The region has been very successful in mobilizing resources

Size: px
Start display at page:

Download "The region has been very successful in mobilizing resources"

Transcription

1

2 The region has been very successful in mobilizing resources US$ billions International reserves (minus gold) US$ billions Financial sector assets Tha Phl Sgp Mys 1 Tha Phl Sgp Mys Kor HK Idn Kor HK Idn 4 2 Chn 2 Chn

3 Progress has been made in the banking sector Indonesia Dec 22 Dec 25 NPLs of the Banking System (percent of total loans) Dec 1998 Percent 5 4 Operating costs to total assets Korea 3 Malaysia 2 Philippines 1 Thailand Chn Idn Mys Kor Phl Tha HK Sgp

4 Though there is still an on-going agenda Continuing to improve efficiency Banks have still have to reap the benefits of consolidation i.e. from economies of scale and scope. Broadening the services and segments served both firms and consumers and extending the reach Further strengthening banking sector soundness There is considerable variation in soundness across banks and across countries. On average, NPL ratios still higher in EA than Emerging Europe and Latin America, and CAR and ROA lower. Economy percent Share of households with bank accounts (percent) Performance of the banking sector across regions Emerging Asia Emerging Europe Latin America Emerging Asia Emerging Europe NPL ratio ROA CAR Share of small firms with bank accounts (percent) Indonesia Korea 65.2 n.a. Malaysia Philippines 22.6 n.a. Thailand Singapore Source: Beck, Demirguc-Kunt, and Martinez-Peria (25). Latin America

5 The importance of more diversified financial systems has been recognized percent of GDP 12 1 Financial sector assets 1997 banks equities bonds percent of GDP 12 1 Financial sector assets 24 banks equities bonds Chn Idn Kor Mys Phl Tha HK Sgp US Mex Esp Tur Chn Idn Kor Mys Phl Tha HK Sgp US Mex Esp Tur Financial intermediaries and markets perform the core functions of resource mobilization, resource allocation and risk management in different ways and each may be better at certain aspects of these functions. By offering a wider array of risk-sharing mechanisms, diversification also increases the overall risk-bearing capacity of the economy

6 Equity markets have grown significantly. Bond markets have also grown but with greater variation across countries US$ billions 35 Equity market capitalization US$ billions 35 Bonds outstanding Tha Phl Kor Sgp Mys Idn Tha Phl Sgp Mys 1 5 HK Chn 1 5 Kor HK Idn Chn

7 But, role of equity markets is still relatively limited in some economies Number of listed firms No of listed firms per 1, people 25 percent 1 Top 1 concentration ratio in trading HongKong Singapore Malaysia Korea 2 Phl Idn per capita GDP Chn Idn Kor Mys Phl Tha HK Sgp Jpn Ger UK Can US

8 And the region lags in the relative importance of the bond markets Ratio 8 China Bank assets to stock market capitalization Ratio 8 China Bank assets to bonds outstanding Hong Kong Korea Phl Thailand Malaysia Indonesia Singapore Hong Kong Thailand Phl Mys Singapore Korea Indonesia per capita GDP per capita GDP

9 Greater focus is needed on securities markets development The key constraint to their development is liquidity; an illiquid market cannot be efficient and there is a two way interaction between size of primary markets and liquidity and efficiency in the secondary markets. Investors are generally willing to invest if there is enough liquidity for them to sell and exit easily. If liquidity is low, and price discovery does not function well, those that do participate will demand a higher premium to compensate for this. The higher premium may deter companies from listing or issuing bonds. The small size of the primary market further reduces liquidity in the secondary markets.

10 There is scope to enhance efficiency in some stock markets Composite measure of efficiency of equity markets Standardized score Mex US CHL Esp UK Kor HK Mys RF Tur Sgp Jpn Tha Idn 2 Phl Chn

11 Lack of liquidity in bond markets is a greater problem for most EA economies percent Turnover ratios Bid-ask spreads 4 Basis points Chn Idn Kor Mys Tha HK Sgp Jpn Can UK US Chn Idn Kor Mys Tha HK Sgp Jpn Can UK US Source: Turnover and bid ask spreads for Asian economies, Asian Bonds Online, ADB newsletter 24. For OECD (excluding Korea) turnover ratios from Debt Management and Government Securities, and bid-ask spreads from ADB newsletter,except for Canada which is from WB FSDI.

12 Efficiency of securities markets Liquidity C variety of investor base A information to price accurately B transactions costs (explicit taxes, commission, fees and implicit) For bonds: benchmarks credit rating PDs, intermediaries. Corporate Governance Shareholder rights Creditor rights Disclosure standards& prac. Accounting and auditing Market Infrastructure & Mechanisms Trading forms Pre-settlement - trade confirmation T+1 or less Clearance and Settlement - Central counterparty - Real time gross settlement or netting - CSD - Dematerialized -Final settlement by T+3 - DVP Complementary infrastructure Repo markets Securities lending, Margin trading inc short selling, Derivatives markets

13 A. Improving information to price securities Enhancing implementation and enforcement of corporate governance and information disclosure regulations, and accounting and auditing standards and practices. Strengthening the additional elements for accurate pricing of bonds. Issue Chn Idn Kor Mys Phl Tha HK Sgp - Information disclosure and corporate governance Benchmark yields None True yield curve yet to emerge. - Credit rating services Needs strengthening Needs strengthening - Information dissemination - Primary dealers. No obligation to make mkts. Limited liquidity in issues with mat. of over 5 yrs. Limited liquidity in issues with mat. of over 5 yrs. Has a sovereign yield curve but in practice very illiquid. Most trading with maturity of less than 1 yr. Needs strengthening Limited liquidity in issues with mat. of over 5 yrs. Needs strengthening Successful in short and intermediate yield curves. Successful in short and intermediate yield curves. Bond pricing company exists 2 sets of PDs required to Fixing banks No obligation to PDs req. to PDs req. to dealers. PDs make 2 way req. to provide make two way make 2 way make 2 way req. to make 2 quotes on T bids on quotes. quotes on all quotes on all way quotes on bills, BNM benchmark T EFB/EFNs. govt. securities. on-the-run notes and on the bills and FXTN. KTBs. Max bidoffer run MGS. 1 bps. Note: The figures in the corporate governance and disclosure cells are the overall corporate governance culture scores from CLSA and thus represent market views on the overall level of corporate governance.

14 B. Reducing transactions costs Improving complementary or supporting infrastructure Issue Chn Idn Kor Mys Phl Tha HK Sgp - Withholding taxes CGT: 5% business tax; 33% profit tax. Interest tax 33%, none if held to maturity. -Repo markets -Margin purchases - margin purchase allowed? -margin loans allowed? margin purchases practiced? CGT: 2%. Interest 2%. Interest income tax deducted from accrued interest. Planned in Underdev. so 27 2 dealers unable to short No 1 No 1 No CGT and interest tax 27.5%. Interest income tax deducted from accrued interest. Underdev. CGT %. Interest %. No tax on zero coupon bonds. Relatively developed Uniform 2% WHT on interest applies. Based on net price principal. Underdev. so dealers unable to short CGT 15%. No int. tax for govt or govt guaranteed debt. 15% otherwise. Tax applies to zero coupon bonds. Underdev. so dealers unable to short % tax on Govt. o and multilateral agencies. 16%or 17.5% profit tax on others. Mature repo mkt Generous tax system. Tax free for Qualifying Debt Securities. Mature repo mkt Short sales -short sales allowed? - stock lending allowed -short sales practiced? No 1 No 1 No No No 2 No No No No No Note:. 1 The new amendments to the securities law in China now leaves open the possibility of margin trading but does not specify purchases or sales. 2 Repo markets in China available for government bonds but not enterprise bonds. 3 Malaysia has just announced a partial lifting of the ban on short sales that was imposed during the crisis. Short selling will be limited however to less than 1 stocks out of the nearly 1 listed.

15 C. Increasing the variety of the investor base Developing the contractual savings industry Pension funds Life insurance Mutual funds Developing risk sharing instruments and mechanisms to appeal to a broad set of investors derivatives and securitization Promoting greater financial integration

16 C. Increasing the variety of the investor base: pension funds Pension funds in the region amounted to US$1.5 trillion in 24, or 45 percent of GDP. Most pension schemes are still immature. But even with current asset size could make greater contribution to capital market development. for DB schemes by adopting liability benchmarking for DC schemes by increasing annuitization component Assets of Pension Funds Percent of GDP Chn Idn Kor Mys Phl Tha HK Sgp

17 C. Increasing the variety of the investor base: life insurance industry Insurance industry assets overall are still relatively small but growing. Scope for greater impact on capital markets as asset size grows from increase in coverage and types of products. from consolidation of the industry in some countries where there are a large number of small companies whose size precludes their participation in capital markets. Such consolidation may be expected with the move in several countries towards adopting more risk based capital requirements. Percent of GDP 35 Assets of Life Insurance Chn Idn Kor Mys Phl Tha HK Sgp

18 C. Increasing the variety of the investor base: risk sharing mechanisms to appeal to broad set of investors Derivatives can play important role in risk sharing and can broaden the range of investors, but there is the potential for inappropriate risk transfer. So far most derivatives activities concentrated in Hong Kong, Singapore, Korea and Malaysia. Certain pre-requisites are needed for sound development of derivatives markets OTC and ETD Derivatives in East Asia, US$ billions Economy OTC-FX OTC-INT ETD-INT ETD-EQU Singapore Hong Kong Korea Other EA % total of world Note: FX: foreign exchange derivatives; INT: interest rate derivatives; EQU: equity derivatives. Source: Triennial Central Bank Survey (BIS, 24) and World Federation of Exchanges (25)

19 C. Increasing the variety of the investor base: risk sharing mechanisms to appeal broad set of investors (2) Securitization can also help broaden the range of investors. The asset backed securities market both domestic and cross border has grown rapidly in the region but is mostly concentrated in Hong Kong, Singapore, Korea, and Malaysia. The common law economies generally have in place the necessary legal elements for securitization in place. Others have introduced enabling laws, but these have as yet to be tested by a large number of transactions, except for Korea. Cross-border securitization transactions Origin US$ millions % US$ millions % US$ millions % US$ millions % Hong Kong Korea Singapore Malaysia Cross-national Total Source: Moody s Investors Service, IFS.

20 C. Increasing the variety of the investor base: promoting greater integration In addition to regional measures that are being taken, is there is a role for a regional credit rating agency? Potential advantages: the agency could ensure that probability of default associated with an assigned rating is same across countries and would be able to provide finer gradations of credit ratings on a regional scale. It could also help smaller companies get ratings for their international issuances. And it could help develop credit risk assessment capabilities across regional and accelerate convergence in local rating standards. But the merit of establishing such an agency would depend on growth of cross-border issuance and investments over the next 5-1 years and hinge critically on the credibility that the agency could establish for itself, which would depend on the governance structure.

21 Conclusions The region has substantial resources at its disposal: there is a need now to focus on enhancing intermediation. In particular, it is important to develop the securities markets further. The key elements of the agenda to achieve this are: Strengthening the implementation and enforcement of corporate governance, information disclosure and accounting and auditing standards and practices. Developing the contractual savings industry. Developing instruments for risk sharing and risk transfer. Promoting regional financial integration.

22

Government Bond Markets in ASEAN+3: Achievements in the Past Decade and Challenges for Further Development

Government Bond Markets in ASEAN+3: Achievements in the Past Decade and Challenges for Further Development Government Bond Markets in ASEAN+3: Achievements in the Past Decade and Challenges for Further Development 14 November 2011 Singapore Noritaka Akamatsu Asian Development Bank Before and shortly after 97

More information

Enhancing the Efficiency of Securities Markets in East Asia. Swati Ghosh and Ernesto Revilla * East Asia and Pacific Region The World Bank.

Enhancing the Efficiency of Securities Markets in East Asia. Swati Ghosh and Ernesto Revilla * East Asia and Pacific Region The World Bank. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Enhancing the Efficiency of Securities Markets in East Asia Swati Ghosh and Ernesto Revilla

More information

Regional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB

Regional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB Regional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB Workshop: The Global Financial Crisis and the Reform of the Financial Regulatory

More information

EAST ASIAN FINANCE. The Road to Robust Markets CONFERENCE EDITION. Swati Ghosh. The World Bank

EAST ASIAN FINANCE. The Road to Robust Markets CONFERENCE EDITION. Swati Ghosh. The World Bank EAST ASIAN FINANCE The Road to Robust Markets CONFERENCE EDITION Swati Ghosh The World Bank 2006 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC

More information

Capital Flows to Infrastructure Reunión Latinoamericana sobre el Financiamiento de la Infraestructura

Capital Flows to Infrastructure Reunión Latinoamericana sobre el Financiamiento de la Infraestructura Capital Flows to Infrastructure Reunión Latinoamericana sobre el Financiamiento de la Infraestructura Mansoor Dailami World Bank Buenos Aires April 2004 Overview Recovery in private capital to developing

More information

Strong Asian Growth. Asian Bond Markets Initiative

Strong Asian Growth. Asian Bond Markets Initiative Strong Asian Growth and Asian Bond Markets Initiative OECD-ADBI 11 th Roundtable on Capital Market Reform in Asia 22-23 February 2010 Tokyo, Japan Takehiko Nakao Director-General, International Bureau

More information

5. THE ROLE OF FINANCIAL MARKETS IN INTERMEDIATING SAVINGS IN TURKEY

5. THE ROLE OF FINANCIAL MARKETS IN INTERMEDIATING SAVINGS IN TURKEY 5. THE ROLE OF FINANCIAL MARKETS IN INTERMEDIATING SAVINGS IN TURKEY 5.1 Overview of Financial Markets Figure 24. Financial Markets International Comparison (Percent of GDP, 2009) 94. A major feature of

More information

How to Increase Bond Market Liquidity an AsianBondsOnline Survey

How to Increase Bond Market Liquidity an AsianBondsOnline Survey 2009/FMM/009 Session: Plenary 2 How to Increase Bond Market Liquidity an AsianBondsOnline Survey Purpose: Information Submitted by: Asian Development Bank 16 th Finance Ministers Meeting Singapore 12 November

More information

Global/Regional Economic and Financial Outlook. Odd Per Brekk Director IMF Regional Office for Asia and the Pacific APEC SFOM, June

Global/Regional Economic and Financial Outlook. Odd Per Brekk Director IMF Regional Office for Asia and the Pacific APEC SFOM, June Global/Regional Economic and Financial Outlook Odd Per Brekk Director IMF Regional Office for Asia and the Pacific APEC SFOM, June 11-12 2015 2015/SFOM13/002 Session: 1 Global/Regional Economic and Financial

More information

Asia in the New Financial Order

Asia in the New Financial Order Asia in the New Financial Order April 21 IMPORTANT: All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters,

More information

Asian Financial Markets Years since the Asian Financial Crisis, and Prospects for the Next 20 Years --

Asian Financial Markets Years since the Asian Financial Crisis, and Prospects for the Next 20 Years -- November 28, 2017 Bank of Japan Asian Financial Markets -- 20 Years since the Asian Financial Crisis, and Prospects for the Next 20 Years -- Keynote Speech at 2017 Annual General Meeting of Asia Securities

More information

Developing bond markets in Asia: experience with ABF2

Developing bond markets in Asia: experience with ABF2 Developing bond markets in Asia: experience with ABF2 Julia Leung 1 Hong Kong Monetary Authority 1. Introduction The second phase of the Asian Bond Fund (ABF2 2 ) represents the collective efforts of central

More information

Asset Securitisation in East Asia

Asset Securitisation in East Asia East Asian Finance-Road to Robust Markets Asset Securitisation in East Asia Ismail Dalla Hong Kong June 22-23, 06 Views expressed in this presentation do not represent official views of the World Bank

More information

Research Note. Asia-Pacific Derivatives Survey. April 2019

Research Note. Asia-Pacific Derivatives Survey. April 2019 April 19 Research Note In anticipation of ISDA s 34th Annual General Meeting in Hong Kong, ISDA conducted a survey of derivatives markets in the Asia-Pacific region. The survey reveals that market participants

More information

Asian Bond Market Initiative to support Infrastructure Development in the Region

Asian Bond Market Initiative to support Infrastructure Development in the Region Asian Bond Market Initiative to support Infrastructure Development in the Region Irfa Ampri Vice Chairman Fiscal Policy Agency for Climate Change Finance and Multilateral Policy Indonesia s Minister of

More information

The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies The Challenge of Public Pension Reform in Advanced and Emerging Economies Mauricio Soto Fiscal Affairs Department International Monetary Fund January 212 The views expressed herein are those of the author

More information

Regional Cooperation for Financial Stability and Resilience

Regional Cooperation for Financial Stability and Resilience Regional Cooperation for Financial Stability and Resilience AsianBondsOnline Joseph E. Zveglich, Jr. Director, Macroeconomics Research Division Economic Research and Regional Cooperation Department, Asian

More information

Philippine Country Report Asia Securities Forum Ismael G. Cruz Philippine Association of Securities Brokers Dealers

Philippine Country Report Asia Securities Forum Ismael G. Cruz Philippine Association of Securities Brokers Dealers Philippine Country Report Asia Securities Forum 2016 Ismael G. Cruz Philippine Association of Securities Brokers Dealers PHL GDP Growth Of 6.2% from 2010 to 2015, Accelerating from 4.9% in 2000-2009, and

More information

Asia Bond Monitor November 2015

Asia Bond Monitor November 2015 1 February 16 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Bangko Sentral ng Pilipinas (BSP) decided on 11 February to keep unchanged the overnight borrowing rate at.% and

More information

Ten years after: Implications of the current financial market turmoil. Dr. Atchana Waiquamdee Deputy Governor Bank of Thailand

Ten years after: Implications of the current financial market turmoil. Dr. Atchana Waiquamdee Deputy Governor Bank of Thailand Ten years after: Implications of the current financial market turmoil Dr. Atchana Waiquamdee Deputy Governor Bank of Thailand I. The 1997 East Asia Crisis II. Latest Episode Causes of the 1997 Crisis 3

More information

Key Activities of the WB/IFC Securities Markets Group. Global Capital Markets Development Department

Key Activities of the WB/IFC Securities Markets Group. Global Capital Markets Development Department Key Activities of the WB/IFC Securities Markets Group Global Capital Markets Development Department WB-IFC Securities Market Group (GCMSM) WBG Global Product Group for local securities market development

More information

Asia Bond Monitor November 2018

Asia Bond Monitor November 2018 7 December 8 Key Developments in Asian Local Currency Markets T he monetary board of the Bangko Sentral ng Pilipinas decided to keep its key policy rates steady during its final meeting for the year on

More information

Country Case Presentation - MALAYSIA. Kamilah Mohamad Gemloc Advisory Services Workshop- Debt Market Development June 3, 2011 Rabat, Morocco

Country Case Presentation - MALAYSIA. Kamilah Mohamad Gemloc Advisory Services Workshop- Debt Market Development June 3, 2011 Rabat, Morocco Country Case Presentation - MALAYSIA Kamilah Mohamad Gemloc Advisory Services Workshop- Debt Market Development June 3, 2011 Rabat, Morocco Debt Management Policy Government debt management policy involves

More information

Domestic Financial Markets Are Interconnected and Help Each Other to Function Optimally

Domestic Financial Markets Are Interconnected and Help Each Other to Function Optimally 2015/FMP/WKSP2/021 Session 5.0 Domestic Financial Markets Are Interconnected and Help Each Other to Function Optimally Submitted by: Pennridge Workshop on Infrastructure Financing and Capital Market Development

More information

Toward A Bottom-Up Approach in Assessing Sovereign Default Risk

Toward A Bottom-Up Approach in Assessing Sovereign Default Risk Toward A Bottom-Up Approach in Assessing Sovereign Default Risk Dr. Edward I. Altman Stern School of Business New York University Keynote Lecture Risk Day Conference MacQuarie University Sydney, Australia

More information

Financial Convergence in Asia

Financial Convergence in Asia Financial Convergence in Asia C.P. Chandrasekhar and Jayati Ghosh The discussion on the direction that financial regulation should take in Asia inevitably turns to the diversity in regulation across countries

More information

WORLD ECONOMIC OUTLOOK October 2017

WORLD ECONOMIC OUTLOOK October 2017 WORLD ECONOMIC OUTLOOK October 2017 Andreas Bauer Sr Resident Representative @imf_delhi World Economic Outlook The big picture Global activity picked up further in 2017H1 the outlook is now for higher

More information

The Development of Asian Bond Markets and the Role of the Credit Guarantee and Investment Facility

The Development of Asian Bond Markets and the Role of the Credit Guarantee and Investment Facility 2015/FMP/WKSP2/018 Session 4.2 The Development of Asian Bond Markets and the Role of the Credit Guarantee and Investment Facility Submitted by: Credit Guarantee and Investment Facility (CGIF) Workshop

More information

Asian Banking, Depositor Preference, and Deposit Insurance

Asian Banking, Depositor Preference, and Deposit Insurance Asian Banking, Depositor Preference, and Deposit Insurance Kevin Davis Professor of Finance, University of Melbourne Research Director, ACFS Professor, Monash University University of Melbourne 1 Summary

More information

United Overseas Bank Limited

United Overseas Bank Limited United Overseas Bank Limited July 2007 This material that follows is a presentation of general background information about United Overseas Bank Limited s ( UOB or the Bank ) activities current at the

More information

FINANCE, INEQUALITY AND THE POOR

FINANCE, INEQUALITY AND THE POOR POLICY OPTIONS AND CHALLENGES FOR DEVELOPING ASIA PERSPECTIVES FROM THE IMF AND ASIA APRIL 19-20, 2007 TOKYO FINANCE, INEQUALITY AND THE POOR THORSTEN BECK THE WORLD BANK ASLI DEMIRGUC-KUNT THE WORLD BANK

More information

Recent Development in ABF Projects

Recent Development in ABF Projects Recent Development in ABF Projects February 23, 2010 Center for Monetary Cooperation in Asia (CeMCoA) International Department, Bank of Japan EMEAP The Executives Meeting of East Asia-Pacific Central Banks

More information

Yen and Yuan. The Impact of Exchange Rate Fluctuations on the Asian Economies. C. H. Kwan RIETI

Yen and Yuan. The Impact of Exchange Rate Fluctuations on the Asian Economies. C. H. Kwan RIETI Yen and Yuan The Impact of Exchange Rate Fluctuations on the Asian Economies C. H. Kwan RIETI November 21 The Yen-dollar Rate as the Major Determinant of Asian Economic Growth -4-3 -2 Stronger Yen Yen

More information

NAVIGATING an INTERCONNECTED WORLD. Sean Hagan, Tamim Bayoumi, and Steven Phillips

NAVIGATING an INTERCONNECTED WORLD. Sean Hagan, Tamim Bayoumi, and Steven Phillips NAVIGATING an INTERCONNECTED WORLD Sean Hagan, Tamim Bayoumi, and Steven Phillips I NTEGRATED S URVEILLANCE D ECISION Why an Integrated Surveillance Decision? Highly interconnected world: need to monitor

More information

A Virtuous Cycle in Local Currency Bond Markets?

A Virtuous Cycle in Local Currency Bond Markets? A Virtuous Cycle in Local Currency Bond Markets? John D. Burger The Sellinger School, Loyola College in Maryland Katholieke Universiteit Leuven Francis E. Warnock Darden Business School, NBER, IIIS at

More information

Asia Bond Monitor March 2015

Asia Bond Monitor March 2015 June 1 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Malaysia accelerated to.1% year-on-year (y-o-y) in May from 1.8% y-o-y in April, mainly due

More information

AsianBondsOnline WEEKLY DEBT HIGHLIGHTS

AsianBondsOnline WEEKLY DEBT HIGHLIGHTS AsianBondsOnline WEEKLY 9 January 7 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Indonesia eased to.% year-on-year (y-o-y) in December from.6% y-o-y

More information

ASIA BOND MONITOR OCTOBER 2010

ASIA BOND MONITOR OCTOBER 2010 ASIA BOND MONITOR OCTOBER 2010 ASIA BOND MONITOR OCTOBER 2010 2010 Asian Development Bank All rights reserved. Published 2010. Printed in the Philippines. Printed using vegetable oil-based inks on recycled

More information

TRADE PARTNERSHIP WORLDWIDE, LLC

TRADE PARTNERSHIP WORLDWIDE, LLC TRADE PARTNERSHIP WORLDWIDE, LLC Estimated Impacts of Proposed Tariffs on Imports from China: Televisions, Monitors, Batteries and Printer Cartridges Prepared for The Consumer Technology Association And

More information

Developments in Emerging East Asia Bond Markets

Developments in Emerging East Asia Bond Markets Developments in Emerging East Asia Bond Markets Donghyun Park, Principal Economist Economic Research and Regional Cooperation Department, Asian Development Bank Overview The outlook for economic growth

More information

Overview of the Gemloc Initiative Gemloc Roundtable Conference and Workshop

Overview of the Gemloc Initiative Gemloc Roundtable Conference and Workshop Overview of the Gemloc Initiative Gemloc Roundtable Conference and Workshop Capital Markets Advisory Group Alison Harwood Anderson Silva May 29, 2008 Agenda Introduction to the Gemloc Initiative GEMX Index

More information

Asia Pacific Market Structure Chartbook

Asia Pacific Market Structure Chartbook Q 6 author Ofir Gefen Managing Director Head of Electronic Brokerage ITG Asia Pacific ofir.gefen@itg.com Heath Mooney Vice President Senior Sales Trader ITG Asia Pacific heath.mooney@itg.com Bobby So Vice

More information

Domestic Financial Development in EMEs: Evidence and Implications

Domestic Financial Development in EMEs: Evidence and Implications Domestic Financial Development in EMEs: Evidence and Implications Ettore Dorrucci, Alexis Meyer-Cirkel and Daniel Santabárbara III Foro de Investigadores de Bancos Centrales Miembros del Consejo Monetario

More information

Chikahisa Sumi Director, Regional Office for Asia and the Pacific International Monetary Fund

Chikahisa Sumi Director, Regional Office for Asia and the Pacific International Monetary Fund Chikahisa Sumi Director, Regional Office for Asia and the Pacific International Monetary Fund (percent YOY) 8 6 Real GDP Growth ASSUMPTIONS A more gradual monetary policy normalization 4 2 21 211 212

More information

The Mortgage Securitization Market in Korea

The Mortgage Securitization Market in Korea 4 th Global Conference on Housing Finance in Emerging Markets The Mortgage Securitization Market in Korea May 27, 2010 Chae-Sun Chung Korea Housing Finance Corporation Outline 2 Updates on Mortgage Securitization

More information

Asia Bond Monitor November 2018

Asia Bond Monitor November 2018 January 9 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets L ast week, the Philippines raised USD. billion from the sale of -year global bonds priced at basis points above benchmark

More information

Asia Securities Industry & Financial Markets Association

Asia Securities Industry & Financial Markets Association Asia Securities Industry & Financial Markets Association Developing a Repo Best Practice Guide for Asian Markets Executive Summary 1 How Repo Markets Support the Real Economy Deepens primary and secondary

More information

19 th OECD Global Forum on Public Debt Management Session II: Urgent Policy Challenges for Asian Debt Managers

19 th OECD Global Forum on Public Debt Management Session II: Urgent Policy Challenges for Asian Debt Managers 19 th OECD Global Forum on Public Debt Management Session II: Urgent Policy Challenges for Asian Debt Managers A Case Study of India A.K.Mitra Structure Of Presentation I. Fiscal Situation II. Financing

More information

2016 External Sector Report

2016 External Sector Report 216 External Sector Report Global Imbalances and Policy Challenges September, 216 o Evolution of Global Current Accounts and Exchange Rates Widening and reconfiguration of imbalances in 215 Drivers: Asymmetric

More information

Asia Bond Monitor November 2018

Asia Bond Monitor November 2018 January 9 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Japan s November industrial production was revised upward to.% year-on-year (y-o-y) from the preliminary estimate of.%

More information

Development of Asian Bond Markets and Challenges: Keys to Market Expansion *

Development of Asian Bond Markets and Challenges: Keys to Market Expansion * Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, Vol.14, No.5, September 2018 955 Development of Asian Bond Markets and Challenges: Keys to Market Expansion * Satoshi Shimizu

More information

Asian Bond Market Development

Asian Bond Market Development ERINA Discussion Paper No.1901e Asian Bond Market Development Masahiro KAWAI Representative Director and Director-General, ERINA January, 2019 Niigata, Japan ECONOMIC RESEARCH INSTITUTE FOR NORTHEAST ASIA

More information

A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets

A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets The Investors Conference 2005 - in conjunction with the 30 th Annual Meeting Islamic Development Bank 22 nd June 2005 A Strong and Vibrant Financial Sector for Sustainable Growth the role of Capital Markets

More information

Asia and Europe require greater physical connectivity and the models for such

Asia and Europe require greater physical connectivity and the models for such Why Do Asia and Europe Need More Connectivity? Some Ideas from the European and ASEAN Experience Alicia Garcia Herrero and Jianwei Xu, BRUEGEL Asia and Europe require greater physical connectivity and

More information

Southeast Asian Economic Outlook 2010

Southeast Asian Economic Outlook 2010 Southeast Asian Economic Outlook 2010 Kensuke Tanaka Project Manager and Economist OECD Development Centre Asia and Pacific Desk SAEO Presentation MPDD seminar series UNESCAP Januar 2011 Three regional

More information

Asia Pacific Market Structure Chartbook

Asia Pacific Market Structure Chartbook Q 7 AUTHOR Ofir Gefen Managing Director Co-Head of Execution Services ITG Asia Pacific ofir.gefen@itg.com Heath Mooney Director Senior Sales Trader ITG Asia Pacific heath.mooney@itg.com Bobby So Vice President

More information

EAST ASIAN FINANCE. The Road to Robust Markets. Swati R. Ghosh

EAST ASIAN FINANCE. The Road to Robust Markets. Swati R. Ghosh EAST ASIAN FINANCE The Road to Robust Markets Swati R. Ghosh EAST ASIAN FINANCE The Road to Robust Markets EAST ASIAN FINANCE The Road to Robust Markets Swati R. Ghosh 2006 The International Bank for

More information

AsianBondsOnline WEEKLY DEBT HIGHLIGHTS

AsianBondsOnline WEEKLY DEBT HIGHLIGHTS AsianBondsOnline WEEKLY October 6 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets T he People s Republic of China s (PRC) gross domestic product (GDP) grew 6.7% year-on-year (y-o-y)

More information

Achievements of Asian Bond Markets Initiative (ABMI) in the last decade and Future Challenges

Achievements of Asian Bond Markets Initiative (ABMI) in the last decade and Future Challenges Achievements of Asian Bond Markets Initiative (ABMI) in the last decade and Future Challenges for OECD-ADBI 12th Roundtable on Capital Market Reform in Asia February 7, 2012 in Tokyo Takeshi Kurihara,

More information

Emerging Market Private Sector Access to Capital Markets

Emerging Market Private Sector Access to Capital Markets Emerging Market Private Sector Access to Capital Markets The Role of the Domestic and Foreign Investor Base GEMLOC Advisory Services Roundtable May 29-30, 2008 Eliot Kalter President, EM Strategies Senior

More information

Regulation, Supervision, Financial Institutions. February The interlinked components of risk management. Market discipline. Competition Haircuts

Regulation, Supervision, Financial Institutions. February The interlinked components of risk management. Market discipline. Competition Haircuts Regulation, Supervision, and Risk Management of Financial Institutions An OECD perspective Stephen A. Lumpkin Principal Administrator, OECD Financial Affairs Division February 2012 1 The interlinked components

More information

MMGPI 2016 Outcomes. Dr David Knox Senior Partner, Mercer

MMGPI 2016 Outcomes. Dr David Knox Senior Partner, Mercer Editions 2016 Top 3 Rankings MMGPI 2016 Outcomes Dr David Knox Senior Partner, Mercer Every retirement system is different! Insurance Private Public Pensions DC Indexation Assets RETIREMENT INCOME SYSTEMS

More information

Aging, Economic Growth and Old- Age Security in Asia

Aging, Economic Growth and Old- Age Security in Asia Aging, Economic Growth and Old- Age Security in Asia An Edward Elgar Book Co-Edited by Donghyun Park, Sang-Hyop Lee and Andrew Mason International Insurance Seminar, ADB Headquarters 21-22 October 2013,

More information

Plenary 4. Capital Markets and Economic Development - New Avenues for the Financing of Small and Medium Enterprises (SMEs)

Plenary 4. Capital Markets and Economic Development - New Avenues for the Financing of Small and Medium Enterprises (SMEs) Plenary 4 Capital Markets and Economic Development - New Avenues for the Financing of Small and Medium Enterprises (SMEs) Mr. Andrew Sheng Chief Adviser, China Banking Regulatory Commission 12 April 2007

More information

Y V Reddy: Developing debt markets in India review and prospects

Y V Reddy: Developing debt markets in India review and prospects Y V Reddy: Developing debt markets in India review and prospects Remarks by Dr Y V Reddy, Governor of the Reserve Bank of India, at a meeting of Central Bank Governors of Asia, Latin America and the Caribbean,

More information

Private Financing of Infrastructure in Asia

Private Financing of Infrastructure in Asia 2010/SOM2/SOM-SFOM/WKSP/008 Session 2-2 Private Financing of Infrastructure in Asia Submitted by: Asian Development Bank Workshop on the APEC Growth Strategy Sapporo, Japan 1 June 2010 Private Financing

More information

SECTOR ASSESSMENT (SUMMARY): FINANCE

SECTOR ASSESSMENT (SUMMARY): FINANCE % of GDP Basis points for bid-ask spreads $ millions for size Encouraging Investment through Capital Market Reforms Program, SP (RRP PHI: 87-00) Sector Road Map SECTOR ASSESSMENT (SUMMARY): FINANCE 1.

More information

AGING, ECONOMIC GROWTH, AND OLD-AGE SECURITY IN ASIA

AGING, ECONOMIC GROWTH, AND OLD-AGE SECURITY IN ASIA AGING, ECONOMIC GROWTH, AND OLD-AGE SECURITY IN ASIA DR. DONGHYUN PARK, ASIAN DEVELOPMENT BANK, dpark@adb.org, 13 th International Longevity Risk and Capital Markets Solutions Conference, Taipei, 21 and

More information

China s Securities Market Development: Lessons from Hong Kong and Other Asian Markets. Xiao Geng 1

China s Securities Market Development: Lessons from Hong Kong and Other Asian Markets. Xiao Geng 1 China s Securities Market Development: Lessons from Hong Kong and Other Asian Markets Xiao Geng 1 Draft: 15 January 2003 Achievements of China s securities market In a little more than a decade s time,

More information

4th Annual World Bank Government Bond Market Conference and Technical Workshop

4th Annual World Bank Government Bond Market Conference and Technical Workshop 4th Annual World Bank Government Bond Market Conference and Technical Workshop KINGDOM OF MOROCCO Ministry of Economy and Finance March 12 14, 2014 National Bank of Romania Bucharest, Romania El Hassan

More information

Government Debt Securities Management

Government Debt Securities Management Government Debt Securities Management March 12, 2014 Directorate of Gov Debt Securities, DG of Debt Management Ministry of Finance Republic of Indonesia Outline 1. Government Securities Management and

More information

SECTOR ASSESSMENT (SUMMARY): FINANCE (CAPITAL MARKET) 1. Sector Performance, Problems, and Opportunities 1

SECTOR ASSESSMENT (SUMMARY): FINANCE (CAPITAL MARKET) 1. Sector Performance, Problems, and Opportunities 1 Capital Market Development Program (RRP SRI 49365) Sector Road Map SECTOR ASSESSMENT (SUMMARY): FINANCE (CAPITAL MARKET) 1. Sector Performance, Problems, and Opportunities 1 1. Market development. From

More information

New Trends and Challenges in Government Debt Management

New Trends and Challenges in Government Debt Management New Trends and Challenges in Government Debt Management Phillip Anderson The World Bank Treasury 1818 H Street, N.W. Washington, DC, 2433, USA treasury.worldbank.org 1 Recent Trends 2 Progress and Challenges

More information

Bond Market Development in Emerging East Asia

Bond Market Development in Emerging East Asia Bond Market Development in Emerging East Asia Thematic Issues in Emerging East Asia Shu Tian and Cynthia Petalcorin Asian Development Bank Thematic Topics I. Do Local Currency Bond Markets Enhance Financial

More information

GPR/APREA AsiaPac Performance Snapshot

GPR/APREA AsiaPac Performance Snapshot Asia Pacific Real Estate Association 217 Round-Up GPR/APREA AsiaPac Performance Snapshot...your guide to listed real estate returns in AsiaPac The GPR/APREA AsiaPac Performance Snapshot tracks the dynamics

More information

Macroeconomics Econ202A

Macroeconomics Econ202A Macroeconomics Econ202A Pierre-Olivier Gourinchas UC Berkeley Berkeley, Fall 2014 November 18, 2014 1/11 The First Oil Price Shock Nt ten r- ) N % I I I I I I N ~~OcI I 0O N tn ^N Nt tn Nt > I I I I >~~~t

More information

The Challenge of Public Pension Reform

The Challenge of Public Pension Reform The Challenge of Public Pension Reform Baoping Shang Fiscal Affairs Department International Monetary Fund May 4, 212 This presentation represents the views of the author and should not be attributed to

More information

Changing Trends and Investor Bases of Asian Bond Markets Sabyasachi Mitra, Asian Development Bank S. Ghon Rhee, University of Hawaii

Changing Trends and Investor Bases of Asian Bond Markets Sabyasachi Mitra, Asian Development Bank S. Ghon Rhee, University of Hawaii Changing Trends and Investor Bases of Asian Bond Markets Sabyasachi Mitra, Asian Development Bank S. Ghon Rhee, University of Hawaii A Presentation at the 21 st OECD Global Forum on Public Debt Management

More information

Financial Markets and Institutional Investors in Central Asia

Financial Markets and Institutional Investors in Central Asia Financial Markets and Institutional Investors in Central Asia The Sixth Conference on Financial Sector Development in the Central Asian countries, Azerbaijan and Mongolia Istanbul (29-30 April 2004) Toshiharu

More information

GPR/APREA AsiaPac Performance Snapshot

GPR/APREA AsiaPac Performance Snapshot Asia Pacific Real Estate Association March 2018 GPR/APREA AsiaPac Performance Snapshot...your guide to listed real estate returns in AsiaPac What is the GPR/APREA snapshot? The GPR/APREA AsiaPac Performance

More information

Capital Markets, Corporate Governance, and Long-term Financing for Development. Chalongphob Sussangkarn. Thailand Development Research Institute

Capital Markets, Corporate Governance, and Long-term Financing for Development. Chalongphob Sussangkarn. Thailand Development Research Institute Capital Markets, Corporate Governance, and Long-term Financing for Development Chalongphob Sussangkarn Thailand Development Research Institute Importance of Financing Structure for Stable Development Lesson

More information

Asia Pacific Market Structure Chartbook

Asia Pacific Market Structure Chartbook Q7 AUTHORS Duncan Begg Director Head of Algo Product Management - Asia Pacific ITG Asia Pacific duncan.begg@itg.com Niamh Golden Director Head of Analytical Products - Asia Pacific ITG Asia Pacific niamh.golden@itg.com

More information

The Development of Local Debt Markets in Asia

The Development of Local Debt Markets in Asia WP/11/132 The Development of Local Debt Markets in Asia Mangal Goswami and Sunil Sharma 2011 International Monetary Fund WP/11/132 IMF Working Paper IMF-Singapore Regional Training Institute The Development

More information

Asia Pacific Market Structure Chartbook

Asia Pacific Market Structure Chartbook Q7 AUTHORS Duncan Begg Director Head of Algo Product Management - Asia Pacific ITG Asia Pacific duncan.begg@itg.com Heath Mooney Director Senior Sales Trader ITG Asia Pacific heath.mooney@itg.com Bobby

More information

Capital Access Index 2006 Gauging Entrepreneurial Access to Capital

Capital Access Index 2006 Gauging Entrepreneurial Access to Capital Capital Access Index 2006 Gauging Entrepreneurial Access to Capital Max = 10 9.0 Hong Kong 8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 40 Source: Milken Institute United Kingdom U.S. India China Brazil Russia

More information

Investment Climate Assessment for APEC Economies

Investment Climate Assessment for APEC Economies 2017/SOM1/IEG/016 Agenda Item: 7.1 Investment Climate Assessment for APEC Economies Purpose: Information Submitted by: APEC Business Advisory Council First Investment Experts Group Meeting Nha Trang, Viet

More information

Reducing Currency Mismatching: A Domestic Agenda

Reducing Currency Mismatching: A Domestic Agenda 9 Reducing Currency Mismatching: A Domestic Agenda The central message of this book is that simultaneous and deliberate policy action, taken on a number of fronts mostly at the national level, can nurture

More information

PRODUCT KEY FACTS BOCHK Asia Pacific Property Fund

PRODUCT KEY FACTS BOCHK Asia Pacific Property Fund PRODUCT KEY FACTS BOCHK Asia Pacific Property Fund a sub-fund of BOCHK Investment Funds Issuer: BOCI-Prudential Asset Management Limited 30 April 2015 This statement provides you with key information about

More information

ECONOMIC OUTLOOK FOR SOUTHEAST ASIA, CHINA AND INDIA 2018:

ECONOMIC OUTLOOK FOR SOUTHEAST ASIA, CHINA AND INDIA 2018: ECONOMIC OUTLOOK FOR SOUTHEAST ASIA, CHINA AND INDIA 2018: FOSTERING GROWTH THROUGH DIGITALISATION Kensuke Tanaka, Head of Asia Desk OECD Development Centre Asia-Pacific Business Forum, Hong Kong, China

More information

ASEAN Financial Integration towards ASEAN 2025:

ASEAN Financial Integration towards ASEAN 2025: ASEAN Financial Integration towards ASEAN 2025: Call for a well-coordinated supervisory and regulatory framework Satoru (Tomo) Yamadera Principal Financial Sector Specialist Asian Development Bank Outline

More information

The Asian Bond Markets Initiative (ABMI) Ministry of Finance, Japan

The Asian Bond Markets Initiative (ABMI) Ministry of Finance, Japan The Asian Bond Markets Initiative (ABMI) Ministry of Finance, Japan OECD-ADBI 9 th Tokyo Round Table on Capital Market Reform 26-27 February 2008, Tokyo, Japan Background and Purpose of the ABMI Background

More information

PRODUCT KEY FACTS. Quick facts. BOCHK Wealth Creation Series BOCHK All Weather Asian Bond Fund. April Issuer: BOCHK Asset Management Limited

PRODUCT KEY FACTS. Quick facts. BOCHK Wealth Creation Series BOCHK All Weather Asian Bond Fund. April Issuer: BOCHK Asset Management Limited PRODUCT KEY FACTS BOCHK Wealth Creation Series BOCHK All Weather Asian Bond Fund April 2019 Issuer: BOCHK Asset Management Limited This statement provides you with key information about BOCHK All Weather

More information

Asian Development Outlook 2015: Financing Asia s Future Growth

Asian Development Outlook 2015: Financing Asia s Future Growth 1 Asian Development Outlook 215: Financing Asia s Future Growth Shang-Jin Wei Chief Economist Asian Development Bank The views expressed in this document are those of the author and do not necessarily

More information

SUPPLEMENTARY FINANCIAL INFORMATION

SUPPLEMENTARY FINANCIAL INFORMATION SUPPLEMENTARY FINANCIAL INFORMATION April 30, Page Page Highlights 1 Balance Sheet 11 Common Share and Other Information 2 Average Balance Sheet 12 Consolidated Statement of Income 3 Consolidated Statement

More information

Towards Better Financial Supervisory Regime: Perspective of Indonesia

Towards Better Financial Supervisory Regime: Perspective of Indonesia Towards Better Financial Supervisory Regime: Perspective of Indonesia Halim Alamsyah Director of Banking Research and Regulation Bank Indonesia This presentation does not represent views and stances of

More information

SUPPLEMENTARY FINANCIAL INFORMATION

SUPPLEMENTARY FINANCIAL INFORMATION SUPPLEMENTARY FINANCIAL INFORMATION October 31, Page Page Highlights 1 Balance Sheet 11 Common Share and Other Information 2 Average Balance Sheet 12 Consolidated Statement of Income 3 Consolidated Statement

More information

Investor Presentation DBS Group Holdings Ltd November 2017

Investor Presentation DBS Group Holdings Ltd November 2017 Investor Presentation DBS Group Holdings Ltd November 2017 Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed

More information

U.S. Monetary Policy and Emerging Markets Challenges

U.S. Monetary Policy and Emerging Markets Challenges U.S. Monetary Policy and Emerging Markets Challenges Jose Viñals Financial Counselor and Director, IMF CEMLA, October, 213 Recovery of the global economy continues 6. GDP Growth Projections (In percent)

More information

ASIA BOND MONITOR NOVEMBER 2010

ASIA BOND MONITOR NOVEMBER 2010 ASIA BOND MONITOR NOVEMBER 2010 ASIA BOND MONITOR NOVEMBER 2010 2010 Asian Development Bank All rights reserved. Published 2010. Printed in the Philippines. Printed using vegetable oil-based inks on recycled

More information

Indonesia Economic Quarterly: October 2012 Maintaining resilience

Indonesia Economic Quarterly: October 2012 Maintaining resilience Indonesia Economic Quarterly: October 1 Maintaining resilience Ndiame Diop Lead Economist & Economic Advisor, Indonesia World Bank October 15, 1 Paramadina Public Policy Institute www.worldbank.org/id

More information