1、 外文原文 The Emerging East Asian Bond Market Abstract： The rapid growth of East Asias bond markets mirrors the regions spectacular economic development. East Asian bond markets are projected to thrive over the next decade, reflecting continued strong private sector growth and deepening financial reform
2、s. Introduction EAST ASIAS financial markets have caught up, though somewhat belatedly, with the rapid development of the regions real economy. The regions financial markets, which were dominated by commercial banks, have been transformed by the emergence of a wide array of financial instruments, in
3、cluding equities and bonds.At the end of 1994, total market capitalization of the East Asia Stock Exchanges amounted to 71 percent of East Asian GDP, while bonds represented 22 percent of GDP (Table 1).（表 2） The development of the securities markets was aided by increased foreign portfolio investmen
4、t in East Asias booming economies, which was attracted by open capital accounts, stable exchange rates, and sustained macroeconomic stability. The emergence of bond markets is linked to financial liberalization.Until early 1980, East Asian banking systems were repressed by extensive controls on inte
5、rest rates and credit allocation. In recent years, reforms have dramatically transformed the financial environment in the region, giving a boost to the development of bond markets.Size and structure规模和结构 Although small compared with bond markets in industrial countries, the East Asian bond market is
6、 a substantial presence in the bond markets of emerging market economies, representing about 40 percent of their combined market value. During 198994, the East Asian bond market grew by almost 10 percent annually (see chart)twice the growth rate of bond markets in Germany, Japan, the United Kingdom,
7、 and the United States. National governments have been by far the largest issuers of securities in the East Asian bond markets (Table 2). State enterprises and central banks were also significant issuers of bonds, particularly in the Republic of Korea.Private corporations were not very active in the
8、 early stage of bond market development in East Asia, reflecting pervasive controls on financial systems, inadequate investor protection, and tax discrimination. The situation has changed in recent years, with financial and other reforms； Corporate bond issues have been rising rapidly, both in absol
9、ute terms and relative to other issuers of bonds in East Asian markets since 1990. The growth of private bond issues has been stimulated by three main factors. First, most East Asian governments have been corporatizing and then privatizing their major state enterprises, notably major public utility
10、companies.Since the intention was not to shed ownership control during the initial phase of privatization, state enterprises were encouraged to meet their financing needs mainly by issuing bonds in the domestic market.This is well illustrated by the case of Thailand, where state enterprises bonds co
11、nstitute the largest segment of the domestic bond market. Second, the fastest growing firms tend to prefer bond to equity financing, both because bonds allow owners to retain greater control over corporate decisions and because their massive investment requirements cannot be adequately met by bank f
12、inance or rights issues.Third, while commercial banks played a vital role initially in financing the needs of public and private enterprises in East Asia, their ability to carry out maturity transformation has been seriously constrained of late by large capital requirements. Too much long-term lendi
13、ng has led to asset and liability maturity mismatches. Moreover, the adoption of risk based capital-adequacy requirements has restricted banks ability to finance private fixed investments. Three major classes of institutional investorsthe contractual saving sector, pension funds, and financial insti
14、tutionshold the bulk of East Asian bonds. Bond holdings by individuals are negligible, except in China, where individuals are the major investors in government bonds. The extent to which each of the investor classes dominates the bond markets varies from country to country.In Malaysia, the Philippin
15、es, and Singapore, the contractual savings sector constitutes the largest single segment.Financial institutions are the dominant bondholders in Korea, the Philippines, and Thailand, although in Thailand, mutual funds are becoming more prominent as major investors in bonds. Holdings of East Asian bon
16、ds by foreigners surged between 1990 and 1993 (Table 3). International bond issuance by East Asian countries has been very successful, reflecting their past economic performance, good track records in servicing external debt, and the growth potential they offer to international portfolio investors.F
17、oreigners access to domestic bond markets in the East Asian countries has been limited in the major markets, however, owing to the policies of the authorities in these markets. Indonesia, Malaysia, and Thailand allow relatively easy access to their domestic bond markets, but the bond market in Korea
18、 is not open to foreign investors to any significant degree, and Chinas bond market is currently closed to foreign investorsThe markets Primary markets.。 There is no uniform practice among East Asian countries regarding the organization of primary markets, the range of issuers and investors, the ins
19、truments available, and bond-issuance methods. Government bonds in primary markets are issued by competitive auction in Hong Kong and the Philippines.In contrast, in China, government bonds are placed through administrative allocation, which often leads to their prices being below the market-determi
20、ned level. Issuance practices for government bonds in the rest of East Asia fall somewhere between these extremes.As experience and expertise have been gained, the differences in practices among the East Asian countries have substantially narrowed, and the functioning of primary markets for governme
21、nt bonds has tended increasingly to approximate those in the industrial countries.Issuance methods for private bonds vary widely across the region. In Thailand, for example, public issues of bonds are more cumbersome than private placements, since issuers must satisfy various stipulations of the Security Exchange Commission. In the Philippines, private bond issuancewhich generally consists of commercial paper with a maturity of less than one yearis limited to a handful of blue-chip corporations. Among the East Asian countries, Korea
