Domestic bond market development : the Arirang bond experience in Korea

IF 8.7 1区经济学 Q1 DEVELOPMENT STUDIES

World Bank Research Observer Pub Date : 2007-09-17 DOI:10.1093/WBRO/LKM007

J. Batten, P. Szilagyi

引用次数: 14

Abstract

This study contrasts the development of the Republic of Koreas market for won-denominated foreign bonds (Arirang) with similar markets in the Asia-Pacific region. It discusses the problems, concerns, and key issues related to the development of this market within the broader context of domestic, regional, and global bond market development. Koreas experience provides valuable lessons for other emerging market economies also seeking to build bond markets for local and foreign issuers. The sophistication of the local bond market is not enough to make it appealing to foreign borrowers. Market development demands ensuring an enabling infrastructure and a background of macroeconomic stability, nurturing local and international demand, deregulating capital flows, and minimizing exchange restrictions.

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国内债券市场的发展:韩国阿里郎债券的经验

本研究对比了韩国以韩元计价的外国债券市场(Arirang)与亚太地区类似市场的发展。它在国内、区域和全球债券市场发展的大背景下讨论了与该市场发展有关的问题、关切和关键问题。韩国的经验为其他同样寻求为本地和外国发行人建立债券市场的新兴市场经济体提供了宝贵的教训。中国本土债券市场的成熟程度不足以吸引外国借款人。市场发展需要确保有利的基础设施和宏观经济稳定的背景，培育当地和国际需求，放松对资本流动的管制，并尽量减少外汇限制。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

World Bank Research Observer Multiple-

CiteScore

12.60

自引率

1.20%

发文量

期刊介绍： The World Bank Journals, including the Research Observer, boast the largest circulation among economics titles. The Research Observer is distributed freely to over 9,100 subscribers in non-OECD countries. Geared towards informing nonspecialist readers about research within and outside the Bank, it covers areas of economics relevant for development policy. Intended for policymakers, project officers, journalists, and educators, its surveys and overviews require only minimal background in economic analysis. Articles are not sent to referees but are assessed and approved by the Editorial Board, including distinguished economists from outside the Bank. The Observer has around 1,500 subscribers in OECD countries and nearly 10,000 subscribers in developing countries.