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East Asian financial market integration: reality or illusions?

The 1997·1998 Asian financial crisis, the agenda for local currency bonds and regional bond markets was a priority as an alternative vehicle for domestic saving mobilization and as a means of mitigating the dual mismatch problems of currency and maturity. To achieve this, the East Asian nations will...

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Main Author: S., Ghon Rhee
Format: Article
Language:English
Published: Penerbit Universiti Kebangsaan Malaysia 2006
Online Access:http://journalarticle.ukm.my/8067/1/870-1651-1-SM.pdf
http://journalarticle.ukm.my/8067/
http://ejournal.ukm.my/pengurusan/issue
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spelling my-ukm.journal.80672016-12-14T06:46:06Z http://journalarticle.ukm.my/8067/ East Asian financial market integration: reality or illusions? S., Ghon Rhee The 1997·1998 Asian financial crisis, the agenda for local currency bonds and regional bond markets was a priority as an alternative vehicle for domestic saving mobilization and as a means of mitigating the dual mismatch problems of currency and maturity. To achieve this, the East Asian nations will need to be the main players in the regional bond market. Further, the corporation of Japan, China and Korea as the significant players in the regional bond is necessary to provide further liquidity and volume in the markets. The total investment in bond in the ASIAN, excluding Japan is less than one percent of total global bond investment. The potential development of East Asian bond markets is encouraging considering that the markets have increased from us$40l.7b in 1997 to us$I,419.8b in 2004, a 19.8% annual growth. However this is relatively small compared to the sIze of bond markets in other regions. For instance, the relative size of ASlUn bonds outstanding as measured by the percentage of combined GDPs amounted to 40% in 2004. The same figures for Japan, USA and the EU are 190%, 160% and 90% respectively. In the ASEAN region, only Korea and Malaysia have a relatively large corporate bond markets. Most of the bonds in the region are government issued. Issues related to bond market are discussed by looking at the weaknesses and what are needed to encourage the development of the market. Three major concerns are identified; a strong sense of regionalism. overemphasis on the public sector's role and preoccupation with the harmonization of rules and regulations. On the hand, two issues need to be done; the creation of necessary infrastructure and the elimination of Impediments to cross-border investment. Penerbit Universiti Kebangsaan Malaysia 2006 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/8067/1/870-1651-1-SM.pdf S., Ghon Rhee (2006) East Asian financial market integration: reality or illusions? Jurnal Pengurusan, 25 . pp. 3-17. ISSN 0127-2713 http://ejournal.ukm.my/pengurusan/issue
institution Universiti Kebangsaan Malaysia
building Perpustakaan Tun Sri Lanang Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Kebangsaan Malaysia
content_source UKM Journal Article Repository
url_provider http://journalarticle.ukm.my/
language English
description The 1997·1998 Asian financial crisis, the agenda for local currency bonds and regional bond markets was a priority as an alternative vehicle for domestic saving mobilization and as a means of mitigating the dual mismatch problems of currency and maturity. To achieve this, the East Asian nations will need to be the main players in the regional bond market. Further, the corporation of Japan, China and Korea as the significant players in the regional bond is necessary to provide further liquidity and volume in the markets. The total investment in bond in the ASIAN, excluding Japan is less than one percent of total global bond investment. The potential development of East Asian bond markets is encouraging considering that the markets have increased from us$40l.7b in 1997 to us$I,419.8b in 2004, a 19.8% annual growth. However this is relatively small compared to the sIze of bond markets in other regions. For instance, the relative size of ASlUn bonds outstanding as measured by the percentage of combined GDPs amounted to 40% in 2004. The same figures for Japan, USA and the EU are 190%, 160% and 90% respectively. In the ASEAN region, only Korea and Malaysia have a relatively large corporate bond markets. Most of the bonds in the region are government issued. Issues related to bond market are discussed by looking at the weaknesses and what are needed to encourage the development of the market. Three major concerns are identified; a strong sense of regionalism. overemphasis on the public sector's role and preoccupation with the harmonization of rules and regulations. On the hand, two issues need to be done; the creation of necessary infrastructure and the elimination of Impediments to cross-border investment.
format Article
author S., Ghon Rhee
spellingShingle S., Ghon Rhee
East Asian financial market integration: reality or illusions?
author_facet S., Ghon Rhee
author_sort S., Ghon Rhee
title East Asian financial market integration: reality or illusions?
title_short East Asian financial market integration: reality or illusions?
title_full East Asian financial market integration: reality or illusions?
title_fullStr East Asian financial market integration: reality or illusions?
title_full_unstemmed East Asian financial market integration: reality or illusions?
title_sort east asian financial market integration: reality or illusions?
publisher Penerbit Universiti Kebangsaan Malaysia
publishDate 2006
url http://journalarticle.ukm.my/8067/1/870-1651-1-SM.pdf
http://journalarticle.ukm.my/8067/
http://ejournal.ukm.my/pengurusan/issue
_version_ 1643737347561357312
score 13.211869

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