Asian bond markets: issues and prospects

Joint Korea University and the Bank for International Settlements conference on "Asian bond markets: issues and prospects", Seoul, Korea, 21-23 March 2004.

Papers presented at a BIS/Korea University conference of central bankers, scholars and market participants were published as BIS Papers No 30 in November 2006.

Introduction Page
The development of Asian bond markets (PDF, 12 pages, 58 kb)
Barry Eichengreen		 1
   
Opening addresses  
For the advent of a promising and sound Asian bond market (PDF, 3 pages, 17 kb)
Tae-Shin Kwon		 13
Asian financial cooperation as seen from Europe (PDF, 3 pages, 15 kb)
Gunter Baer		 16
   
Overview  
Developing the bond market(s) of East Asia: global, regional or national? (PDF, 21 pages, 127 kb)
Robert N McCauley and Yung-Chul Park		 19
Why doesn't Asia have bigger bond markets? (PDF, 38 pages, 469 kb)
Barry Eichengreen and Pipat Luengnaruemitchai		 40
Comments (PDF, 2 pages, 15 kb)
Ric Deverell		 78
Comments (PDF, 2 pages, 14 kb)
Junggon Oh		 80
Consolidating the public debt markets of Asia (PDF, 17 pages, 115 kb)
Robert N McCauley		 82
Comments (PDF, 2 pages, 14 kb)
Junggon Oh		 99
   
Lunch address  
Lunch address (PDF, 1 page, 10 kb)
Huhn-Gunn Ro		 101
   
History, structure and prospects of East Asian bond markets  
Determinants of bond holdings by foreign investors (PDF, 27 pages, 118 kb)
Kee-Hong Bae, Young Sup Yun and Warren Bailey		 102
Choice of currency by East Asia bond issuers (PDF, 14 pages, 109 kb)
David G Fernandez and Simon Klassen		 129
Asian bond issues in Tokyo: history, structure and prospects (PDF, 25 pages, 281 kb)
Fumiaki Nishi and Alexander Vergus		 143
Comments (PDF, 3 pages, 18 kb)
Toshiharu Kitamura		 168
   
Dinner address  
Recent development of the Korean bond market (PDF, 3 pages, 20 kb)
Seongtae Lee		 171
   
Credit risk management  
Minding the gap in Asia: foreign and local currency ratings (PDF, 26 pages, 126 kb)
Kate Kisselev and Frank Packer		 174
Comments (PDF, 2 pages, 13 kb)
Tom Byrne		 200
Building infrastructure for Asian bond markets: settlement and credit rating (PDF, 20 pages, 99 kb)
Daekeun Park and Changyong Rhee		 202
Comments (PDF, 2 pages, 14 kb)
Tom Byrne		 222
Creation of a regional credit guarantee mechanism in Asia (PDF, 17 pages, 78 kb)
Gyutaeg Oh and Jae-Ha Park		 224
Comments (PDF, 2 pages, 23 kb)
Guorong Jiang		 241
   
Lunch address  
Promoting the Asian bond market (PDF, 3 pages, 15 kb)
Kap-Soo Oh		 243
   
Impediments, hedging supervision and clearing  
Identifying impediments to cross-border bond investment and issuance in Asian countries (PDF, 15 pages, 67 kb)
Atsushi Takeuchi		 246
A survey on hedging markets in Asia: a description of Asian derviatives markets from a practical perspective (PDF, 21 pages, 179 kb)
Martin Hohensee and Kyungjik Lee		 261
Comments (PDF, 2 pages, 14 kb)
Aaron Low		 282
Clearing, settlement and depository issues (PDF, 49 pages, 175 kb)
Francis Braeckevelt		 284
Comments (PDF, 2 pages, 15 kb)
Aaron Low		 333
Bond market regulation and supervision in Asia (PDF, 18 pages, 79 kb)
Bernhard Eschweiler		 335
   
Concluding panel discussion  
Questions to be analysed (PDF, 6 pages, 36 kb)
Contributions by Yung-Chul Park, Tom Byrne, Aaron Low and Robert N McCauley		 353