保持势头：金融如何继续支持新兴市场经济体的增长

BIS PapersNo 148Keeping the momentum:how financecancontinuetosupportgrowth in EMEs Monetary and Economic Department September 2024 JEL classification: E44, G00, O40. Keywords: emerging markets, financial inclusion, capitalmarkets,economicgrowth,productivity,resourceallocation, financial innovation, digital technologies. Papers in this volume were prepared for a meeting of emerging market DeputyGovernors organised by the Bank for International Settlements on 18–19 March 2024.The views expressed are those of the authors and do not necessarily reflect the viewsof the BIS or the central banks represented at the meeting. Individual papers (orexcerpts thereof) may be reproduced or translated with the authorisation of theauthors concerned. This publication is available on the BIS website (www.bis.org). ©Bank for International Settlements 2024. All rights reserved. Brief excerpts may bereproduced or translated provided the source is stated. Contents BIS background paper Keeping the momentum: how finance can continue to support growth in EMEsRyan Banerjee, Aaron Mehrotra and Fabrizio Zampolli ........................................................... 1 Contributed papers The changing nature of the financial system: implications for economic resilienceand long-term growthCentral Bank of Algeria........................................................................................................................41 The changing nature of the financial system: implications for resilience and long-term growth in emerging market economiesCentral Bank of Argentina..................................................................................................................45 The changing nature of the financial system: the Chilean experienceCentral Bank of Chile............................................................................................................................63 Making China’s financial system better serve the real economyPeople’s Bank of China........................................................................................................................77 Some trends and patterns of firm financing in ColombiaCentral Bank of Colombia ..................................................................................................................89 The changing nature of the financial system: implications for resilience and long-term growth in emerging market economiesCzech National Bank ......................................................................................................................... 119 The use of digital innovation for reducing SMEs’ credit constraints: Hong KongSAR’s recent experienceHong Kong Monetary Authority................................................................................................... 135 Covered bonds as instruments for developing capital markets and supportingfinancial stability: the Hungarian experienceMagyar Nemzeti Bank ...................................................................................................................... 145 The changing nature of the financial system: implications for resilience and long-term growth in emerging market economiesReserve Bank of India........................................................................................................................ 159 The impact of global capital flows on financial intermediation and monetarytransmission in IndonesiaBank Indonesia.................................................................................................................................... 181 The changing nature of the financial system in Israel in the last two decadesBank of Israel........................................................................................................................................ 187 Sectoral credit shifts and potential issues in economic growthBank of Korea....................................................................................................................................... 203 The changing nature of the financial system: implications for resilience and long-term growth in emerging market economiesBank Negara Malaysia ...................................................................................................................... 211 The changing nature of the financial system in Mexico: the allocation of finance,long-term growth and policy measuresBank of Mexico.................................................................................................................................... 227 The changing nature of the financial system: implications for resilience and long-term growth in EMEs: the Peruvian experienceCentral Reserve Bank of Peru........................................................................................................ 237The changing nature of the financial system: implications for resilience and long-term growth in emerging market economiesBangko Sentral ng