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Basket weaving: the euromarket experience with basket currency bonds

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Author Info

  • Clifford R Dammers
  • Robert N McCauley

Abstract

ECU-denominated international bonds owed much of their limited success in the 1980s and 1990s to restrictions on the internationalisation of the Deutsche mark and to speculative investment, rather than simply to the benefits of diversification. Basket bond issuance may come at the cost of a less liquid domestic bond market.

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Bibliographic Info

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

Volume (Year): (2006)
Issue (Month): (March)
Pages:

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Handle: RePEc:bis:bisqtr:0603g

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References

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  1. Robert McCauley & Guorong Jiang, 2004. "Diversifying with Asian local currency bonds," BIS Quarterly Review, Bank for International Settlements, September.
  2. Michael G. Plummer & Reid W. Click, 2005. "Bond market development and integration in ASEAN," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 10(2), pages 133-142.
  3. Robert N. McCauley & Stephen Yeaple, 1994. "How lower Japanese asset prices affect Pacific financial markets," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 19-33.
  4. Benjamin H Cohen, 2005. "Currency choice in international bond issuance," BIS Quarterly Review, Bank for International Settlements, June.
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Cited by:
  1. Ma, Guonan & McCauley, Robert N., 2011. "The evolving renminbi regime and implications for Asian currency stability," Journal of the Japanese and International Economies, Elsevier, vol. 25(1), pages 23-38, March.
  2. Charles Adams & Hwee Chow, 2009. "Asian Currency Baskets: An Answer in Search of a Question?," Open Economies Review, Springer, vol. 20(3), pages 403-423, July.
  3. Watanabe, Shingo & Ogura, Masanobu, 2010. "How far apart are the two ACUs from each other? Asian currency unit and Asian currency union," Emerging Markets Review, Elsevier, vol. 11(2), pages 152-172, June.
  4. Leslie Teo & David Cowen & Hemant Shah & Ranil Salgado & Alessandro Zanello, 2006. "Financial Integration in Asia," IMF Working Papers 06/196, International Monetary Fund.
  5. Girardin Eric & Steinherr Alfred, 2009. "Regional Monetary Units for East Asia: Lessons from Europe," Working Papers id:1972, eSocialSciences.
  6. Jeff Chelsky, 2011. "The SDR and Its Potential as an International Reserve Asset," World Bank Other Operational Studies 10095, The World Bank.
  7. Robert N McCauley & Catherine R Schenk, 2014. "Reforming the international monetary system in the 1970s and 2000s: would an SDR substitution account have worked?," BIS Working Papers 444, Bank for International Settlements.
  8. Amy S. K. Wong, 2006. "Basel II and the Risk Management of Basket Options with Time-Varying Correlations," International Journal of Central Banking, International Journal of Central Banking, vol. 2(4), December.

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