Asia's Debt Capital Markets

The Development of Effective Securities Markets Gary Schinasi International Monetary Fund One of the more important lessons of the crisis of the 1990s^not just the Asian Crisisis that the performance and structure of a country's financial system is an important fundamental factor for assessing that coimtry's overall economic performance and prospects, and as a destination for investment and asset returns. Market participants that are presently managing international portfolios now understand this very well. And as we all know, many countries are making strong efforts to reform their financial infrastructures, and move their financial systems more in the direction of a market-intermediated financial system and away from an exclusively bank-intermediated system. These reform efforts are putting in place some of the important infrastructure elements that are necessary for developing effective securities markets. However, emphasis should be placed on the word necessary: as many of these measures, and all of them taken together, are only necessary and not sufficient for estabUshing effective security markets.

Not only provides up-to-date data regarding the current condition of Asian bond markets, it provides an assessment of the outlook of bond markets in Asia, draws conclusions and provides a blueprint for development for policymakers and discusses emerging investment opportunities in the field Is unique in drawing upon the research, experience and perspectives of experts from the academic, legal, governmental and practical investment fields Includes supplementary material: sn.pub/extras

Autorentext

James R. BarthSenior FellowPh.D., Economics, Ohio State University James R. Barth is the Lowder Eminent Scholar in Finance at Auburn University and a Senior Fellow at the Milken Institute. His research has focused on financial institutions and capital markets, both domestic and global, with special emphasis on regulatory issues. Most recently, he served as leader of an international team advising the People's Bank of China on banking reform. Barth was an appointee of Presidents Ronald Reagan and George H.W. Bush as chief economist of the Office of Thrift Supervision until November 1989 and has previously served as the chief economist of the Federal Home Loan Bank Board. Glenn YagoDirector of Capital StudiesPh.D., Political Economy, University of Wisconsin, Madison Glenn Yago is Director of Capital Studies at the Milken Institute. He specializes in financial innovations, financial institutions and capital markets, and has extensively analyzed public policy and its relation to high-yield markets, initial public offerings, industrial and transportation concerns, and public and private sector employment. The Capital Studies group has a number of innovative projects underway. Its Center for Emerging Domestic Markets analyzes emerging U.S. markets, comprised primarily of entrepreneurs with limited access to capital, and undertakes projects aimed at expanding capital access. The U.S. Department of Commerce, its Minority Business Development agency, the California State Treasurers Office, and Californias pension funds, among others, have actively participated in these projects. Likewise in the area of capital access, Yago is creator of the Milken Institute Capital Access Index, an annual survey that measures access to capital for entrepreneurs across countries, and co-creator of the Opacity Index, a measure of the openness of financial markets around the world, critical factors in determining a nations economic health. Both indices are referenced regularly in academic and business venues. Yago has worked on financial innovations transfer and privatization projects in the Middle East since 1996c and business venues. Yago has worked on financial innovations transfer and privatization projects in the Middle East since 1996

Klappentext

Asia's Debt Capital Markets: Prospects and Strategies for Development contains articles that share an important feature an assessment of current and future prospects for developing debt capital markets in Asia. Some articles examine recent national or regionally sponsored actions to stimulate the development of these markets, while others provide specific proposals that are designed to expand such markets. The motivation for the articles is the fact that eight years of post-crisis discussion has not yet resulted in sufficient actions to broaden and deepen debt capital markets. Yet the role and value of such markets for economic growth and development is undisputed. The articles in this book make an important contribution in identifying obstacles to reform as well as in proposing ways to develop debt capital markets.

The book has three parts. Part I describes the characteristics and historical origins of these markets. Part II examines the contemporary bond markets and shows how they contribute to general welfare, describes the relationship between the banking sector and capital markets, and assesses prospects for reform in Asia's governmental and corporate debt markets. Part III explains the micro-level impediments and obstacles that must be the first targets of any reform efforts, provides an appraisal of attempts at regional cooperation to stimulate structural reform, and lastly contributes proposals to accelerate the growth and reach of bond markets throughout Asia.

Inhalt
Asia's Debt Capital Markets: Opportunities and Prospects.- Opportunities and Challenges in Asian Bond Markets.- Developing Asian Bond Markets Using Securitization and Credit Guarantees.- Contemporary Markets for Asian Debt Capital Market Instruments.- The Role of Reform.- Institutional Reform and Economic Development.- Reforming China's Bond Markets: Development prospects and the effects of corporate behavior.- Improving the Policy Environment for Private Sector Participation in the Development of Local Currency and Regional Bond Markets in APEC: Report of a financial sector survey.- Strategies for Development.- Essential Changes in National Law and Regulation: Impediments to cross-border investment in Asian bond markets.- Policy Concerns and the Value of Regional Markets.- Promoting Market Development with Structured Finance and Regional Credit Enhancement.- Building a Settlement Infrastructure for the Asian Bond Markets: Asiasettle.