Assessing Bond Market Integration In Asia

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Assessing the Integration of Asia's Equity and Bond Markets

Author : Laurence Fung
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Assessing the Integration of Asia's Equity and Bond Markets by : Laurence Fung

Download or read book Assessing the Integration of Asia's Equity and Bond Markets written by Laurence Fung and published by . This book was released on 2009 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Asian financial crisis in 1997-1998, economies in the region have made efforts to diversify their reliance on the banking sector in favour of other financial intermediaries such as equities and bonds. Despite the recent development, the degree of intra-regional financial integration appears to lag behind the increase in trade. Such asymmetric development in economic and financial integration may have implications on financial stability. Therefore, it is of interest to monitor the development and progress of financial market integration in the region. Unlike most studies which focus on either the equity market or the bond market integration, this study compares the different experiences of integration of the equity and the government bond markets in the region. To do so, we construct various indicators for measuring different dimensions of equity and bond market integration. A combined use of these indicators would give policy makers a more balanced picture regarding the general trend of equity and bond market integration in the region. Furthermore, the examination of the co-movement between equity and bond returns at the economy and the regional levels may also shed light on the degree of integration in these markets.

Assessing Bond Market Integration in Asia

Author : Ip-wing Yu
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Assessing Bond Market Integration in Asia by : Ip-wing Yu

Download or read book Assessing Bond Market Integration in Asia written by Ip-wing Yu and published by . This book was released on 2009 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Development of the local bond markets has been a top priority for financial reforms in the region after the Asian financial crisis. Various initiatives have also been taken to foster the development of the regional bond market. This paper looks into the degree of integration of sovereign (government) bond markets in Asia. It provides a survey of indicators and measures to monitor the development, measure progress and assess the state of bond market integration in the region. Our empirical results broadly show that there is only weak bond market integration in the region and very little progress has taken place since 2003. The apparent lack of progress may be due to the quot;localquot; or quot;idiosyncraticquot; factors in some Asian economies.

Assessing Financial Market Integration in Asia - Equity and Bond Markets

Author : Laurence Fung
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Assessing Financial Market Integration in Asia - Equity and Bond Markets by : Laurence Fung

Download or read book Assessing Financial Market Integration in Asia - Equity and Bond Markets written by Laurence Fung and published by . This book was released on 2009 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Asian financial crisis in 1997-1998, economies in the region have made efforts to diversify their reliance on the banking sector in favour of other financial intermediaries such as equities and bonds. Despite the recent development, the degree of intra-regional financial integration appears to lag behind the increase in trade. Such asymmetric development in economic and financial integration may have implications on financial stability. Therefore, it is of interest to monitor the development and progress of financial market integration in the region. Unlike most studies which focus on either the equity market or the bond market integration, this study compares the different experiences of integration of the equity and the government bond markets in the region. To do so, we construct various indicators for measuring different dimensions of equity and bond market integration. A combined use of these indicators would give policy makers a more balanced picture regarding the general trend of equity and bond market integration in the region. Our empirical results broadly show that a lot of progress has been achieved over the years from 1994 to 2001 in the integration among the Asian equity markets. After slowing down between 2002 and 2006, the equity market integration process picked up again in 2007-08. Meanwhile, the degree of integration in the sovereign (government) bond markets in Asia remains low and very little progress has taken place since 2002.

The Bond Markets Of Developing East Asia

Author : Robert F Emery
Publisher : Routledge
ISBN 13 : 0429965346
Total Pages : 384 pages
Book Rating : 4.4/5 (299 download)

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Book Synopsis The Bond Markets Of Developing East Asia by : Robert F Emery

Download or read book The Bond Markets Of Developing East Asia written by Robert F Emery and published by Routledge. This book was released on 2018-02-23 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive book provides detailed descriptions and analysis of the bond markets in eight East Asian developing economies: Hong Kong, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand. Drawing on the most recent data available, Emery assesses the strengths and weaknesses of each countrys bond market, concluding with comparisons of the eight countries bond markets. The book will be an invaluable reference for economists, policymakers, and all those interested in emerging capital markets. }Drawing on the most recent data available, this comprehensive book provides detailed descriptions and analysis of the bond markets in eight East Asian developing economies: Hong Kong, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand. Robert Emery devotes a full chapter to evaluating the strengths and weaknesses of each countrys bond market. For each country, Emery describes the history of the bond market and identifies its key participants, the different types of bonds, and the current terms for bond issues. He also discusses the size of the bond market, the bond issuing process, trading procedures and the structure of the market, the clearing and settlement system, and fees and taxes. Finally, he lists the regulators of the market, current regulations, and bond rating agencies; assesses the markets past performance; and offers suggestions for improvement.Each country chapter is organized into a standard format, making it easy for the reader to locate and compare specific information. Emery concludes the book with cross-country comparisons of the eight countries bond markets. It will be an invaluable reference for economists, policymakers, and all those interested in emerging capital markets. }

The Empirical Evidence on Government Bond Market Integration in East Asia

Author : Liu Lian
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Empirical Evidence on Government Bond Market Integration in East Asia by : Liu Lian

Download or read book The Empirical Evidence on Government Bond Market Integration in East Asia written by Liu Lian and published by . This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research intends to investigate the progress made in East Asian bond market integration thus far. Price-based measures (AAD indicator and beta-convergence measure), quantity-based measures and econometric techniques (co-integration test, error correction model based Granger causality test) are employed in the analysis. Even though East Asian government bond markets have become more integrated since 2001, the differentials among the markets still remain significantly high. The bond market integration process seems slow. The convergence of bond markets sped up in 2003 and after the 2008 world financial crisis, implying the important role of government policies in integrating the regional bond markets. East Asian bond market integration may need more government-directed measures.

The Future of China's Bond Market

Author : Mr. Alfred Schipke
Publisher : International Monetary Fund
ISBN 13 : 151358278X
Total Pages : 52 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis The Future of China's Bond Market by : Mr. Alfred Schipke

Download or read book The Future of China's Bond Market written by Mr. Alfred Schipke and published by International Monetary Fund. This book was released on 2019-03-13 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.

Asian Capital Market Integration

Author : Cyn-Young Park
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (852 download)

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Book Synopsis Asian Capital Market Integration by : Cyn-Young Park

Download or read book Asian Capital Market Integration written by Cyn-Young Park and published by . This book was released on 2013 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Bond Market Development in Developing Asia

Author : John D. Burger
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (921 download)

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Book Synopsis Bond Market Development in Developing Asia by : John D. Burger

Download or read book Bond Market Development in Developing Asia written by John D. Burger and published by . This book was released on 2015 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Financial Integration in Asian Bond Markets

Author : Xuan Vinh Vo
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis International Financial Integration in Asian Bond Markets by : Xuan Vinh Vo

Download or read book International Financial Integration in Asian Bond Markets written by Xuan Vinh Vo and published by . This book was released on 2008 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the development of international financial market, the degree of international financial integration increased significantly during the late 1980s and 1990s. A key factor underlying this process was the increased globalization of investments seeking a higher rate of return and the opportunity to diversify risk internationally. In this paper, we investigate the degree of international financial integration in Asia by examining the relationships amongst Asian bond markets by employing the advanced econometric technique of cointegration of error correction vectors. In other words, we propose the answers to the following questions. Firstly, what is the degree of international financial integration in Asian bond markets? Secondly, does this degree of integration significantly change after the 1997 Asian financial crisis? This study has a strong implication for investors, in particular, from the perspective of Australian or US investors, whether they do benefit from investing in Asian bond markets.

The Asian Bond Markets Initiative

Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292578448
Total Pages : 69 pages
Book Rating : 4.2/5 (925 download)

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Book Synopsis The Asian Bond Markets Initiative by : Asian Development Bank

Download or read book The Asian Bond Markets Initiative written by Asian Development Bank and published by Asian Development Bank. This book was released on 2017-06-01 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian Bond Markets Initiative (ABMI) was launched in December 2002 by the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea---collectively known as ASEAN+3 to strengthen financial stability and reduce the region’s vulnerability to the sudden reversal of capital flows. This paper also provides recommendations for addressing new sources of market volatility and other challenges within and outside the framework of the Asian Bond Markets Initiative.

Financial Markets and the Macroeconomy

Author : Carl Chiarella
Publisher : Routledge
ISBN 13 : 1135984506
Total Pages : 513 pages
Book Rating : 4.1/5 (359 download)

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Book Synopsis Financial Markets and the Macroeconomy by : Carl Chiarella

Download or read book Financial Markets and the Macroeconomy written by Carl Chiarella and published by Routledge. This book was released on 2009-06-02 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important new book from a group of Keynesian, but nonetheless technically-oriented economists explores one of the dominant paradigms in financial economics: the ‘intertemporal general equilibrium approach’.

Assessing Financial Market Integration in Asia - Equity Markets

Author : Ip-wing Yu
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Assessing Financial Market Integration in Asia - Equity Markets by : Ip-wing Yu

Download or read book Assessing Financial Market Integration in Asia - Equity Markets written by Ip-wing Yu and published by . This book was released on 2009 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial integration has strong implications for financial stability. On the one hand, financial integration among economies helps improve their capacity to absorb shocks and foster development. On the other hand, intensified financial linkages in a world of increasing capital mobility may also harbour the risk of cross-border financial contagion. This paper provides a survey of indicators to monitor the development, measure progress and assess the state of equity market integration in Asia. A combined use of these indicators would provide information on different dimensions of integration and thus give regulators a more balanced picture of the general trend of equity market integration in the region. Our empirical results broadly show that a lot of progress has been witnessed between 1994 and 2001 in achieving greater integration among the Asian equity markets. However, the extent of financial integration remains weak and the integration process appears to have stalled since 2002.

Promoting Social Bonds for Impact Investments in Asia

Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292628593
Total Pages : 101 pages
Book Rating : 4.2/5 (926 download)

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Book Synopsis Promoting Social Bonds for Impact Investments in Asia by : Asian Development Bank

Download or read book Promoting Social Bonds for Impact Investments in Asia written by Asian Development Bank and published by Asian Development Bank. This book was released on 2021-05-01 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social bond markets have grown rapidly in Asia and around the world amid the coronavirus disease (COVID-19) pandemic. Today, the global social bond market is dominated by bonds that address pandemic-related social impact areas. To better understand the potential contribution of social bonds in tackling developing Asia's most urgent social issues, this study reviews the current status and recent trends of global and Asian social bond markets. It further analyzes social impact areas that can be addressed by social bonds in both the short and long term. The study's findings can help align finance with the Sustainable Development Goals and maximize the impact of the social bond market for sustainable development.

Primer on Social Bonds and Recent Developments in Asia

Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292627139
Total Pages : 116 pages
Book Rating : 4.2/5 (926 download)

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Book Synopsis Primer on Social Bonds and Recent Developments in Asia by : Asian Development Bank

Download or read book Primer on Social Bonds and Recent Developments in Asia written by Asian Development Bank and published by Asian Development Bank. This book was released on 2021-02-01 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social bond markets have grown rapidly in Asia and around the world amid the coronavirus disease (COVID-19) pandemic. Today, the global social bond market is dominated by bonds that address pandemic-related social impact areas. To better understand the potential contribution of social bonds in tackling developing Asia’s most urgent social issues, this study reviews the current status and recent trends of global and Asian social bond markets. It further analyzes social impact areas that can be addressed by social bonds in both the short and long term. The study’s findings can help align finance with the Sustainable Development Goals and maximize the impact of the social bond market for sustainable development.

Capital Market Integration

Author : Mr.Masafumi Yabara
Publisher : International Monetary Fund
ISBN 13 : 1463971826
Total Pages : 31 pages
Book Rating : 4.4/5 (639 download)

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Book Synopsis Capital Market Integration by : Mr.Masafumi Yabara

Download or read book Capital Market Integration written by Mr.Masafumi Yabara and published by International Monetary Fund. This book was released on 2012-01-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in developing domestic capital markets through a regional approach, removing constraints on capital transactions and harmonizing market infrastructure. Nevertheless, empirical analysis suggests capital market integration has not deepened during the past few years in the EAC, although convergence of investment returns is taking place to some extent. Learning from the experience of the West African Economic and Monetary Union and the Association of Southeast Asian Nations, EAC countries would benefit from four actions to accelerate financial market integration: (i) further harmonize market infrastructure; (ii) strengthen regional surveillance mechanisms; (iii) encourage local currency bond issuance by multilateral financial institutions; and (iv) build the capacity of the existing regional institutions.

The Inter-Bank Bond Market in the People’s Republic of China

Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292623427
Total Pages : 347 pages
Book Rating : 4.2/5 (926 download)

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Book Synopsis The Inter-Bank Bond Market in the People’s Republic of China by : Asian Development Bank

Download or read book The Inter-Bank Bond Market in the People’s Republic of China written by Asian Development Bank and published by Asian Development Bank. This book was released on 2020-08-01 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ASEAN+3 Bond Market Guide series provides country-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and encourage greater participation in the region’s rapidly developing bond markets. This edition focuses on the Inter-Bank Bond Market in the People’s Republic of China, which is one of the country’s most important bond markets and one of only two that are accessible to foreign investment.

Information Spillovers and Market Integration in International Finance

Author : Suk-Joong Kim
Publisher : World Scientific Publishing Company
ISBN 13 : 9789813223578
Total Pages : 626 pages
Book Rating : 4.2/5 (235 download)

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Book Synopsis Information Spillovers and Market Integration in International Finance by : Suk-Joong Kim

Download or read book Information Spillovers and Market Integration in International Finance written by Suk-Joong Kim and published by World Scientific Publishing Company. This book was released on 2017 with total page 626 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contents in this volume are based on the program Sets and Computations that was held at the Institute for Mathematical Sciences, National University of Singapore from 30 March until 30 April 2015. This special collection reports on important and recen