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:
“[N]o combination of dictator countries of Europe and Asia will halt us in the path we see ahead for ourselves and for democracy.... The people of the United States ... reject the doctrine of appeasement.”
—Franklin D. Roosevelt (1882–1945)
“Incarnate devil in a talking snake,
The central plains of Asia in his garden,
In shaping-time the circle stung awake,
In shapes of sin forked out the bearded apple....”
—Dylan Thomas (1914–1953)