Bond Market Development in Asia

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30 Mar 2001
9789264192225 (PDF) ;9789264186293(print)

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The development of liquid, sound and deep bond markets has become one of the most important policy issues in the financial sector in Asian countries. In fact, though this issue has been discussed for a while now, the Asian financial crisis re-emphasised its importance, and it is worth discussing this issue in the framework of the post-crisis landscape.

The second "Round Table on Capital Market Reforms in Asia" held in Tokyo in April 2000, which was organised by the OECD and the Asian Development Bank Institute (ADBI), focused on bond market development in Asia. Bond market development involves a number of inter-related issues and it is not an easy task, especially for emerging economies. Though there have been a number of positive developments in Asia in this field, it is also true that it takes time for a bond market to become well-developed in Asia. This publication is based on a summary of the proceedings of the second Round Table, together with papers on the experience of both Asian and OECD countries presented at the meeting and on the discussions by the participants. This volume will surely serve as an indispensable source of information on capital market reform, and in particular on bond market development in Asia; it will constitute a reference book on those topics for policy-makers and experts in both the public and private sectors.

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Table of Contents

-Press Release
-Executive Summary
-Welcome Remarks by Masaru Yoshitomi
-Future International Financial Architecture and Regional Capital Market Development by Haruhiko -Kuroda
-Progress in Macroeconomic Stability and Capital Market Reforms in Asia by Kunio Saito
-The Activities of the Implementation Committee on IOSCO Objectives and Principles by Andrew Procter
-Develoment of Bond Markets in Asia
Session 1 Introduction
A Brief Overview: Creation of the Asian Bond Market by Eisuke Sakakibara
-Developing a Viable Corporate Bond Market under a Bank-Dominated System - Analytical Issues and Policy Implications by Shinji Takagi
Session 2. Experience in Asia and Policy Issues to be Addressed
Debt Market Development in Singapore by Yeo Lian Sim
-Singaporean Experience in Bond Market Development by Toshio Karigane
-Debt Market in China by Gao Jian
-Development of Bond Markets in Asia: The Hong Kong, China Perspective by Norman Chan
-Policy Agenda for Bond Market Development in Asia by Yun-Hwan Kim
-Develoment of Indernational Bond Markets in the Region - New Miyazawa Initiative by Toshio Kobayashi
Session 3. Lessons form the Experience in OECD Countries and Other Emerging Countries
Key Issues in Developing Fixed Income Securities Markets in Emerging Market Economies by Hendrikus Blommestein
-Developments in European Bond Markets by Hans-Dieter Hanfland
-The Reforms of the Japanese Government Securities Market by Masaaki Shirakawa
-Further Reforms after the "Big Bang": The Japanese Government Bond Market by Ghon Rhee
-Corporate Bond Market Developments by Tadashi Endo
Session 4. The roles of Securities Laws and Securities Market Regulators for the Sound Development of Bond Markets
The Role of Regulators in the Development of Government Securities Markets: An Overview by Giovanni Sabatini
-Bond Market Regulation in a Period of Changing Market Structure: The UK Experience by David Strachan
-Transparency in the US Debt Market by Stephen Williams
-The Roles of Securities Laws and Securities Market Regulators for the Sound Development of Bond Markets: Australia by Claire Grose
Session 5. The Views of Rating Agencies and Research Institutes
Bank Reform: An Essential Element of Capital Market Development by Julia Turner
-A Domestic Credit Rating Agency in an Emerging Asian Country: The TRIS Experience by Warapatr Todhanakasem
-Current Conditions and Developments in Asian Domestic Bond Markets and Further Steps by Fumiyuki Sasaki
Annex I.Country Notes
-Capital Market Development in India by Devendra Raj Mehta
-Capital Market Development in Indonesia by Mr. Herwidayatmo
-Capital Market Develoment in Malaysia by Ali Abdul Kadir
-Capital Market Development in Thailand by Prasarn Trairatvorakul
-The Latest Develoments in the Securities Markets in Chinese Taipei by Kuan-Wha Ding
Annex II. Agenda
Annex III. Suggested Points for Discussion
Annex IV. List of Participants

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