Developing Asian Bond Markets: Challenges and Strategies

Authored by Takatoshi Ito & Yung Chul Park

Published in 2004 by the Asia Pacific Press at The Australian National University

The absence of vibrant bondmarkets in East Asia was a significant contributor to the 1997-98 financial crisis. 

Ever since, the development of local bodmarkets has been a major objective of financial reforms in many East Asian economies. Thsi effort has been frustrated by the inability to reach a consensus on whether Asian bondmarkets are truly needed in East Asia, whether they can be made viable in the competitive environment of the global economy, how they should be created and what role intergovernmental cooperation shuld play in their definition and creation.

Developing Asian Bond Markets helps build this consensus, proposing how to develop robust and efficient bondmarkets in East Asia. 

1. Overview - challenges and strategies
   
   
2. Creating regional bondmarkets in East Asia: rationale and strategy
   
   
3. Promoting Asian Basket Currency bonds
   
   
4. Institutional foundations: credit insurers, asset-backed securitisation corporations and Asian bond funds
   
   
5. The strcuture and characteristics of East Asian bondmarkets
   
   
6. The role of securitisation and credit guarantees
   
   
7. The Asian Bond Bank: a good idea for credit enhancement