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1、外文原文The Emerging East Asian Bond MarketAbstract：The rapid growth of East Asias bond markets mirrors the regions spectacular economic development. East Asian bond markets are projected to thrive over the next decade, reflecting continued strong private sector growth and deepening financial reforms.In
2、troduction EAST ASIAS financial markets have caught up, though somewhat belatedly, with the rapid development of the regions real economy. The regions financial markets, which were dominated by commercial banks, have been transformed by the emergence of a wide array of financial instruments, includi
3、ng equities and bonds.At the end of 1994, total market capitalization of the East Asia Stock Exchanges amounted to 71 percent of East Asian GDP, while bonds represented 22 percent of GDP (Table 1).（表2）The development of the securities markets was aided by increased foreign portfolio investment in Ea
4、st Asias booming economies, which was attracted by open capital accounts, stable exchange rates, and sustained macroeconomic stability. The emergence of bond markets is linked to financial liberalization.Until early 1980, East Asian banking systems were repressed by extensive controls on interest ra
5、tes and credit allocation. In recent years, reforms have dramatically transformed the financial environment in the region, giving a boost to the development of bond markets.Size and structure规模和结构Although small compared with bond markets in industrial countries, the East Asian bond market is a subst
6、antial presence in the bond markets of emerging market economies, representing about 40 percent of their combined market value. During 198994, the East Asian bond market grew by almost 10 percent annually (see chart)twice the growth rate of bond markets in Germany, Japan, the United Kingdom, and the
7、 United States.National governments have been by far the largest issuers of securities in the East Asian bond markets (Table 2). State enterprises and central banks were also significant issuers of bonds, particularly in the Republic of Korea.Private corporations were not very active in the early st
8、age of bond market development in East Asia, reflecting pervasive controls on financial systems, inadequate investor protection, and tax discrimination. The situation has changed in recent years, with financial and other reforms; Corporate bond issues have been rising rapidly, both in absolute terms
9、 and relative to other issuers of bonds in East Asian markets since 1990.The growth of private bond issues has been stimulated by three main factors. First, most East Asian governments have been corporatizing and then privatizing their major state enterprises, notably major public utility companies.
10、Since the intention was not to shed ownership control during the initial phase of privatization, state enterprises were encouraged to meet their financing needs mainly by issuing bonds in the domestic market.This is well illustrated by the case of Thailand, where state enterprises bonds constitute t
11、he largest segment of the domestic bond market. Second, the fastest growing firms tend to prefer bond to equity financing, both because bonds allow owners to retain greater control over corporate decisions and because their massive investment requirements cannot be adequately met by bank finance or
12、rights issues.Third, while commercial banks played a vital role initially in financing the needs of public and private enterprises in East Asia, their ability to carry out maturity transformation has been seriously constrained of late by large capital requirements. Too much long-term lending has led
13、 to asset and liability maturity mismatches. Moreover, the adoption of risk based capital-adequacy requirements has restricted banks ability to finance private fixed investments.Three major classes of institutional investorsthe contractual saving sector, pension funds, and financial institutionshold
14、 the bulk of East Asian bonds. Bond holdingsby individuals are negligible, except in China, where individuals are the major investors in government bonds. The extent to which each of the investor classes dominates the bond markets varies from country to country.In Malaysia, the Philippines, and Sing
15、apore, the contractual savings sector constitutes the largest single segment.Financial institutions are the dominant bondholders in Korea, the Philippines, and Thailand, although in Thailand, mutual funds are becoming more prominent as major investors in bonds. Holdings of East Asian bonds by foreig
16、ners surged between 1990 and 1993 (Table 3). International bond issuance by East Asian countries has been very successful, reflecting their past economic performance, good track records in servicing external debt, and the growth potential they offer to international portfolio investors.Foreigners ac
17、cess to domestic bond markets in the East Asian countries has been limited in the major markets, however, owing to the policies of the authorities in these markets. Indonesia, Malaysia, and Thailand allow relatively easy access to their domestic bond markets, but the bond market in Korea is not open
18、 to foreign investors to any significant degree, and Chinas bond market is currently closed to foreign investorsThe marketsPrimary markets.。 There is no uniform practice among East Asian countries regarding the organization of primary markets, the range of issuers and investors, the instruments avai
19、lable, and bond-issuance methods. Government bonds in primary markets are issued by competitive auction in Hong Kong and the Philippines.In contrast, in China, government bonds are placed through administrative allocation, which often leads to their prices being below the market-determined level. Is
20、suance practices for government bonds in the rest of East Asia fall somewhere between these extremes.As experience and expertise have been gained, the differences in practices among the East Asian countries have substantially narrowed, and the functioning of primary markets for government bonds has
21、tended increasingly to approximate those in the industrial countries.Issuance methods for private bonds vary widely across the region. In Thailand, for example, public issues of bonds are more cumbersome than private placements, since issuers must satisfy various stipulations of the Security Exchang
22、e Commission. In the Philippines, private bond issuancewhich generally consists of commercial paper with a maturity of less than one yearis limited to a handful of blue-chip corporations. Among the East Asian countries, Korea has the largest corporate bond market. As is true of the primary markets f
23、or East Asian countries government bonds, practices, and procedures for issuing corporate bonds in the region are beginning to converge to common norms based on best practices prevailing in Japan and the United States. Secondary market. East Asian countries are gradually building an infrastructure f
24、or secondary markets for bonds, although trading has been modest so far. Hong Kong and Korea have the most active secondary markets, with a turnover rate averaging about 58 percent in 1993. In the East Asian bond market, trading in any particular issue is typically active shortly after the initial o
25、ffering and tapers off immediately after. Thus, secondary market activity tends to rise and fall with primary market activity。Trading in bonds is mostly over the counter (OTC), as in the industrial countries, even though bonds are generally listed on stock exchanges. 。Exchange listing is often seen
26、as a requirement for widening the investor base and enhancing the acceptability of bonds, particularly when institutional investors are prohibited from holding unlisted securities. The predominance of OTC trading is due to the relative ease of trading because of the absence of minimum trading amount
27、s, less restrictive trading times, and expeditious and prompt settlements. For example, virtually 100 percent of trading in Korea takes place on the OTC market even though more than 80 percent of bonds outstanding are listed on the Korean Stock Exchange. There are several impediments to the developm
28、ent of a vigorous and vibrant secondary bond market in East Asia.The absence of a critical mass of bonds and the relatively small size of issues tend to raise the transaction costs of trading. As fiscal deficits decline or disappear, the number and frequency of government bond issues are declining i
29、n the East Asian countries, except in China and the Philippines. Though the gap is being filled by corporate bonds, trading volume in the latter has not reached the threshold necessary for the development of secondary market trading. This reflects several related factors, such as a narrow eligibilit
30、y criterion for bond issues by corporations, elaborate and long drawn-out issuing procedures, the absence of a streamlined regulatory framework, and discriminatory taxation. Moreover, institutional holders, who form the backbone of the bond market, are “buy and hold” investors whose main objective i
31、s to avoid or minimize mismatches in the maturities of their assets and liabilities. There is thus little incentive for secondary market trading in bonds.The situation, however, is slowly changing, with greater autonomy being given to the managers of pension, provident, and insurance funds and more
32、flexibility permitted in their operations.Other factors, such as a lack of market makers with access to liquidity support, also hamper bond market development. Bond dealers run highly leveraged operations, and their inventories usually represent a certain multiple of their capital bases.Dealers can
33、be market makers only if they obtain liquidity through the repurchase market or the central bank rediscount window.Credit facilities of this type are presently unavailable in most East Asian countries. The secondary bond market also needs to be supported by an institutional infrastructure that inclu
34、des, among other things, efficient clearing and settlement arrangements, credit-rating agencies, and bond insurance. Clearing, settlement, and payment systems are either absent or not fully developed; And, as a result, traders run many risks, such as those that may be created by the unreliability of
35、 counterparties, fraud, and multiple trades of the same securities. Except in Malaysia and Thailand, there are no respected and prestigious rating agencies.Likewise, except in Hong Kong, there are no market-based benchmarks that can guide market participants to price bonds in both the primary and th
36、e secondary markets. Progress has been made in many of the areas of institutional infrastructure during the last few years, however. In Hong Kong, a Central Money Market Unit system now discharges the clearing and settlement function.Malaysia has set up two clearing systems one transfers funds in th
37、e interbank money market and the other transfers scrip through electronic book entries. Rating agencies are being set up, too, in countries like Indonesia, Korea, and the Philippines. Malaysias effort to develop a benchmark bond through Cagamasa mortgage bondis a particularly striking example of an
38、innovative response by policymakers to the institutional imperatives. Regulation of bond marketsBond market regulation in East Asia has gone through major changes in recent years. Until 1991, central banks were largely responsible for regulating fixed-income securities. Then, primary responsibility
39、shifted to newly created securities and exchange commissions. However, regulatory practices are not uniform across countries in the region. In Indonesia, for example, the domain of the securities regulator, BAPEPAM, is limited to financial instruments with maturities exceeding one year, while the ce
40、ntral bank is responsible for regulating money market instruments. In Singapore, regulation of financial instruments falls within the jurisdiction of the Monetary Authority of Singapore. Hong Kong and the Philippines follow the more common practice of placing private sector bond offerings under the
41、charge of securities commissions.Despite all these divergences in regulatory practices, a consensus is emerging, in all the countries, that the main regulatory powers need to be vested in securities commissions. The futureThe coming decade promises to be the age of the Asian bonds; the size of the E
42、ast Asian bond market (excluding Hong Kong and Singapore) could grow to over $1 trillion, net of redemptions, by the year 2004. Korea is projected to be the leader in the region, followed by China, Malaysia, and Thailand.The profile of the bond market is likely to change dramatically, with the corpo
43、rate sector leading the way in most of the countries, except China and the Philippines, and surpassing the government as the major issuer of bonds. The projected rapid growth of the regions bond markets is contingent upon the continuation of sound macroeconomic management and policy and institutiona
44、l reform.Most of the East Asian countries have undertaken comprehensive policy reforms during the past decadederegulating banking systems, jettisoning directed credits, laying the infrastructure for deepening financial markets, introducing new financial instruments, and establishing a modern legal f
45、ramework. However, there is a residue of reforms yet to be carried out, particularly concerning banking systems, regulatory authorities, and institution building. After these reforms are in place, the East Asian bond market will come into its own.新兴的东亚债券市场 快速增长的亚洲债券市场反映了区域经济的迅速发展。东亚债券市场预计在未来十年会蓬勃发展，
46、这反映出私营部门持续强劲的增长与金融改革的深化。虽然有些迟缓，但是东亚金融市场还是赶上了区域实体经济快速的发展。被商业银行控制的区域金融市场已经被包括股票和债券在内的大量的金融工具所改变。在1994年年底，东亚证券交易的总市值占到东亚GDP的71%，其中债券占GDP的22%。被繁荣的东亚经济开放的资本项目、稳定的汇率和持久的宏观经济的稳定所吸引，外国间接投资不断增长，促进了东亚证券市场的发展。债券市场的出现联系到金融的自由化。 直到1980年年初，东亚的银行系统被对利率和信贷分配的广泛控制所约束，近年来，改革已经显著改变了该地区的金融环境，这推动了债券市场的发展。尽管无法与工业国的债券市场相比
47、，但是东亚债券市场依然稳固在债券市场的新兴经济体，约占其总额40%的价值。1989年到1994年，东亚债券市场以每年10%的增长率增长，是德国、日本、英国和美国增长率的两倍。目前国家政府是东亚证券市场最大的发行人。（表2）国有企业和中央银行也都具有重大意义的发行人,尤其是在韩国。在东亚证券市场的早期发展中，私有企业并不是很积极，反映出了对金融体系普遍的控制,对投资者保护的不足和税收歧视。近年来随着金融和其他的改革，这种情况发生了变化；自1990年以来，在东亚市场，无论是绝对或是相对于其他的发行人，企业债券发行已迅速上升。私人债券发行的增长受三个主要因刺激。首先,大多数东亚国家已经企业化，然后将
48、他们主要的国有企业私有化,尤其是主要公共事业公司。 由于在私有化的初始阶段，其目的不是摆脱所有权掌握，因此，国有企业被鼓励主要通过在国内市场发行债券来满足自己的融资需求。泰国就是一个很好的例子,那里的国家企业的债券是国内债券市场最大的组成部分。第二，增长最快的公司倾向于用债券权益融资，因为债券允许所有者保留更大的控制权和他们的公司决策和巨大的投资需求不能充分满足银行融资或权利问题。第三，尽管商业银行在东亚的公共企业和国有企业的需求中扮演着重要角色，但是最近大量的资本需求已经使商业银行到期转换的能力受到严重制约。太多的长期贷款导致资产和负债的失衡。 此外，采用基于风险的资本充足率的要求限制了银行
49、的私人固定投资融资能力。三种主要类型的机构投资者合同储蓄部门、养老基金和金融机构持有大部分东亚债券。 在一定程度上，每一个级别的投资者控制着不同国家的不同的债券市场。 在马来西亚、菲律宾、新加坡，合同储蓄部门是最大量的单独部分。在韩国、菲律宾和泰国，金融机构是债券最主要的持有者，但是在泰国，共同基金成为债券的主要投资者。1990年到1993年之间，外国人持有的东亚债券急速增长（表3）。东亚国家在国际债券的发行上非常成功，这反映了它们以往的经济实效，良好的外债跟踪记录服务和他们提供给投资者的增长潜力。然而，由于当局政策在这些平主要市场上的作用，外国债券进入东亚国家国内债券市场受到了限制。.进入印度尼西亚、马来西亚和泰国的国内债券市场要相对容易，但是，韩国债券市场不向任何外国人开放，中国的债券市场目前也不向外国人开放。市场初级市场东亚的各个国家在关于初级市场的组建、发行人和投资者的分类、可用的工具和债券发行的方法上没有一个统一的实践。 香港和菲律宾的政府债券在初级市场中通过竞价拍卖的方式发行。相比之下，在中国，政府债券通过行政分配，这常常会导致他们
