McKinsey: Mapping the global capital markets

Transcribo las ideas principales de un artículo muy interesante publicado en el McKinsey Quarterly a mediados/fines del año pasado caracterizando los mercados de capitales mundiales.

Les recomiendo leerlo entero lo van a encontrar en este link.  El acceso al McK Quarterly es gratuito pero tienen que registrarse. Suelen ser interesantes los artículos que publican así que no esta de más.

Mapping the global capital markets

The world’s capital markets now enjoy unprecedented breadth and strength. Financial institutions routinely move trillions of dollars of assets—stocks, bonds, and other instruments—around the globe. Cross-border capital flows and foreign holdings of financial assets continue to grow rapidly, linking individual financial markets into an increasingly integrated global one.

Executives who seek to raise money, institutions hoping to shape the global capital market, and policy makers who regulate it must all understand its evolution. The McKinsey Global Institute (MGI) has conducted a yearlong research effort on the world’s financial markets and created a comprehensive database of the financial assets of more than 100 countries since 1980. Together, these assets make up the global financial stock.

This research yielded several notable observations. One of them is simply that global capital markets are huge: we calculate that the world’s financial assets now total more than $118 trillion and will exceed $200 trillion by 2010 if current trends persist.

The stock of global financial assets has grown faster than the world’s GDP, indicating that financial markets are becoming deeper and more liquid. With a few qualifications, this trend bodes well for the world’s economies, since deeper markets provide better access to capital and improve the allocation of risk

Much of the growth in global financial assets comes from a rapid expansion of corporate and government debt, with all of the attendant benefits and risks. Last, the roles that major countries and regions play in capital markets are changing. The United States has the largest of them, which attracts foreign issuers and investors alike. European markets are becoming more integrated, however, and gaining in market share and depth. Meanwhile, Japan’s role in global capital markets is diminishing and China has become a new force

$118 trillion and growing

The total value of the world’s financial assets (including bank deposits, government debt securities and corporate-debt securities, and equity securities) stood at $118 trillion at the end of 2003, up from $53 trillion in 1993 and from just $12 trillion in 1980.

This $118 trillion is the total amount of capital intermediated through the world’s banks and capital markets and made available by them to households, businesses, and governments. A simple extrapolation indicates that the value of global financial assets will exceed $200 trillion by 2010. The growth so far has been accompanied by a striking shift away from banks and toward market institutions as the primary financial intermediaries. That change can be seen in the declining share of bank deposits in the global financial stock—to 30 percent today, from 45 percent in 1980—and in the corresponding increase in the share of debt and equity securities. The liquidity of world capital markets has increased as a result.

Les recomiendo la lectura del artículo entero, hay muy buena data de la composición de los mercados mundiales.

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