中国亚洲债券市场发展报告区域金融合作是保证亚洲各国金融安全与金融利益的必然选择

亚洲债券市场倡议的背景、范畴与实践进展 亚洲金融危机使亚洲各国意识到,在金融全球化过程中,独善其身是困难的,区域金融合作是保证亚洲各国(地区)金融安全与金融利益的必然选择.为了加强亚洲金融系统的稳定性,同时使亚洲资本在亚洲得到有效配置,亚洲各国(地区)相继提出了发展亚洲债券市场的建议.     

积极发展亚洲债券市场

发展亚洲债券市场对于亚洲有重要的意义。2003年6月2日启动的亚洲债券基金成为亚洲债券市场的催化剂。随着亚洲债券市场架构的完善．亚洲债券定值问题的确定，亚洲债券市场将有一个远大的前景。     

债券市场环境下的信用评级制度应用研究

目前,我国债券市场下的信用评级制度的发展还不完善,这在很大程度上限制了我国债券市场的发展,导致债券市场发展缓慢.基于此,我们必须不断地发展和完善信用评级制度,创造良好的市场环境,不断引入竞争和激励机制,促进我国债券市场的发展和进步,使我国债券市场步入发展的新阶段.     

有效转移信用风险--亚洲债券市场入口处选择的尝试

最近,亚洲国家就培育亚洲金融市场的入口处进行了广泛深入的讨论,并根据亚洲金融市场的风险以及特点,作出了初步选择。日本财务省亚洲债券市场研究会最新研究成果认为,债券与银行贷款有着极强的替代性,因此,通过培育债券市场,     

国际债券市场监管体制比较研究

近年来国际债券市场日益发展壮大,债券发行数量和品种大幅增加,债券市场交易日趋活跃,有力助推了多层次资本市场的建立。与此同时,我国金融体制改革不断创新,金融结构和企业融资水平都得到了较大的改善。随着改革的深入,中国融资结构中债券市场的融资问题也日益突出。从中国债券市场发展情况与世界发达国家比较中发现,我国债券市场在制度设计上存在做市商制度发挥不充分、债券市场监管权力分割、信息披露制度执行不力、信用评级体系建设滞后等问题。本文从国际角度重点分析世界重要国家债券市场监管体制,以其通过借鉴做市商准入与考评体系、重塑债券市场监管体系、健全信息披露法律法规等措施洧效破除我国债券市场发展的制度性障碍。促进其长远健康发展。     

中国亚洲债券市场发展报告——区域金融合作是保证亚洲各国金融安全与金融利益的必然选择

亚洲债券市场倡议的背景、范畴与实践进展亚洲金融危机使亚洲各国意识到,在金融全球化过程中,独善其身是困难的,区域金融合作是保证亚洲各国(地区)金融安全与金融利益的必然选择。为了加强亚洲金融系统的稳定性,同时使亚洲资本在亚洲得到有效配置,亚洲各国(地区)相继提出了发展亚洲债券市场的建议。亚洲债券市场倡议的背景亚洲金融危机并没有表现出传统金融危机的征兆,它既非财政赤字引起,也非宏观经济诱因造成。理论界普遍认为,金融结构不合理是亚洲金融危机爆发的根本原因。危机国家金融体系的普遍特征是银行占据融资主导地位,并且政府为与其有裙带关系的银行提供各种隐性担保。这种担保使它们可以很容易地以较低的利率从国际市场上借入外币资     

我国地方债券市场的开放逻辑探析

当前是否开放我国地方债券市场,引起了经济学界的关注。有的学者认为现在开放地方债券市场的时机已成熟,有的则认为某些制度条件尚未成熟,应当暂缓开放地方债券市场。本文认为,是否开放地方债券市场,并不单纯是制度条件使然,往往具有深刻的政治经济学原因,地方债券市场的开放与否主要取决于中央政府和地方政府之间的博弈,博弈的结果是随着经济的发展我国必然会开放地方债券市场,但这个过程是渐进的。     

亚洲债券流动性分析

亚洲债券的发展在1997年以后得到越来越多亚洲国家的重视,一个流动性强的亚洲债券市场的建立,成为从根本上解决货币错配与期限错配,提高亚洲各国外汇储备利用效率的必然选择。本文将以亚洲债券的流动性为切入口,分析亚洲债券市场目前流动性不足的原因,并从国内市场和区域市场两个层面提出有计划解决流动性问题的建议和具体方案。其中对于国内市场的分析和建议为区域市场的分析和建议打下基础。而在区域市场上将阐述如何通过区域金融合作和篮子货币的选择逐渐提高亚洲债券的流动性。     

债券市场内幕交易与监管机制研究

债券市场是一个由预期主导的市场,投资者根据企业的业绩和业绩预期进行投资活动,自主决定投资的数量和价格。但是,内幕交易正改变着债券市场的交易方式,严重地阻碍了债券市场的长期稳定发展。债券市场的信息不对称,内幕交易覆盖面广,监管困难和内幕交易取证困难等问题是造成我国债券市场内幕交易案件层出不穷的主要原因。因此,我国应该在完善信息披露制度、加强外部监督、建立检举人制度和在证监会之外,建立专门的反内幕交易职能部门,着手解决我国债券市场中存在的内幕交易问题,恢复债券市场的公平竞争环境,促进债券市场的长期稳定良性发展。     

中国内地与香港债券市场整合问题研究

债券市场是现代金融体系的重要组成部分,债券市场整合是中国内地与香港开展金融合作的重要方面。文章认为中国内地与香港进行债券市场整合有助于巩固香港的国际金融中心地位,有助于推进人民币国际化和利率市场化进程,有助于促进中国内地债券市场的发展完善和加快亚洲金融一体化步伐。但目前中国内地与香港在进行债券市场整合时会遇到一系列障碍性因素:香港人民币存量有限;人民币尚未实现完全可自由兑换;内地与香港两地的利差带来的投机套利活动会对内地金融体系形成冲击等。在对中国内地与香港债券市场整合的近期、中期和远期模式进行设计展望的基础上,文章提出了推进内地与香港债券市场整合的一系列政策建议。     

Volatility Transmission in Asian Bond Markets: Tests of Portfolio Diversification

The 1997 Asian crisis illustrated the need to develop local bond markets to reduce vulnerabilities to future mismatches in currency and maturity. This article examines a regional initiative – the Pan-Asian Bond Index Fund – and tests the implications for portfolio diversification. Intra- and inter-regional transmission of bond market volatilities between Hong Kong, Singapore and South Korea and from the United States and Japan is investigated. The results show that since Hong Kong and Singapore are highly integrated into global capital markets, the prospects of diversification of investment become undermined. The study provides evidence to assist policy makers in designing bond-index funds as a strategy for portfolio diversification to promote regional bond markets.     

Market Development Determinants for Corporate Bonds in National Currencies: Emerging Markets Review

Our paper offers analysis of tendencies and determinants of development of local currency corporate bond markets in the period from 2006 to 2015. We consider a wide range of macroeconomic and institutional factors for 15 bond markets. The sample consists of 600 country-quarter observations. Multifactor linear regression models and the generalized method of moments are applied for the balanced panel data. Our analyses reveals that inflation and its stability, exchange rate, and market capitalization have a significant influence on the share of local currency bonds. Financial and macroeconomic instability stimulates the growth of local currency bond markets.     

对我国国债市场流动性的实证研究

本文从流动性的宽度和深度两个角度,对上海交易所和银行间债券市场的流动性进行量化分析,分析中使用一阶序列自协方差模拟估计有效价差(宽度),用换手率和Amivest流动性比率估计深度及宽度.经研究发现:两个市场的流动性具有结构性特征,不能简单比较,得出孰高孰低的结论;在回购交易品种中,银行间市场的7天回购流动性最佳,其价格可以作为基准利率;债券市场存在新券和旧券之间的流动性替代效应.     

Growth,integration and trends in equity markets in Asia

The objective of this paper is to examine the growth and development in the Asian financial markets and then focus on equity-market developments in the Asian economies. Asian equity markets have grown exponentially over the last two decades. The trauma of the Asian crisis crystallized transformations in Asia's financial architecture. Equity markets were, in turn, no exceptions. Despite these problems, these markets slowly began expanding again. Attracted by rapid and sustained regional growth in Asia, international institutional investors and fund managers began investing in Asian equities. This inexorably led to an increase in market capitalization. However, growth in the equity markets was far from steady and uniform. This paper has dwelt on the performance of important equity markets in Asia and highlighted the diversity in them.     

The Determinants of Bond Market Development: Further Evidence from Emerging and Developed Countries

The objective of this paper is to empirically investigate the structural, financial, developmental, institutional, and macroeconomic determinants of bond market development for a sample of 22 emerging and developing countries over the period 1990–2013. We employ both the Prais-Winston and system GMM procedures to tackle the problems of endogeneity among the explanatory variables and our measure of bond market development, group-wise heteroscedasticity, and contemporaneous cross-sectional and serial correlations in the residuals. Our results suggest that a combination of structural, financial and institutional factors seem to exert a significant effect on bond markets. Indeed, economic size, trade openness, investment profile, GDP per Capita, bureaucratic quality, and size and concentration of banking system are positively related to bond market development, while interest rate volatility and fiscal balance are negatively associated with the development of bond markets. Those results are robust to the inclusion of developed countries' bond markets, international bonds issuers, and to possible structural breaks.     

国债规模:在财政与金融之间寻求平衡

本文从财政政策和货币政策协调配合角度,探讨了国债在金融体系中的特殊地位和作用,着重分析了国债市场作为核心金融市场在提供市场流动性方面的不可替代的作用.本文的政策含义就是,为了给我国的金融市场运行创造一个良好的基础,我们的国债政策应当超越单纯财政的财政眼光.     

The global chess game … or is it go? Market‐entry strategies for emerging markets

Two contrasting metaphors of market‐entry strategy for emerging markets are developed in this article: the Global Chess Game and the Game of Go. Understanding these paradigms is critical for business success and for building robust theories of international competitor analysis in emerging markets, particularly in Asia. The Game of Go represents a long‐term strategy of Japanese companies, dominant foreign direct investment players in the region, and it represents the global strategy of many Asian emerging market companies as they grow within the region and beyond. A Competitor Analysis Framework for Emerging Markets is proposed that incorporates culture and other antecedents as precursors of competitor analysis and strategy formulation. © 2005 Wiley Periodicals, Inc.     

中国债券市场托管结算系统的问题及改进途径分析

托管结算是现代债券市场完整运行的重要环节，也是事关整个市场效率与风险总体控制力的关键。中国债券市场的进一步发展已严重受制于托管结算系统的滞后。当前，证券交易所债券市场与银行间债券市场的托管结算系统处于明显分割之中，成为两市场统一的最大障碍。因交易所债券市场的债券交易制度及相应的托管结算问题导致的金融欺诈行为，已成为当前最主要的金融风险源，这些问题反映了其中的法律界定是粗浅甚至空缺的，因而投资者的权益缺乏有效保护。解决交易所债券市场拖欠的存量问题，改革债券交易制度，加强托管结算系统与法律制度建设，最终统一整个证券市场的后台系统，是发展中国债券市场的当务之急。     

The arrival of the Euro and its implications for Asia

The third stage of the European Economic and Monetary Union (EMU) commenced on January 1, 1999 with the launch of the European single currency, the euro. The first round of participants comprises 11 of the 15 European Union (EU) nations, dubbed “Euroland.” The potential implications of EMU for Asia are immense. The euro's emergence as an international currency and its impact on Asia can be assessed in 3 different domains: (1) as a medium of exchange for Europe's trade with Asia; (2) as a store of value in stocks and bonds in world capital markets; and (3) as part of official foreign exchange reserves of Asian central banks. Our analysis suggests that there is potential for the euro to play a bigger role in EU-Asia trade links, which will be underpinned by the collective importance of Euroland as a much-enlarged trading and investment partner for Asia. However, in the short term at least, Asian equity markets are unlikely to benefit from significant inflows of capital from the EU as the former have been decimated by the region's financial crisis. As for Asian bond markets, rapid deterioration of sovereign ratings of countries in the region over the past 12 months would make it difficult for Asian companies to raise funds through euro-denominated debt instruments. As for official foreign exchange reserves, the bulk of Asian reserves is currently held in US dollar assets. Judging from Asian trade and debt figures, it seems unlikely that the euro would challenge the US dollar as a reserve currency any time in the near future. Nevertheless, in the longer term, the euro's introduction could make it easier for Asian central banks to diversify their reserves from the greenback to the euro. The internationalization of the euro is likely to happen only gradually, whether in terms of international trade denomination and settlement, denominating international financial assets, or as a reserve currency. Since the magnitude of shock that the single European currency would bring to the international monetary system is still unknown, only very tentative conclusions for the impact on Asian countries can be drawn at this point in time.     

Does corruption increase emerging market bond spreads?

We study the relationship between corruption and borrowing costs for governments and firms in emerging markets. Combining data on bonds traded in the global market with survey data on corruption compiled by Transparency International, we show that countries that are perceived as more corrupt must pay a higher risk premium when issuing bonds. The global bond market ascribes a significant cost to corruption: an improvement in the corruption score from the level of Lithuania to that of the Czech Republic lowers the bond spread by about one-fifth. This is true even after controlling for macroeconomic effects that are correlated with corruption. We find little evidence that investors became more sensitive to corruption in the wake of the Asian financial crisis.