Index

Banking and Finance Issues in Emerging Markets

ISBN: 978-1-78756-454-1, eISBN: 978-1-78756-453-4

ISSN: 1571-0386

Publication date: 4 October 2018

This content is currently only available as a PDF

Citation

(2018), "Index", Banking and Finance Issues in Emerging Markets (International Symposia in Economic Theory and Econometrics, Vol. 25), Emerald Publishing Limited, Leeds, pp. 293-303. https://doi.org/10.1108/S1571-038620180000025013

Publisher

:

Emerald Publishing Limited

Copyright © 2018 Emerald Publishing Limited


INDEX

Aadhaar card
, 236, 237

Absolute purchasing power parity
, 12, 13, 15

Affordable Care Act (ACA)
, 288

Aichi Bank
, 212

Akaike Information Criterion (AIC)
, 68

Algorithm trading
, 255–275

Alibaba
, 227, 228, 282

AliPay
, 228, 233, 236, 282

Ant Financial
, 285

Yu’E Bao
, 286

Application programming interfaces (APIs)
, 237

Argentina

banking crisis
, 129

Artificial intelligence (AI)

in investment
, 287–288

ASEAN
, 10

in FinTech, trends and prospects for
, 243–245

ASEAN-5

economic integration
, 9–27

exchange rate integration
, 9–27

Asia, FinTech in
, 299

fundamental support to development
, 222–229

Asian financial crisis (AFC)
, 52, 54, 63, 68, 74

Asset-backed securities (ABS)
, 156, 230, 235

Asset-management company (AMC)
, 128, 156, 157

Asset Quality Review (AQR)
, 134, 152

Asymmetric passthrough
, 107–108

ATM machines
, 216

Augmented Dickey–Fuller (ADF) test
, 17, 18, 139, 140

rolling-window
, 140

supremum
, 140, 142

unit root test
, 36

Autoregressive Integrated Moving Average (ARIMA) model
, 15, 16

Bad loans
, 139–145

Bangkok Bank
, 196

Banking crisis
, 124–130

international
, 128–130

macroeconomic determinants of
, 127

resolution of
, 150–153, 155–157

structural impediments and
, 130–136

theoretical foundations of
, 125–128

Banking Regulation (Amendment) Bill
, 152

Banking Regulation Act of 1949
, 154

Bank investment company (BIC)
, 158

Bank lending channel
, 164, 189

Bank of Japan
, 285

negative interest rate policy
, 210

quantitative easing policy
, 194

regulatory changes to overseas business
, 212

Bank overlending
, 138–139

Basel Bank of International Settlements
, 281

Basel Capital Accords
, 210–211

Basel Committee on Banking Supervision
, 146

Basel III norms
, 146

BAT (Baidu, Alibaba, and Tencent)
, 235, 236

Bayes’ theorem
, 104

Bayes Factor (BF)
, 94, 95, 97, 99

Bayesian information criteria (BIC)
, 205

Behavior intention
, 261

Betterment
, 286

Big Mac prices
, 12–14

Bitcoin
, 283

BITX
, 244

Blockchain technology
, 283

Block exogeneity
, 175–177

Block exogeneity Wald test
, 69

Bombay Stock Exchange (BSE)
, 139

Brexit vote (2016)
, 52–53, 67

BRICS

bank loans
, 124, 132

Bualuang Securities Company

IProgram trade
, 256–257

Bubble-loans
, 137–145

and credit deployment
, 141, 142, 144

run-up
, 137–138

Bubble-period detection, date-stamping algorithm for
, 142

Buffet, Warren

Berkshire Hathaway Companies
, 288

Business cooperation
, 195

CAGR
, 230, 234, 237

Canada

loan puzzle in emerging markets
, 165

Capital adequacy ratios (CARs)
, 145–150

CBRC
, 232, 236

Central Bank of China
, 45

Central Bank of India
, 134

Banking Regulation (Amendment) Bill
, 152

Strategic Debt Restructuring
, 151–152

Chakravorty, Gaurav
, 287–288

Cheques
, 216

Chiba Bank
, 197

Chicago Board Option Exchange (CBOE)
, 281

Volatility (VIX) index
, 53, 68–69, 73

Chile

domestic monetary policy shock, effects of
, 182

loan puzzle in emerging markets
, 165

rolling spillover index
, 173

US monetary policy shock, effects of
, 183

China
, 1, 229–234

banking system
, 2

Central Bank
, 45

mobile banking
, 243

online consumer lending in
, 230–231

online insurance in
, 234

online payments in
, 233–234

peer-to-peer lending in
, 231–233

RMB internationalization, overseas circulation of
, 31–49

twenty-first century adaptation of financial market
, 236

Cholesky decomposition
, 55

Cholesky factorization
, 174

Codapay
, 244

Cognitive bias
, 127–128

Cognitive dissonance
, 127–128, 131

CoinPip
, 244

Cointegration tests
, 15–16, 37, 53

Johansen
, 36, 41

panel
, 16, 17, 20–21, 24–27

Collateralized debt obligations
, 88

Commercial and industrial loans (C&I)
, 164–166, 170, 171, 176–178, 180, 182, 186–189

CommonBond
, 284–285

Companies Act of 2016
, 158

Competition laws
, 106

Consumer credit penetration
, 224–227

Consumer loans (Cns)
, 164, 170, 171, 177, 178, 182, 186–188

Consumer price index (CPI)
, 23, 35, 36, 40, 41, 186

Contemporaneous causality analysis
, 41–44

Corporate misconduct
, 132

Corporate Restructuring Companies (CRCs)
, 156

Costs
, 241

Credit
, 283–285

Credit Cards
, 216

Credit lending
, 137

Credit-to-GDP ratio gap
, 134

Cross-market correlation coefficients
, 53

Cross-sectional Im-Pesaran-Shin (CIPS) test
, 20, 23

Cross-section augmented Dickey-Fuller (CADF) test
, 20

Crypto-currency
, 283

Currency internationalization. See RMB internationalization, overseas circulation of

CUSUM test
, 37

Daishi Bank
, 202

Debt-ceiling crisis (2011)
, 67, 68

Deposit Insurance and Credit Guarantee Corporation (DICGC)
, 127

Deposit penetration
, 227–228

Deposit rate asymmetry, after Hong Kong’s interest rate deregulation
, 107–111, 114–119

Deregulation, interest rate (Hong Kong)
, 105–119

deposit rate asymmetry after
, 107–111, 114–119

Edgeworth cycles after
, 111–119

Deviance information criterion (DIC)
, 94, 95, 99, 104

Digital banking
, 242–243

Digital leap
, 236–238

Directed acyclic graph (DAG) analysis

of financial contagion
, 87

RMB internationalization, overseas circulation of
, 34, 40–44, 48

Directional spillovers
, 56–57

Disaster myopia
, 127

East Asian crisis of 1997
, 125, 130, 132

Economic distance
, 93

Economic integration
, 9–27

and exchange rate integration, relationship between

level of exchange rate integration, measurement of
, 25–26

panel cointegration tests
, 26

testing methods
, 21–22

purchasing power parity and
, 10–17, 20, 23, 24, 27

testing methods, development of
, 14–16

Economic policy uncertainty (EPU)
, 53, 54, 69–71, 72

Economic Survey (2016–2017)
, 132

Edgeworth cycles, after Hong Kong’s interest rate deregulation
, 111–119

Emerging Asian equity markets, dynamic connectedness in
, 51–74

equity market returns and volatility spillovers

and volatility data
, 57–58

connectedness measurement
, 55–57

full-sample analysis
, 58–63

rolling-sample analysis
, 63–66

uncertainty, role of
, 67–73, 79–84

empirical findings
, 69–73

empirical model and data
, 67–69

EPU index
, 68

Equity investment
, 286–287

Equity market returns

and volatility data
, 57–58

and volatility spillovers
, 55–57

Equity market spillovers
, 53

European Central Bank
, 285

Eurozone debt crisis (2009)
, 67

Exchange rate integration
, 9–27

and economic integration, relationship between

level of exchange rate integration, measurement of
, 25–26

panel cointegration tests
, 26

testing methods
, 21–22

panel cointegration test for
, 16, 17, 20–21, 24–27

panel unit root tests for
, 12, 16–20, 23–24, 27

purchasing power parity and
, 10–17, 20, 23, 24, 27

testing methods, development of
, 14–16

Exchange Rate Mechanism (ERM) crisis of 1992
, 86

Fastcash
, 244

Federal Deposit Insurance Corporation (FDIC)
, 127

Federal Funds
, 173

Federal Reserve
, 166, 184

Federal Reserve Act

Section 13(3)
, 184

Federal Reserve Bank

Zero Interest Rate Policy
, 285

Federal Reserve Report
, 284

Federal Reserve System (US)
, 286

Fees
, 241

FIDEA Holdings
, 202–203

Financial contagion
, 86

Financial crisis of 2008
, 132

Financial distress
, 126–127

Financial Institutions (FIs)
, 219, 220–221

Financial Services Agency (FSA)
, 210–211

FinTech
, 216, 219–222, 280–281, 284–289

ASEAN in, trends and prospects for
, 243–245

in Asia
, 299

fundamental support to development
, 222–229

development in China
, 229–234

FI revenues
, 234–236

Fisher’s Z statistic analysis
, 40, 42

Fisher-type test. See MW test

5/25 Infrastructure Refinancing Scheme
, 151

Fixed income investment
, 286–287

“Follow-the-customer” hypothesis
, 195

Foreign direct investment (FDI)
, 93, 94, 97, 99

Freecharge
, 239

Fukui Bank
, 202–203, 204

Fukuoka Bank
, 202, 203

Full information maximum likelihood estimation (FIMLE)
, 44

Fully Modified Ordinary Least Squares (FMOLS)
, 20–21

Gap Estimation approach
, 34–35

GARCH

stock market contagion
, 87

GEICO
, 288

Generalized linear regression model (GLM)

using logit
, 267–268, 272–273

Generalized VAR (GVAR) approach

equity market returns
, 55

loan puzzle in emerging markets
, 169–170

Geographical distance
, 93

Gibb’s estimator
, 103, 104

Global Big Data Investment
, 281

Global financial crisis (GFC)
, 52, 54, 63, 65, 66, 74

of 2008
, 165

Global identification
, 174–177

Goldman Sachs Group Inc.
, 285

Goods and services tax (GST)
, 236, 237

Grameen Bank
, 284

Granger Causality
, 69, 71

Great Financial Crisis (GFC) of 2008
, 124

Great Recession of 2007–2009
, 164, 284

Greenspan, Alan
, 131

Gross domestic product (GDP)
, 93, 97–99, 130, 227

Gross nonperforming assets (GNPAs)
, 124, 130, 132–134, 136, 153

Hachijuni Bank
, 198

Half logarithm model of money demand
, 35–36

HDFC
, 237

Herd behavior
, 127, 137

HFCs
, 240

Hierarchical clustering
, 205

Hokuetsu Bank
, 204

Hokuhoku Financial Group
, 203

Hong Kong

gross nonperforming assets
, 132, 133

interest rate deregulation
, 105–119

deposit rate asymmetry after
, 107–111, 114–119

Edgeworth cycles after
, 111–119

empirical evidence
, 114–119

Hong Kong Association of Banks (HKAB)
, 107

interest rate rules
, 106, 108

Hong Kong Consumer Council (HKCC)
, 106

Hong Kong inter-bank offered rates (Hibors)
, 109

Hong Kong Monetary Authority (HKMA)
, 106

Hyakugo Bank
, 202, 203

Hyakujushi Bank
, 202, 203

Income elasticity
, 37

India
, 1

bad loan conundrum
, 123–158

banking crisis
, 124–136

Bombay Stock Exchange
, 139

bubble-loans
, 137–145

Central Bank of India
, 133, 151, 152, 241

digital leap
, 236–238

digital payments, lagging of
, 238–240

HFCs
, 240

Ministry of Finance (MoF)
, 136

mobile banking
, 242–243

National Stock Exchange
, 139

NBFCs
, 240, 242

regulatory landscape
, 241

Reserve Bank of India. See Reserve Bank of India (RBI)

return on total assets
, 240–241

Indonesia
, 1

banking crisis
, 126

FinTech landscape in
, 246

gross nonperforming assets
, 132, 133

INDRADHANUSH
, 151–152, 154, 158

Insolvency and Bankruptcy Code 2016 (IBC 2016)
, 152, 154

Institutional memory hypothesis
, 128

Insurance
, 288–289

Interest rate margin
, 115, 118

Interest rate rules (IRRs)
, 106, 108

International banking crisis
, 128–130

International Monetary Fund (IMF)
, 32, 34

International Symposia in Economic Theory and Econometrics (ISETE)

Banking and Finance Issues in Emerging Markets
, 2

Investment
, 285

artificial intelligence in
, 287–288

equity
, 286–287

fixed income
, 286–287

money markets
, 286

IPS test
, 19, 23

Irrational exuberance phenomenon
, 131, 137, 153

Iwate Bank
, 197

Jan Dhan Scheme
, 236, 237

Japan

banking crisis
, 129

regional banks’ overseas business in emerging markets
, 193–213

current situation
, 202–203

data
, 200

estimation result
, 208–209

overall changes
, 202–203

recent changes, characteristics of
, 203–204

regulatory changes
, 209–211

regulatory changes, effects of
, 211–212

related literature
, 198–200

X-means clustering
, 204–208

Johansen cointegration test
, 36, 41

Kasikorn Bank
, 196

Keynes’s theory of money demand
, 35, 37

KGI Securities Company

Bridge service
, 257

K-means clustering
, 205

Korea Asset Management Corporation (KAMCO)
, 155–157

Kotak
, 237

Kyusyu Financial Group
, 202, 203

Law of one price. See Absolute purchasing power parity

Lehman Brothers Collapse (2007)
, 67, 68, 89, 201

Lending

overlending
, 138–139

procyclical
, 127, 128, 132

Lending Club
, 228, 284

Liberalization, Privatization, or Globalization (LPG)
, 130, 138

Linear regression model

monetary approach
, 14–15

stock market contagion
, 92

Liquidity, open-ended
, 128

LLC test
, 17–19, 23

Loan(s)
, 283–285

bad
, 139–145

bubble
, 137–145

commercial and industrial
, 164–166, 170, 171, 176–178, 180, 182, 186–189

consumer
, 164, 170, 171, 177, 178, 182, 186–188

puzzle in emerging markets, international perspective on
, 163–189

domestic monetary policy
, 180–188

structural investigation of
, 173–180

US monetary spillovers to emerging markets
, 167–173

sharks
, 284

Malaysia

banking crisis
, 126

FinTech industry
, 244–245

FinTech landscape in
, 247

gross nonperforming assets
, 132, 133

Marcus (Mosaic)
, 285

Market optimism
, 137

Markov chain Monte Carlo (MCMC) iterations
, 94–95, 96

Markov switching model
, 89

high volatility regime, probabilities of
, 90

stock market contagion
, 87

Mastercard
, 236

Maximum likelihood estimation (MLE)
, 34

Merchant discount rate (MDR)
, 238–239

Mexico

domestic monetary policy shock, effects of
, 180

loan puzzle in emerging markets
, 165

peso crisis of 1994
, 86

rolling spillover index
, 172

short-term bonds
, 167

US monetary policy shock, effects of
, 181

Michinoku Bank
, 204

Microcredit model
, 284

Ministry of Finance of Germany
, 283

Minsky moment
, 139

Miyazaki Bank
, 204

MobiKwik
, 239

Mobile Internet
, 216, 218

Mobile wallets (m-wallets)
, 239, 242

Modern Portfolio Theory
, 286

Modigliani–Miller (M&M) theorem
, 145

Monetary internationalization. See RMB internationalization, overseas circulation of

Monetary policy
, 164–167, 170, 173–178, 180, 182, 184, 185, 187–189

MoneyGram
, 220

Money markets
, 286

Money remittances inflow
, 219–220

Moral hazard
, 145–150

Mortgage-backed securities
, 88

Mortgage penetration
, 223

Moven
, 228

MSMEs
, 237, 240

Multivariate ARCH
, 53

Multivariate GARCH (M-GARCH)
, 21, 25, 26, 53

Mutual fund industry
, 228

MW test
, 19, 23

Nagoya Bank
, 211–212

Nanto Bank
, 202

National Bureau of Statistics of China
, 36

National Stock Exchange (NSE)
, 139

Nayak Committee
, 158

NBFCs
, 240, 242

Net interest income (NII)
, 240–241

Net spillovers
, 57

NIKKEI
, 211

Nonhierarchical clustering
, 205

Nonlinear single equations analysis, using GLM with logit
, 267–268, 272–273

Nonparametric density estimation method
, 94

Nonperforming assets (NPAs)
, 127, 130–132, 137–139, 145–150

gross
, 124, 130, 132–134, 136, 153

Norming
, 146

Online consumer lending, in China
, 230–231

Online insurance, in China
, 234

Online payments, in China
, 233–234

Ordinary least square (OLS) method
, 37, 93, 103

Oscar Health
, 288

OTT providers
, 244

Overcutting cycle of deposit rate
, 113, 117

Overseas investments
, 197–198

Pairwise correlation approach
, 53

Panel cointegration test

for economic and exchange rate integration relationship
, 26

for exchange rate integration
, 16, 17, 20–21, 24–27

empirical results
, 24–25

Panel unit root test, for exchange rate integration
, 12, 16–20, 23–24, 27

cross-sectional dependence
, 20

cross-sectional independence
, 17–19

empirical results
, 23–24

Payment
, 281–283

Paypal
, 228, 282, 283

Money Market Fund
, 286

Paytm
, 228, 239, 282

PBOC
, 234

PC algorithm
, 40, 41

Peer-to-peer (P2P) lending
, 220, 285

in China
, 231–233

Perceived behavior control (PBC)
, 260

Perceived usefulness of online/algorithm trading
, 259

Philippines

banking crisis
, 126

FinTech industry
, 245

FinTech landscape in
, 248

Ping An
, 228, 288

Point of Sale (POS)
, 238, 239

Policy-logjam
, 131

Post-Bretton Woods era, banking crisis in
, 128

Prepaid payment Instruments (PPI)
, 241

Price stability
, 48

Principal-agent problem
, 128, 131

Private Asset Reconstruction Companies
, 151

Procyclical lending
, 127, 128, 132

Proof-of-work (PoW)
, 283

Public-sector banks (PSBs)
, 125, 131, 134, 147, 152

recapitalization
, 152, 154

Purchasing power parity (PPP)
, 10–17, 20, 23, 24, 27

absolute
, 12, 13, 15

relative
, 13

theory of
, 43

Qplum
, 287–288

Ratio of nominal interest rate
, 15

Ratio of nominal money
, 15

Ratio of real income
, 15

Real interest rate
, 35

Recap bonds
, 154

Regional banks’ overseas business
, 194–198

business cooperation
, 195

Japanese
, 193–213

overseas investments
, 197–198

representative office
, 195–197

Regulatory changes to regional banks’ overseas business
, 209–211

effects of
, 211–212

Regulatory landscape
, 241–242

Relative purchasing power parity
, 13

Relenting cycle of deposit rate
, 113, 116, 117

Representative office
, 195–197

Reserve Bank of India (RBI)
, 139, 149, 154

Financial Stability Report (FSR)
, 134, 136, 153

m-wallets
, 242

regulatory landscape
, 241–242

savings account rates, deregulation of
, 241

Retail distribution digitalization
, 217

Return of stock markets, annualized rates of
, 90–91

Return on total assets (ROA)
, 136, 240–241

Ria
, 220

Risk-taking behavior
, 132

RMB internationalization, overseas circulation of
, 31–49

circulation scale from 1997 to 2015, estimation of
, 34–39

impact on China’s macroeconomy

contemporaneous causality analysis
, 41–44

dynamic relationship
, 44–47

empirical approach and data
, 39–41

literature review
, 32–34

Robo-Advisors
, 286, 287

Rolling-window ADF (RADF) test
, 140

Rothenberg’s criterion
, 175

Run-up bubble-loans
, 137–138

S&P 500 index
, 68, 287

San-in Godo Bank
, 203, 204

SARFAESI Act of 2002
, 151

SEBI
, 154

Senshu Ikeda Bank
, 197

Sesame Credit
, 285

SFFR
, 173

Shift contagion
, 86

Shikoku Bank
, 202, 203

Shizuoka Bank
, 197, 198, 210

Short-sightedness
, 127

Short-term bonds
, 167

Singapore

banking crisis
, 126

FinTech industry
, 244, 245

FinTech landscape in
, 249–250

gross nonperforming assets
, 132, 133

Small and medium enterprises (SMEs)
, 195, 196, 227

South East Asian financial crisis of 1997
, 86

South Korea, banking crisis
, 126

Sovereign debt

crisis
, 86

interest rates of
, 166

Spatial Autoregressive Model (SAR)
, 91, 92, 94–96, 98, 99, 103

Spatial Durbin Model
, 91n4

Spatial econometrics, of stock market contagion
, 85–100, 103–104

background of
, 88–91

empirical findings
, 95–99

spatial framework
, 91–95

Spatial Error Model (SEM)
, 91, 92, 94–96, 98, 99, 103–104

Special Drawing Rights (SDR)
, 32

Spillovers

directional
, 56–57

to emerging markets
, 164–174, 176, 188

equity market
, 53

net
, 57

total
, 56

volatility, equity market returns and

and volatility data
, 57–58

connectedness measurement
, 55–57

full-sample analysis
, 58–63

rolling-sample analysis
, 63–66

Stock Exchange of Thailand (SET)
, 256–257

Stock market contagion, spatial econometrics of
, 85–100, 103–104

background of
, 88–91

empirical findings
, 95–99

spatial framework
, 91–95

Strategic Debt Restructuring (SDR)
, 151–152

Structural equations model (SEM)

system linear equations analysis using
, 263–267, 268–272

Structural impediments, and banking crisis
, 130–136

resolution
, 134–136

Structural investigation, of loan puzzle in emerging markets
, 173–180

empirical framework
, 174–177

results
, 177–180

Structural vector auto regression (SVAR) model
, 33, 34, 39–41, 43, 44

Subjective norm
, 260–261

Subprime financial crisis of 2007
, 86, 90

Sumitomo Mitsui Banking Corporation (SMBC)
, 198

Supremum-ADF (SADF) test
, 140, 142

Sustainable Structuring of Stressed Assets (S4A)
, 152

Sweden, banking crisis
, 129

Swiss National Bank
, 285

Systemic banking crisis
, 126, 128, 130

System linear equations analysis, using structural equations model
, 263–267, 268–272

Technology, impact in banking industry
, 216–229

Technology acceptance model (TAM)
, 258–259

Tenpay
, 233

Thailand
, 1

banking crisis
, 130

financial technology, acceptance of
, 255–275

attitude toward online/algorithm trading
, 259–260

behavior intention
, 261

data analysis
, 263–268

empirical results
, 268–273

perceived behavior control
, 260

perceived usefulness of online/algorithm trading
, 259

sample and data analysis methods
, 262

subjective norm
, 260–261

technology acceptance model
, 258–259

theory of planned behavior
, 258

theory of reasoned action
, 257–258

usage behavior
, 261

FinTech industry
, 244, 245

FinTech landscape in
, 248–249

gross nonperforming assets
, 132, 133

Stock Exchange of Thailand
, 256–257

Theory of planned behavior (TPB)
, 258

Theory of reasoned action (TRA)
, 257–258

“This Time is Different”
, 153

3G Mobile Broadband Global Coverage
, 216, 218

Time series analysis
, 10

Tohoku Bank
, 204

Total spillovers
, 56

Trading strategy
, 257, 271, 274, 275

“Triffin dilemma” problem
, 33

Trump, Donald
, 197

Turkey

domestic monetary policy shock, effects of
, 178

loan puzzle in emerging markets
, 165

rolling spillover index
, 171

US monetary policy shock, effects of
, 179

“Twin-balance-sheet” problem
, 144

2C2P
, 244

Uncertainty on dynamic connectedness, role of
, 67–73

Undirected complete graph
, 44

United States of America (USA)
, 1

banking crisis
, 129

debt-ceiling crisis (2011)
, 67, 68

exchange rate and relative price of
, 13, 14

Federal Reserve System
, 286

monetary spillovers to emerging markets
, 165, 167–184

Treasury
, 197

Unit root tests
, 15, 16

panel
, 17–20

Usage behavior
, 261

Vector Autoregressive (VAR) model

emerging Asian equity markets, dynamic connectedness in
, 53–58, 68

financial contagion
, 87

generalized
, 55, 169–170

loan puzzle in emerging markets
, 165, 167–171, 174–188

Vietnam

FinTech industry
, 245

Wealthfront
, 286–287

Western Union
, 219

Wilcoxon test
, 204

Wire Transfers
, 216

Worldcom Fraud
, 68

World Federation of Exchanges (WFE) database

Stock Market Indices
, 89

X-means clustering
, 204–208, 213

Yamanashi Chuo Bank
, 204

Yu’E Bao
, 286

Yunus, Muhammad
, 284

Zero Interest Rate Policy (ZIRP)
, 285

Zhong An Insurance
, 288–289