无忧论文网
当前位置: 无忧论文网 > 社科论文 > 经济论文 > 新经济学论文 > 东亚货币金融合作中的亚洲债券市场研究
点击提交论文指导需求
高薪诚聘老师
东亚货币金融合作中的亚洲债券市场研究
时间:2011-02-27 浏览次数:1325次 无忧论文网
点击这里在线咨询我
理论经济学
东亚货币金融合作东亚货币金融合作
    发展亚洲债券市场无疑对深化亚洲金融市场、推进亚洲金融市场的一体化和降低亚洲金融体系的脆弱性都具有极其重要的意义。培育亚洲债券市场倡议(ABMI)成为继清迈倡议(CMI)之后亚洲金融合作的中心议题。建立亚洲债券市场对于优化区域内的金融结构、降低系统性金融风险、增强本地资本主导的金融市场能力,维护亚洲金融市场的稳定以及为区域内高额外汇储备拓宽新的投资渠道都具有非常重要的作用。因此,研究这一问题对于推动亚洲地区的金融一体化是一种全新的尝试。
    尽管亚洲债券市场的构想是在亚洲金融危机之后提出的,但该议题却包含着两个层面的问题,即业已存在的区域内部各国本币债券市场和危机后处于构建中的区域债券市场。其中,区域债券市场又包含着各本币债券市场的跨境发行、投资以及以一篮子货币或地区货币定值的债券市场。这其中,各本币债券市场自身面临着结构失衡的窘境;本币债券市场间的跨境发行、投资面临着流动性、开放度不足的困难;各经济体债券市场同区域市场的一体化程度的实证分析表明了亚洲债券市场的一体化水平不高的事实。这一切,无不指出发展亚洲债券市场的理想面临着现实的困境。
    本文的理论和实证分析指出,亚洲债券市场的建设具有现实意义上的必要性与可行性,这是该市场发展的理想;但其在现实的发展过程中却又面临着一系列的困境。如何从亚洲债券市场发展困境的原因中进行分析,并探求该市场从发展困境到理想的回归将是本文的写作意义与重点。因此,沿着该思路,本文将在亚洲债券市场的发展路径,即以本币债券市场的发展和整合为先驱动力,并适时地推进区域债券市场合作的指导下,从培育亚洲债券市场的发行者、投资者以及建设该市场的基础设施三方面着手,探讨该市场在未来行之有效的发展策略。 [英文摘要]:     The development of bond market in the Asian region has become a focus of policy-makers over the past few years, with at least three intergovernmental working groups among countries in the region currently examining the issue. The consensus for developing Asian Bond Market is a result of the 1997 Asian financial crisis, which the underdevelopment of the region’s bond markets is thought to have greatly exacerbated. To be more specific, the weaknesses identified at the time of the Asian financial crisis included an excessive reliance on bank-intermediated financing; difficulties in borrowing longer term and the non-flexible exchange rate system. Under such circumstance, the work is being undertaken in an effort to strengthen the financial sectors of East Asian countries and to reduce the vulnerabilities to future financial crises. So, the research on Asian Bond Market is necessary and full of realistic significance.
    Although the concept of Asian Bond Market was proposed after Asian financial crisis, this concept includes two aspects in fact: the first is the national level, which means the local currency bond market, and the second is the regional level. Among which it also includes two different contents: the issue and investment among different local currency bond markets and the regional bond market, which issues Asian currency-basket bonds or regional currency denominated bonds. However, in these different aspects, each one includes its own dilemma: the local currency bond markets face the serious structural imbalance; the issue and investment among local currency bond markets faces the deficiency and insufficient in liquidity and opening degree; and after measuring financial integration in the East Asian area, we also found that this index in East Asian is also quite low. All of these point out that the ideal of developing Asian Bond Market is facing realistic dilemma.
    According to the theoretical analysis and empirical test in this paper, the developing of Asian Bond Market has its own realistic importance: not only on its necessities but also on its feasibility. This may be the ideal of this market. However, during the process of developing, Asian Bond Market also faces many dilemmas. In this situation, exploring the reasons why so many dilemmas and the way to solve these problems become the main point and purpose of this paper. So, in this paper, we recommend that the national bond markets should be developed with a view to integrating them with regional market at same stage. Under the guidance of this developing path, we can build Asian Bond Market from its issuers, investors and the market infrastructure.    
关于我们 | 老师招聘 | 版权声明 | 联系我们 | 付款方式 | 返回顶部 | 

COPYRIGHT ©2001 - 2013 51LUNWEN.NET. ALL RIGHTS RESERVED.
【免责声明】:本网站所提供的信息资源如有侵权、违规,请及时告知
无忧论文网提供毕业论文指导 硕士论文指导服务