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:
“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)
“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)