Developing Regional Bond Markets In East Asia: The Way Forward

The Asian financial crisis of 1997-1998 has triggered intense efforts to promote regional monetary and financial cooperation to prevent recurrence of future crises. Recently, developing regional bond markets in East Asia has emerged as one of the key agenda for regional financial cooperation. There is no assurance, however, that the proposed regional bond markets will ever leave the drawing board. Even if they do, they may never reach the maturity to be competitive vis-à-vis global bond markets in North America and Europe. A few critical...