Paul Lejot (The University of Hong Kong) Douglas Arner (The University of Hong Kong) Liu Qiao (The University of Hong Kong) Mylene Chan (The University of Hong Kong) Mshall Mays (Asian Bond Market Forum, Emerging ALpha INvestment Advisors Ltd)
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Markets for debt securities exist in a comprehensive way in no Asian economy other than Japan, even though short or medium-term bonds have been issued in almost all and Asian borrowers are established (though not prolific) international issuers. The markets provide no more than a simple borrowing medium for governments, banks and some companies, while investor activity is closely correlated with banking sector credit creation. Above all, the region¡¦s unfinished markets provide no guard against crisis or contagion, nor act as a balance to banking systems that are susceptible to distortion and event risk. Insufficient effort has been made to encourage activity by institutional investors. This paper is concerned with markets for tradable debt securities; and with the value and appropriateness of structured finance techniques to expand general usage of Asia¡¦s debt markets. The paper examines the condition of the domestic and offshore debt capital markets for Asia-Pacific risk. It traces common patterns of development among the established and nascent public debt securities markets in the region, and looks at the dynamics that will affect these markets in the medium term. Last, it seeks to identify whether Asian markets can be made to accommodate continuous issuing and trading activity typical of advanced economies, and to consider the associated advantages and considerations.
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Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number
192003.
Length: 37 pages Date of creation: Oct 2003 Date of revision: Handle: RePEc:hkm:wpaper:192003
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Graham Bird & Ramkishen Rajan, 2000.
"Is there a Case for an Asian Monetary Fund?,"
World Economics,
World Economics, Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB, vol. 1(2), pages 135-143, April.
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