Prior to the 1997 Asian financial crisis, fixed income markets in the Asia-Pacific region were underdeveloped while financial intermediation depended greatly upon short-term bank borrowings. Countries in the Asia-Pacific have made great efforts to foster sound financial markets that can support stable economic growth. As a result, fixed income markets in the Asia-Pacific region have developed remarkably: they are now bigger, more liquid, and more open.

In the light of this, the BOK and BIS have held the joint conference which is a conclusion of the two-year research programme of the BIS Asian office on “Asia-Pacific fixed income markets: evolving structure, participation and pricing.”

This conference will bring together senior central bankers and leading academics to discuss various aspects of fixed income markets in the region. All of the papers will emphasize Asia and the Pacific, though some will cover other regions as well. Specifically, the topics cover the role of institutional investors in bond markets, determinants of local currency bond markets, firms’ financing via corporate bonds, and liquidity in Asia-Pacific sovereign and corporate bond markets.