文档介绍：McKinsey Global Institute
$118 Trillion and Counting:
Taking Stock of the World’s Capital Markets
The McKinsey Global Institute (MGI) was established in 1990 as an independent
research group within McKinsey & Company, Inc., to conduct original research
on important global issues. Its primary purpose is to develop insights into global
economic issues and reach a better understanding of the workings of the global
economy for the benefit of McKinsey clients and consultants.
From time to time the institute issues public reports. These reports are issued
at the discretion of MGI’s director and its McKinsey Advisory Board when they
conclude that the institute’s international perspective and its ability to access
McKinsey’s knowledge of industry economics enable it to provide a valuable fact
base to policy debates. The McKinsey Advisory Board is made up of McKinsey
partners from Europe, the Pacific Basin, and the Americas.
The institute’s staff members are drawn primarily from McKinsey’s consultants.
They serve 6- to 12-month assignments and then return to client work. MGI also
commissions leading academics to participate in its research. The McKinsey
Global Institute is based in San Francisco and has a presence in Washington,
DC, New York and Shanghai. MGI research fellows are based around the world
as needed for individual research projects.
$118 Trillion and Counting:
Taking Stock of the World’s Capital Markets
Contents
Preface 7
Executive Summary 11
Introduction 23
1. Global Findings 35
2. US Findings 67
3. Europe Findings 91
4. Asia Findings 123
Appendix 147
Bibliography
5
Preface
This report is the end product of a year-long project by the McKinsey Global
Institute (MGI), working in collaboration with our colleagues in McKinsey offices
and practice groups around the world. This project is the latest in a decade-long
series of MGI research efforts on the global capital market, which have
produced a best-selling book—Market U