Surpluses of two island economies viz. Hong Kong and Singapore have also increased significantly. India too registered current account surpluses between 2001 and 2004, albeit small. In the post Asian crisis period the savings rate in most East Asian EMEs, which has generally remained higher than the industrialized countries exhibited a modest decline.
At the same time, several developing and emerging economies are considering measures to develop the financial sector, in particular financial markets. In their quest for optimal financialisation, the countries that are attempting further deregulation and development of financial markets would benefit from an understanding of how excess financialisation manifests itself.