Regional Financial Cooperation in Asia:Institutional Approach
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Since the 1997 Asian financial crisis, the development of Asian bond markets has been discussed in various international forums as a means of recycling regional financial resources to prevent the recurrence of crisis in East Asia. Development of Asian bond markets helps regional governments and businesses which have relied on short-term bank loan in dollar denomination to reduce currency and maturity mismatch risks. In addition, a huge pool of foreign reserves and private savings in Asia can be channelled into regional bond markets to facilitate intra-regional circulation of regional savings and provide profit-enhancing opportunity to regional investors. This paper discusses the rationale for developing Asian bond markets and current issues with an overview of the markets. Based on the experience from ECU-denominated bond market, I propose institutional buildings including the creation of ACU (Asian Currency Unit) and AMCF (Asian Monetary Cooperation Fund) for enhancing regional financial cooperation in Asia.
Abstract
Since the 1997 Asian financial crisis, the development of Asian bond markets has been discussed in various international forums as a means of recycling regional financial resources to prevent the recurrence of crisis in East Asia. Development of Asian bond markets helps regional governments and businesses which have relied on short-term bank loan in dollar denomination to reduce currency and maturity mismatch risks. In addition, a huge pool of foreign reserves and private savings in Asia can be channelled into regional bond markets to facilitate intra-regional circulation of regional savings and provide profit-enhancing opportunity to regional investors. This paper discusses the rationale for developing Asian bond markets and current issues with an overview of the markets. Based on the experience from ECU-denominated bond market, I propose institutional buildings including the creation of ACU (Asian Currency Unit) and AMCF (Asian Monetary Cooperation Fund) for enhancing regional financial cooperation in Asia.
참고문헌 (11)
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