Asia¡¦s underdeveloped bond markets and dependence on bank finance have been topics of concern since the crisis of 1997-98. In this paper we document that the slow development of Asian bond markets is a phenomenon with multiple dimensions. Larger country size, stronger institutions, less volatile exchange rates, and more competitive banking sectors tend to be positively associated with bond market capitalization. Asian countries¡¦ strong fiscal balances, while admirable on other grounds, have not been conducive to the growth of government bond markets. The results suggest that the region¡¦s structural characteristics and macroeconomic and financial policies account fully for differences in bond market development between Asia and the rest of the world. Once one controls for these characteristics and policies, in other words, there is no residual ¡§Asia effect.¡¨
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Publisher Info
Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number
242004.
Length: Date of creation: Dec 2004 Date of revision: Handle: RePEc:hkm:wpaper:242004
Contact details of provider: Postal: 55th Floor , Two International Finance Centre , 8 Finance Street , Central, Hong Kong Phone: (852)2878 1978 Fax: (852)2878 7006 Email: Web page: http://www.hkimr.org More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (HKIMR).
Find related papers by JEL classification: G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
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.:
Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert Vishny, 1998.
"The Quality of Goverment,"
NBER Working Papers
6727, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Reinhart, Carmen & Calvo, Guillermo, 2002.
"Fear of floating,"
MPRA Paper
14000, University Library of Munich, Germany.
[Downloadable!]
Guillermo A. Calvo & Carmen M. Reinhart, 2000.
"Fear of Floating,"
NBER Working Papers
7993, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998.
"Law and Finance,"
Journal of Political Economy,
University of Chicago Press, vol. 106(6), pages 1113-1155, December.
[Downloadable!] (restricted)
Other versions:
Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996.
"Law and Finance,"
NBER Working Papers
5661, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Thorsten Beck & Asli Demirguc-Kunt & Ross Levine, 2002.
"Law, Endowment, and Finance,"
NBER Working Papers
9089, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)