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Others: Making Markets: Reforms to Strengthen Asias Debt Capital Markets

TitleMaking Markets: Reforms to Strengthen Asias Debt Capital Markets
Authors
Issue Date2004
PublisherHong Kong Institute for Monetary Research. The Journal's web site is located at http://www.hkimr.org/general_papers.asp
Citation
Lejot, Paul and Arner, Douglas W. and Liu, Qiao, Making Markets: Reforms to Strengthen Asia's Debt Capital Markets (July 2004). HKIMR Working Paper No. 13/2004. Available at SSRN: http://ssrn.com/abstract=1009009 or http://dx.doi.org/10.2139/ssrn.1009009 How to Cite?
AbstractLiquid markets for debt securities exist comprehensively in no East Asian economy other than Japan, even though short or medium-term bonds are issued in most and Asian borrowers are established (though generally not prolific) international issuers. Today’s markets provide a borrowing medium (not always effectively) for Asian governments, financial institutions and some companies, but investor activity is closely correlated with bank credit creation. Above all, the region’s markets provide no real guard against crisis or contagion, nor act as a balance to banking systems susceptible to distortion and event risk. Asia’s economies may not suffer general capital shortages but poor resource allocation is pervasive and would be greatly improved by efficient national and regional financial markets. Seven years after its most profound financial crisis, Asia risks new contagion from any similar, unforeseen loss of confidence. Active debt capital markets would help limit such risks. The world’s foremost bond markets developed as a result of intense national needs, and while economic growth will inevitably lead to greater bond issuance and trading this will be insufficient for the region’s wider requirements without official sponsorship of active cooperative market reform. This paper contains three linked policy proposals: a matrix of steps to remove legal, fiscal, regulatory or systemic obstacles or omissions that hinder market usage; measures to encourage the development of a unified regional offshore market for local and major currency risk; and the concept of a regional body to promote the creation of asset-backed securities on a scale not previously contemplated and greatly expand activity in Asia’s debt markets.
Persistent Identifierhttp://hdl.handle.net/10722/74775
SSRN

 

DC FieldValueLanguage
dc.contributor.authorLejot, Pen_HK
dc.contributor.authorArner, Den_HK
dc.contributor.authorLiu, Qen_HK
dc.date.accessioned2010-09-06T07:04:45Z-
dc.date.available2010-09-06T07:04:45Z-
dc.date.issued2004en_HK
dc.identifier.citationLejot, Paul and Arner, Douglas W. and Liu, Qiao, Making Markets: Reforms to Strengthen Asia's Debt Capital Markets (July 2004). HKIMR Working Paper No. 13/2004. Available at SSRN: http://ssrn.com/abstract=1009009 or http://dx.doi.org/10.2139/ssrn.1009009en_HK
dc.identifier.urihttp://hdl.handle.net/10722/74775-
dc.description.abstractLiquid markets for debt securities exist comprehensively in no East Asian economy other than Japan, even though short or medium-term bonds are issued in most and Asian borrowers are established (though generally not prolific) international issuers. Today’s markets provide a borrowing medium (not always effectively) for Asian governments, financial institutions and some companies, but investor activity is closely correlated with bank credit creation. Above all, the region’s markets provide no real guard against crisis or contagion, nor act as a balance to banking systems susceptible to distortion and event risk. Asia’s economies may not suffer general capital shortages but poor resource allocation is pervasive and would be greatly improved by efficient national and regional financial markets. Seven years after its most profound financial crisis, Asia risks new contagion from any similar, unforeseen loss of confidence. Active debt capital markets would help limit such risks. The world’s foremost bond markets developed as a result of intense national needs, and while economic growth will inevitably lead to greater bond issuance and trading this will be insufficient for the region’s wider requirements without official sponsorship of active cooperative market reform. This paper contains three linked policy proposals: a matrix of steps to remove legal, fiscal, regulatory or systemic obstacles or omissions that hinder market usage; measures to encourage the development of a unified regional offshore market for local and major currency risk; and the concept of a regional body to promote the creation of asset-backed securities on a scale not previously contemplated and greatly expand activity in Asia’s debt markets.-
dc.languageengen_HK
dc.publisherHong Kong Institute for Monetary Research. The Journal's web site is located at http://www.hkimr.org/general_papers.aspen_HK
dc.relation.ispartofHKIMR Working Papersen_HK
dc.titleMaking Markets: Reforms to Strengthen Asias Debt Capital Marketsen_HK
dc.typeOthersen_HK
dc.identifier.emailLejot, P: plejot@hku.hken_HK
dc.identifier.emailArner, D: dwarner@hkucc.hku.hken_HK
dc.identifier.emailLiu, Q: qliu@hku.hken_HK
dc.identifier.authorityArner, DW=rp01237en_HK
dc.identifier.authorityLiu, Q=rp01078en_HK
dc.description.naturelink_to_OA_fulltext-
dc.identifier.doi10.2139/ssrn.1009009-
dc.identifier.hkuros109687en_HK
dc.identifier.spageworking paper no. 13-
dc.identifier.epageworking paper no. 13-
dc.publisher.placeHong Kong-
dc.identifier.ssrn1009009-

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