The Asian Bond Market: Issues and Tasks for Financial Cooperation in Northeast Asia

Ⅰ. Introduction 2

Ⅱ. The Role of a Bond Market in Financial Intermediation 5

Ⅲ. Rationale for a Regional Bond Market in East Asia   10
     1. Concepts of the Asian Bond Market   10
     2. Potential Benefits of the Asian Bond Market   13

Ⅳ. Current Status of Bond Markets in East Asia   16
     1. Domestic and External Bond Issues   16
     2. Bank Credit and Bond Financing   19
     3. Onshore and Offshore Bond Markets    21

Ⅴ. The Case of the Singapore Bond Market   24
     1. A Brief History of Bond Market Development in Singapore  24
     2. Weaknesses of Singapore as a Regional Bond Market  25

VI. Impediments to Development of Bond Markets  29
     1. Determinants of Financial Development 29
     2. Empirical Analysis   31

Ⅶ. Tasks for Financial Cooperation in Northeast Asia   35