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.
Full text:
| 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 |