In Asia
According to the World Bank, approximately 30% total assets of South Korea's financial system was held in NBFIs as of 1997. In this report, the lack of regulation in this area was claimed to be one reason for the 1997 Asian Financial Crisis.
Read more about this topic: Non-bank Financial Institution
Famous quotes containing the word asia:
“I have no doubt that they lived pretty much the same sort of life in the Homeric age, for men have always thought more of eating than of fighting; then, as now, their minds ran chiefly on the “hot bread and sweet cakes;” and the fur and lumber trade is an old story to Asia and Europe.”
—Henry David Thoreau (1817–1862)
“So-called Western Civilization, as practised in half of Europe, some of Asia and a few parts of North America, is better than anything else available. Western civilization not only provides a bit of life, a pinch of liberty and the occasional pursuance of happiness, it’s also the only thing that’s ever tried to. Our civilization is the first in history to show even the slightest concern for average, undistinguished, none-too-commendable people like us.”
—P.J. (Patrick Jake)