The issuance of bonds and stocks listed on the stock exchange is a more widely used instrument in raising capital for enterprises. Market capitalisation of outstanding shares as a percentage of GDP amounts to about 180% in the US, compared with 53% in Germany. Most European financial markets are based on bank/customer relationships focusing on the traditional loan business.
Sayuri Shirai: Japan’s economy and monetary policy in an increasingly integrated Asia Speech by Ms Sayuri Shirai, Member of the Policy Board of the Bank of Japan, at the Penang Economic Conference in Malaysia, Penang, 29 June 2013. * I. *  *  Introduction  Good morning. It is a great honor to be here today at the Penang Economic Conference.