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Unifying government bond markets in East Asia

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Author Info
Robert N McCauley

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Abstract

The Asian crisis of 1997 taught policymakers in the region two main lessons. First, to build up foreign reserves. Second, to develop local bond markets. When central banks in the region accumulate foreign exchange reserves from capital inflows, they also sterilise the inflows. Those with large reserves have commonly ended up issuing their own debt for this purpose after selling off government debt from their portfolios. This, however, has meant that much of the opportunity to develop the bond market has been missed. The conversion of central bank debt into government debt may be advisable even if it means "overfunding" by the government. With a single big borrower, the debt would trade in a larger and more liquid market. The article explains how this could be achieved by Indonesia, Korea, Malaysia, Taiwan (China) and Thailand.

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Publisher Info
Article provided by Bank for International Settlements in its journal BIS Quarterly Review.

Volume (Year): (2003)
Issue (Month): (December)
Pages:
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Handle: RePEc:bis:bisqtr:0312h

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G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

Cited by:
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  1. Paul Lejot & Douglas Arner & Liu Qiao, 2004. "Making Markets: Reforms to Strengthen Asia's Debt Capital Markets," Working Papers 132004, Hong Kong Institute for Monetary Research. [Downloadable!]
  2. Barry Eichengreen & Pipat Luengnaruemitchai, 2004. "Why Dones't Asia have the biger bond markets," Working Papers 242004, Hong Kong Institute for Monetary Research. [Downloadable!]
  3. Guonan Ma, 2006. "Who Pays China’s Bank Restructuring Bill?," Working Papers 2006-04, CEPII research center. [Downloadable!]
  4. Barry Eichengreen & Pipat Luengnaruemitchai, 2004. "Why Doesn't Asia Have Bigger Bond Markets?," NBER Working Papers 10576, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-11-8.

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