国际清算银行-保持势头：金融如何继续支持新兴市场经济体的增长（英）

BIS Papers No 148 Keeping the momentum: how finance can continue to support growth in EMEsMonetary and Economic Department September 2024 JEL classification: E44, G00, O40. Keywords: emerging markets, financial inclusion, capital markets, economic growth, productivity, resource allocation, financial innovation, digital technologies. Papers in this volume were prepared for a meeting of emerging market Deputy Governors 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 views of the BIS or the central banks represented at the meeting. Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2024. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1682-7651 (online) ISBN 978-92-9259-787-0 (online) BIS Papers No 148 i Contents BIS background paper Keeping the momentum: how finance can continue to support growth in EMEs Ryan Banerjee, Aaron Mehrotra and Fabrizio Zampolli ........................................................... 1 Contributed papers The changing nature of the financial system: implications for economic resilience and long-term growth Central Bank of Algeria........................................................................................................................ 41 The changing nature of the financial system: implications for resilience and long-term growth in emerging market economies Central Bank of Argentina .................................................................................................................. 45 The changing nature of the financial system: the Chilean experience Central Bank of Chile ............................................................................................................................ 63 Making China’s financial system better serve the real economy People’s Bank of China ........................................................................................................................ 77 Some trends and patterns of firm financing in Colombia Central Bank of Colombia .................................................................................................................. 89 The changing nature of the financial system: implications for resilience and long-term growth in emerging market economies Czech National Bank ......................................................................................................................... 119 The use of digital innovation for reducing SMEs’ credit constraints: Hong Kong SAR’s recent experience Hong Kong Monetary Authority ................................................................................................... 135 Covered bonds as instruments for developing capital markets and supporting