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Article: Asia's Debt Capital Markets: Appraisal and Agenda for Policy Reform

TitleAsia's Debt Capital Markets: Appraisal and Agenda for Policy Reform
Authors
Issue Date2003
PublisherHong Kong Institute for Monetary Research. The Journal's web site is located at http://www.hkimr.org/general_papers.asp
Citation
HKIMR Working Papers, 2003, p. working paper no. 19 How to Cite?
AbstractMarkets 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.
Persistent Identifierhttp://hdl.handle.net/10722/74859
SSRN

 

DC FieldValueLanguage
dc.contributor.authorLejot, Pen_HK
dc.contributor.authorArner, Den_HK
dc.contributor.authorLiu, Qen_HK
dc.contributor.authorChan, Men_HK
dc.contributor.authorMays, Men_HK
dc.date.accessioned2010-09-06T07:05:32Z-
dc.date.available2010-09-06T07:05:32Z-
dc.date.issued2003en_HK
dc.identifier.citationHKIMR Working Papers, 2003, p. working paper no. 19en_HK
dc.identifier.urihttp://hdl.handle.net/10722/74859-
dc.description.abstractMarkets 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.-
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.titleAsia's Debt Capital Markets: Appraisal and Agenda for Policy Reformen_HK
dc.typeArticleen_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.hkuros85193en_HK
dc.identifier.spageworking paper no. 19-
dc.identifier.epageworking paper no. 19-
dc.publisher.placeHong Kong-
dc.identifier.ssrn1009115-

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