity in equity, bond, and syndicated loan markets by many firms has grown considerably, particularly in domestic markets. Smaller firms have gained access to these markets over time. However, only large corporations have issued equity, bonds, and syndicate loans. Acknowledging the obstacles for smaller firms to obtain financing, policy makers have established new markets and instruments aimed at SMEs. The experience of the relatively large SME capital markets in the region suggests that, though they are better suited at financing new sectors and private sector firms, they still serve fairly large corporations. Banks and other financial intermediaries, aided by new technologies, seem necessary for a fuller financial sector development.

    Download the paper

    Watch and join us via Live Chat: Seminar will be live-streamed, allowing for online audience participation (only available during the seminar)


  • Sergio Schmukler

    Sergio Schmukler is Lead Economist at the World Bank’s Development Research Group. His research area is international finance and international financial markets and institutions. He obtained his Ph.D. in Economics from the University of California at Berkeley in 1997, when he joined the World Bank's Young Economist and Young Professionals Programs. He currently teaches financial development at Columbia University. He is a member of the Money and Finance Research (Mo.Fi.R) group and Treasurer of the Latin America and Caribbean Economic Association (LACEA) since 2004. In recent years, he has visited the Bank for International Settlements (BIS), the Central Bank of Chile, CREI at Universitat Pompeu Fabra, the Dutch Central Bank, and the Hong Kong Institute for Monetary Research of the Hong Kong Monetary Authority. He has taught at the Department of Economics, University of Maryland (1999-2003), worked at the International Monetary Fund Research Department (2004-2005), was Associate Editor of the Journal of Development Economics (2001-2004), and has participated in several other editorial boards. In earlier years, he worked at the Argentine Central Bank, the US Board of Governors of the Federal Reserve System, and the Inter-American Development Bank Research Department.


  • WHEN: Tuesday, October 16, 2018; 12:30-2:00PM
  • WHERE: World Bank Malaysia Office, Level 3, Sasana Kijang, No. 2, Jalan Dato’ Onn
  • RSVP: Kindly RSVP by Monday, October 15, 2018