The Asian Bond Market: Issues and Tasks for Financial Cooperation in Northeast Asia
Ⅰ. Introduction 2
Ⅱ. The Role of a Bond Market in Financial Intermediation 5
Ⅲ. Rationale for a Regional Bond Market in East Asia 10
1. Concepts of the Asian Bond Market 10
2. Potential Benefits of the Asian Bond Market 13
Ⅳ. Current Status of Bond Markets in East Asia 16
1. Domestic and External Bond Issues 16
2. Bank Credit and Bond Financing 19
3. Onshore and Offshore Bond Markets 21
Ⅴ. The Case of the Singapore Bond Market 24
1. A Brief History of Bond Market Development in Singapore 24
2. Weaknesses of Singapore as a Regional Bond Market 25
VI. Impediments to Development of Bond Markets 29
1. Determinants of Financial Development 29
2. Empirical Analysis 31
Ⅶ. Tasks for Financial Cooperation in Northeast Asia 35