Endnotes

¹Post-crisis many Asia-Pacific governments specifically set about developing local and regional bond markets as an alternative to traditional forms of intermediated (bank) financing (see Kim 1999; Rhee, 2000; Thompson and Poon 2000; Park and Park 2005; Arner, LeJot, and Rhee 2006).

²See Appendix 1 [ PDF 32.2KB | 1 page ] for a more detailed description of the Asian Bond Market Initiative and the Asian Bond Fund.

³In the data used for this study central banks in 42 of the major developed and developing economies reported their aggregate national locational data to the BIS. For more details see: http://www.bis.org/statistics/ bankstats.htm.

⁴Note these totals do not include contributions from Singapore and Hong Kong, China due to their status as financial centers.

⁵That is lending to the bank via deposits exceeded loans made from the banks.

⁶Short-term relates to maturities of less than one year as per the BIS definition.

⁷For example, the largest foreign bond market is the Yankee market in the US where securities are subject to the registration requirements of the Securities Act (1933), which importantly requires bonds to carry a credit rating if they are publically sold.

⁸See Honda (2003) for a discussion of the process of financial market reform in Japan.

⁹Bonds in this market are issued as part of global bond issuance programs and have a domestic component (e.g., a significant number of these bond were Japanese Uradashi bonds – issued in the high yielding currencies of South Africa, Australia, and New Zealand).

¹⁰See BIS (2007) for information on the scale and scope of foreign exchange and interest rate derivatives market.

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