Asian bond markets: issues and prospects

These papers were presented at a BIS/Korea University conference of central bankers, scholars and market participants held in Seoul on 21-23 March 2004. They should be read as reflecting market conditions at that time.

The views expressed are those of the authors and do not necessarily reflect the views of the BIS or the central banks represented at the meeting

Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned.

Introduction

	Title	Languages
	The development of Asian bond markets by Barry Eichengreen	EN

Opening addresses

	Title	Languages
	For the advent of a promising and sound Asian bond market by Tae-Shin Kwon	EN
	Asian financial cooperation as seen from Europe by Gunter D Baer	EN

Overview

	Title	Languages
	Developing the bond markets of East Asia: global, regional or national? by Robert N McCauley and Yung-Chul Park	EN
	Why doesn't Asia have bigger bond markets? by Barry Eichengreen and Pipat Luengnaruemitchai	EN
	Comments by Ric Deverell	EN
	Comments by Junggon Oh	EN
	Consolidating the public debt markets of Asia by Robert N McCauley	EN
	Comments by Junggon Oh	EN

Lunch address

	Title	Languages
	Lunch address by Huhn-Gunn Ro	EN

History, structure and prospects of East Asian bond markets

	Title	Languages
	Determinants of bond holdings by foreign investors by Kee-Hong Bae, Young Sup Yun and Warren Bailey	EN
	Choice of currency by East Asia bond issuers by David G Fernandez and Simon Klassen	EN
	Asian bond issues in Tokyo: history, structure and prospects by Fumiaki Nishi and Alexander Vergus	EN
	Comments by Toshiharu Kitamura	EN

Dinner address

	Title	Languages
	Recent development of the Korean bond market by Seongtae Lee	EN

Credit risk management

	Title	Languages
	Minding the gap in Asia: foreign and local currency ratings by Kate Kisselev and Frank Packer	EN
	Comments by Tom Byrne	EN
	Building infrastructure for Asian bond markets: settlement and credit rating by Daekeun Park and Changyong Rhee	EN
	Comments by Tom Byrne	EN
	Creation of a regional credit guarantee mechanism in Asia by Gyutaeg Oh and Jae-Ha Park	EN
	Comments by Guorong Jiang	EN

Lunch address

	Title	Languages
	Promoting the Asian bond market by Kap-Soo Oh	EN

Impediments, hedging supervision and clearing

	Title	Languages
	Identifying impediments to cross-border bond investment and issuance in Asian countries by Atsushi Takeuchi	EN
	A survey on hedging markets in Asia: a description of Asian derivatives markets from a practical perspective by Martin Hohensee and Kyungjik Lee	EN
	Comments by Aaron Low	EN
	Clearing, settlement and depository issues by Francis Braeckevelt	EN
	Comments by Aaron Low	EN
	Bond market regulation and supervision in Asia by Bernhard Eschweiler	EN

Concluding panel discussion

	Title	Languages
	Questions to be analysed by Yung-Chul Park, Tom Byrne, Aaron Low and Robert N McCauley	EN