100  Investor base in Emerging Asia  3  Bank credit  80  Pension funds Insurance Mutual funds Deposit money banks  2  60  1 40 20  0  0  1996  2006  2016  Note: Emerging Asia is the aggregate of China, India, Indonesia, Korea, Malaysia, Philippines, Thailand, and Vietnam.
So how, if at all, has the GFC changed the way we look at financial stability? It hasn’t fundamentally changed the way think about financial system stability, though we now have a deeper understanding of the nature of the risks and the potential channels of contagion. We have also built significant capacity to better monitor risks both in the banking and non-bank sectors.