Impediments to cross-border investments in Asian bonds
ISEAS, Dec 1, 2005 - Business & Economics - 58 pages
Following the Asian financial crisis, the development of local currency bond markets in each of the APEC economies as well as regional bond markets has received the highest priority among financial market policy-makers. Bond markets are considered as an alternative vehicle for domestic savings mobilization and also as a critical means of mitigating the dual mismatch problems of currency and maturity. However, tangible achievements have yet to materialize. The appeal of Asian bonds as evidenced by cross-border investments is dismally insignificant. Given the limited level of market activities associated with foreign investment in Asian bonds and with the supply of local currency or foreign currency denominated bonds issued by foreign borrowers in Asia, this study is designed to identify the types of impediments to cross-border investment in Asian bonds and to propose policy recommendations.
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APEC ASEAN+3 Asia Asia's Asian bond markets Asian currency Asian Development Bank Asian financial crisis benchmark billion bond investment bonds issued borrowers cent central banks China Comments and examples corporate bonds counterparties credit rating creditor claims cross-border investment currency bond markets currency bonds outstanding currency denominated bonds custody debt instruments debt markets debt securities East Asian economies financial institutions financial market Fiscal Impediments foreign-owned funds global investment government bonds Hong Kong impediments to cross-border India Indonesia institutional investors inter-regional capital flows interest rate interest rate swaps Intra-Regional investment in Asian issuers Issues Comments Japan Korea Legal and Fiscal Lejot Long-Term Bonds Malaysia market activities money market instruments non-bank non-deliverable forward obstacles offshore PECC Philippines regional bond markets regulation Regulatory and Systemic repurchases restrictions risk sector securities financing securitization settlement liquidity Singapore Systemic Impediments Taiwan and Thailand taxation trading transaction transfer trillion withholding taxes