Due to the present development stage of the Thai economy, the role of non-bank financial
institutions has become a most important issue. That is why we focus on this aspect which will
receive even increased attention during the next decade. This focus serves a second purpose as it
illustrates the race between dynamic market forces pushing forward and authorities aiming for a
consistent regulation of the financial sector. An efficient balancing of these forces will decide
about the financial system’s long-run success (Rajan & Zingales, 2003).