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Corporate bond markets in Asia

Author

Listed:
  • Jacob Gyntelberg
  • Guonan Ma
  • Eli M Remolona

Abstract

Corporate bond markets in Asia differ widely in size. Some primary markets have opened up to foreign issuers while others have relied on quasigovernment issuers. Secondary markets often suffer from illiquidity, due in varying degrees to narrow investor bases, inadequate microstructures and a lack of timely information about issuers.

Suggested Citation

  • Jacob Gyntelberg & Guonan Ma & Eli M Remolona, 2005. "Corporate bond markets in Asia," BIS Quarterly Review, Bank for International Settlements, December.
  • Handle: RePEc:bis:bisqtr:0512g
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    References listed on IDEAS

    as
    1. Fan, Joseph P. H. & Wong, T. J., 2002. "Corporate ownership structure and the informativeness of accounting earnings in East Asia," Journal of Accounting and Economics, Elsevier, vol. 33(3), pages 401-425, August.
    2. Jeffery D Amato & Jacob Gyntelberg, 2005. "CDS index tranches and the pricing of credit risk correlations," BIS Quarterly Review, Bank for International Settlements, March.
    3. Marian Micu & Eli M Remolona & Philip D Wooldridge, 2004. "The price impact of rating announcements: evidence from the credit default swap market," BIS Quarterly Review, Bank for International Settlements, June.
    4. Michael J. Fleming & Eli M. Remolona, 1999. "Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information," Journal of Finance, American Finance Association, vol. 54(5), pages 1901-1915, October.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Mukherjee, Dr. Kedar nath, 2012. "Corporate Bond Market in India: Current Scope and Future Challenges," MPRA Paper 42478, University Library of Munich, Germany.
    2. Gochoco-Bautista, Maria Socorro & Remolona, Eli M., 2012. "Going Regional: How to Deepen ASEAN's Financial Markets," ADB Economics Working Paper Series 300, Asian Development Bank.
    3. Goswami, Mangal & Sharma, Sunil, 2011. "The Development of Local Debt Markets in Asia: An Assessment," ADBI Working Papers 326, Asian Development Bank Institute.
    4. Guonan Ma, 2007. "Who Pays China's Bank Restructuring Bill?," Asian Economic Papers, MIT Press, vol. 6(1), pages 46-71, Winter.
    5. Paul Mizen & Serafeim Tsoukas, 2014. "What promotes greater use of the corporate bond market? A study of the issuance behaviour of firms in Asia," Oxford Economic Papers, Oxford University Press, vol. 66(1), pages 227-253, January.
    6. Eric Chan & Michael Chui & Frank Packer & Eli Remolona, 2012. "Local currency bond markets and the Asian Bond Fund 2 Initiative," BIS Papers chapters,in: Bank for International Settlements (ed.), Weathering financial crises: bond markets in Asia and the Pacific, volume 63, pages 35-61 Bank for International Settlements.
    7. Paul Mizen & Frank Packer & Eli Remolona & Serafeim Tsoukas, 2014. "Capital structure and the issuance of corporate bonds in emerging Asia," Chapters,in: Global Shock, Risks, and Asian Financial Reform, chapter 13, pages 510-540 Edward Elgar Publishing.
    8. Marlene Amstad & Steven Kong & Frank Packer & Eli Remolona, 2016. "A spare tire for capital markets: Fostering corporate bond markets in Asia," BIS Papers, Bank for International Settlements, number 85.
    9. Ramon Moreno, 2006. "The changing nature of risks facing banks," BIS Papers chapters,in: Bank for International Settlements (ed.), The banking system in emerging economies: how much progress has been made?, volume 28, pages 67-98 Bank for International Settlements.
    10. M S Mohanty & Gert Schnabel & Pablo Garcia-Luna, 2006. "Banks and aggregate credit: what is new?," BIS Papers chapters,in: Bank for International Settlements (ed.), The banking system in emerging economies: how much progress has been made?, volume 28, pages 11-39 Bank for International Settlements.
    11. Haibin Zhu, 2006. "The structure of housing finance markets and house prices in Asia," BIS Quarterly Review, Bank for International Settlements, December.
    12. Paul Mizen & Frank Packer & Eli Remolona & Serafeim Tsoukas, "undated". "Why do firms issue abroad? Lessons from onshore and offshore corporate bond finance in Asian emerging markets," Discussion Papers 12/15, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    13. Shim, Ilhyock & Zhu, Haibin, 2014. "The impact of CDS trading on the bond market: Evidence from Asia," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 460-475.
    14. Eli M Remolona & Ilhyock Shim, 2008. "Credit derivatives an structured creit: the nascant markets of Asia and the Pacific," BIS Quarterly Review, Bank for International Settlements, June.
    15. Ramon Moreno, 2008. "Monetary policy transmission and the long-term interest rate in emerging markets," BIS Papers chapters,in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 61-79 Bank for International Settlements.
    16. Bank for International Settlements, 2012. "Weathering financial crises: bond markets in Asia and the Pacific," BIS Papers, Bank for International Settlements, number 63.

    More about this item

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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