Download Asia's Debt Capital Markets: Prospects and Strategies for by Douglas W. Arner, Jae-Ha Park, Paul Lejot, Qiao Liu PDF

By Douglas W. Arner, Jae-Ha Park, Paul Lejot, Qiao Liu

This quantity contains experiences by way of major study students within the usa and Asia on Asia’s debt capital markets. The publication is exclusive in drawing upon the examine, adventure and views of specialists from the educational, felony, governmental and functional funding fields. They determine the hazards and possibilities, and techniques for constructing those markets. The authors undertake a multidisciplinary method, encompassing economics, finance and legislation.

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Additional info for Asia's Debt Capital Markets: Prospects and Strategies for Development (The Milken Institute Series on Financial Innovation and Economic Growth)

Sample text

Bond figures for Hong Kong, Korea, Malaysia, Taiwan, the United States, the United Kingdom and Japan are from central banks. Figures for Indonesia and the Philippines are fi-om IFC Emerging Markets Information Centre Bond Database. Figures for Thailand are from Thai Bond Dealing Centre. Figures for Singapore are estimates based on data from MAS and Thomson Financial. Percentage shares may not add up to 100% due to rounding. The Need and Rationale for the Development of Asian Bond Markets 39 Table 3.

Global Financial Stability Report. In Emerging Local Bond Markets. Washington, D. C. Levine, Ross and Sara Zervos. 1998. "Stock Market, Bank, and Economic Growth," American Economic Review, 88(3), 537-558. Levine, Ross. 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, 35(2), 688-726. Mihaljek, Dubravko, Michaela Scatigna and AgustinVillar. 2002. "Recent Trends in Bond Markets," The Development of Bond Markets in Emerging Economies, BIS Papers No.

Table 7 provides information for six of the 10 selected markets. In these markets, banks are the dominant holders of debt, comprising 57 percent of all holdings. Bank dominance is common in five of the six economies, and is most striking in Indonesia, where 96 percent of debt is held by banks. Institutional investors are important holders of debt in four of the economies for which data exists: Hong Kong (34 percent), India (19 percent), South Korea (20 percent) and Thailand (26 percent). Other fmancial institutions are important in Malaysia (24 percent) and Thailand (24 percent).

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