Asian bond markets: issues and prospects

The BIS published papers on Monday 7 November presented at a BIS/Korea University conference of central bankers, scholars and market participants held in Seoul on 21-23 March 2004.

The 1997-98 crisis in Asia prompted considerable rethinking of the role of financial markets in the region's economic development. Banks had long been at the centre of Asian financial systems. For a set of late-developing economies with urgent needs for financial intermediation, banking systems were easier to get up

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