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

This quantity includes stories via major learn students within the usa and Asia on Asia’s debt capital markets. The ebook is exclusive in drawing upon the learn, event and views of specialists from the educational, felony, governmental and sensible funding fields. They check the hazards and possibilities, and methods for constructing those markets. The authors undertake a multidisciplinary method, encompassing economics, finance and legislation.

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

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0. 5. India has the smallest trading in terms of government bonds, corporate bonds and annual turnover ratio. 5. New Developments in Asian Bond Markets Securitization, the issuance of bonds backed by cash flows from an underlying asset, is a relatively new phenomenon in Asia. Hong Kong was the location of one of the first non-Japanese Asian securitizations when the first residential mortgage securitization was completed in 1994. S. The HKMC began developing its mortgage-backed securities in 1999 and then in 2001 launched $3 billion of mortgage backed securities.

Additional iimovations have come in the area of derivatives with the development of products used to hedge bond positions. These products fall into two categories: interest rate derivatives used to hedge interest rate risk and bond derivatives used to hedge the market and credit risk associated with bond investing. Interest rate swaps—^products that allow a trader to swap fixed-rate for floating-rate cash flows— are available in all of the markets for which data exist, partly no doubt, due to their over-the-counter nature.

South Korean bond trading is also dominated by over-the-counter activity, with 95 percent of trades executed on the Korean Securities Dealers Association's over-the-coimter market, although 90 percent of bonds are listed on the Korean Stock Exchange (Dalla, 2003). a. 9 27 6,669* 6,951* Country China Hong Kong Time and Savings Deposits/GDP (%) Memorandum: United States 1,056 Note: * Mutual fund assets for the United States include money market funds, mutual funds and closed-end fimds. Pension fund assets include private pension funds, state and local government retirement funds and federal government retirement fluids.

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