摘要：After a brief review of the literature on the determinants of financial development, the paper
reviews the Asian and European financial systems in terms of their size and efficiency. It also
compares the steps taken in the two regions in the quest for financial development and stability,
which in a few cases are very similar but differ markedly in others. While there has been a clear
move towards a more balanced financial structure in both regions, financial liberalization, as well
as the strengthening of bank regulation and supervision occurred later in Asia and with a different
speed and sequencing. The most striking difference between the two areas is the degree of
international - and regional – financial integration, much lower for Asia. Finally, the case of Spain -
as a European country with a finance-led convergence process - is analyzed in more detail.
Lessons are drawn from the Spanish experience for Asian countries.
