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1、The2ndAnnualConferenceofPECCFinanceForumIssuesandChallengesforRegionalFinancialCooperationintheAsia-PacificHiltonHuaHinResort&Spa,HuaHin,ThailandJuly8-9,2003SessionⅢ:DevelopingRegionalBondMarketsinEastAsia:IssuesandProposalsCreatingRegionalBondMarketsinEastAsia:RationaleandStrategyYung-ChulParkP
2、rofessorofEconomics,KoreaUniversityandDaekeunParkProfessorofEconomics,HanyangUniversityVeryFirstDraftNotforQuotationCreatingRegionalBondMarketsinEastAsia:*RationaleandStrategy*****Yung-ChulParkandDaekeunParkJuly2003*ThispaperispreparedforpresentationattheSecondFinanceForumofPacificEconomicCooper
3、ationCouncil,HuaHin,Thailand,onJuly7-10.**DepartmentofEconomics,KoreaUniversity,yungcp@korea.ac.kr***DepartmentofEconomicsandFinance,HanyangUniversity,parkdk@hanyang.ac.kr1I.IntroductionOfallprobablestructuralweaknesses,theabsenceofvibrantbondmarketsneverfailstomakethelonglistofthecausesofthe199
4、7-98Asianfinancialcrisis.Ayearafterthefinancialcrisis,DonaldTsang,financialsecretaryofHongKong,citingthefailuretoestablishastrongandrobustAsianbondmarketasoneofthereasonsofthefinancialturmoilinEastAsia(1998),wasdeploring“howisthatweinAsiahaveneverbeenabletoreplicatetheEurobondmarketsuccessinthis
5、partoftheworld.”InternationalfinancialinstitutionssuchastheIMFandtheWorldBankinvariablypointedtotheabsenceofefficientdomesticbondmarketsasoneofthemajorcausesofthe1997financialcrisis.Morecautiousobserverswouldarguethattheabsenceofdomesticandregionalbondmarketsdeepenedthecrisisintermsofoutputlosse
6、sanddislocationofthefinancialsectorasitprecipitatedamassiveoutflowofforeigncapital.Astheseobserverssawit,foreignbanklendersandequityholderswerenotabletoshiftintobondswiththebuildupofthecrisis.Hadtherebeenefficientdomesticbondmarkets,foreigninvestorslockedinbondscouldnothaveleftEastAsiaasbanksand
7、otherinvestorshurriedlydid.Forexample,Rhee(2000)claimsthatintheabsenceofwell-developedregionalbondmarkets,alargeportionofforeignexchangereservesofEastAsiancountrieswasheldintermsoftheU.S.dollarorEuropeancurrencydenominatedas
