阅读理解
Barring an extraordinary change in investor behavior in the largest emerging economies, the role of equities in the global financial system will likely be reduced in the coming decade. That's the central finding of a new report from the McKinsey Global Institute (MGI). As emerging-market households attain a level of income that enables them to purchase financial assets, they are becoming a powerful new investor class, whose choices will help determine global demand for different asset classes. The actions of these new investors will, in turn, shape how businesses obtain the capital they need to grow, how other investors around the world fare, and how stable and resilient economies will be. The MGI study found that financial assets held by investors in developing nations have been growing at more than three times the rate of assets in developed nations, raising their share of global financial wealth from 7 percent to 21 percent over the past decade, or about $ 41.3 trillion. By the end of the current decade, investors in developing economies will hold as much as 36 percent of global financial wealth, or between $114 trillion and $141 trillion. Emerging-market investors currently behave differently than those in mature economies. Investors in Europe, the United States, and wealthier parts of Asia, hold 30 to 40 percent or more of their financial assets in equities, but the new investors of the emerging economies keep three-quarters of theirs in deposit accounts. While the use of equities in developing economies to finance growth and build savings is increasing, this evolution is taking place slowly. The likely result: a shift in the global allocation of financial assets toward deposits and fixed-income instruments and away from equities in this decade. This shift is being exacerbated by aging and other trends in the developed world that are dampening investor appetite for equities. As a result, equities could decline from 28 percent of global financial assets in 2010 to 22 percent in 2020. What's behind the slow adoption of equity investing in developing markets? For an equity-investing culture to take root, there must be trusted, transparent markets with strong protections for small investors, as well as the institutions and systems to provide easy market access. Rules and regulations may be in place in emerging markets today, but enforcement is often unreliable. When the correct conditions are in place, investors are likely to gravitate to equities for higher returns. In the meantime, even though total investor demand for equities will grow over the next decade, it will fall short of what corporations need by $12. 3 trillion. This imbalance between the supply and demand for equity will be most pronounced in emerging economies, where companies need significant external financing for growth.
单选题
Equities may become less influential unless ______.