The Theory and Empirics of Financial Development in the East Asian Bond Markets

ADB Asian Bonds Online. “Asia Bond Monitor - November 2011.” 2011, http://asianbondsonline.adb.org/documents/abm_nov_2011.pdf, accessed May 2012Search in Google Scholar

Agénor, Pierre-Richard, and Peter K. Montiel. Development Macroeconomics. Third Edition. New Jersey: Princeton University Press, 2008Search in Google Scholar

Aizenman, Joshua, and Reuven Glick. “Sterilization, Monetary Policy, and Global Financial Integration.” In Review of International Economics, 17/4, 2009, pp. 777-80110.1111/j.1467-9396.2009.00848.xSearch in Google Scholar

Aizenman, Joshua, Menzie D. Chinn, and Hiro Ito. “Assessing the Emerging Global Financial Architecture: Measuring the Trilemma’s Configurations over Time.” NBER Working Paper No. 14533, 2008; updated 2010, Version of Indexes, Indexes Data, http://web.pdx.edu~ito/trilemma_indexes_update2010.xls, accessed June 201210.3386/w14533Search in Google Scholar

Alexandros, Gabrielsen, Marzo Massimiliano, and Zagaglia Paolo. “Measuring Market Liquidity: An Introductory Survey.” MPRA Paper No. 35829, 201110.2139/ssrn.1976149Search in Google Scholar

Ananchotikul, Sudarat, and Barry Eichengreen. “Corporate Governance Reform in Emerging Markets: How Much, Why, and with What Effects?” In Journal of the Japanese and International Economies, 23/2, 2009, pp. 149-17610.1016/j.jjie.2009.01.005Search in Google Scholar

AsianBondsOnline. “Bond Market Liquidity Survey.” 2011, http://asianbondsonline.adb.org/surveys/liquidity_survey_2011/abo_2011_bond_market_liquidity_survey.pdf, accessed April 2012Search in Google Scholar

AsianBondsOnline. “Asian Bonds Online Database.” 2012, http://asianbondsonline.adb.org/, accessed June 2012Search in Google Scholar

Bae, Byung-Yoon, and Dong-Heon Kim. “Global and Regional Yield Curve Dynamics and Interactions: The Case of Some Asian Countries.” In International Economic Journal, 25/4, 2011, pp. 717-73810.1080/10168737.2011.636632Search in Google Scholar

Baker, Kenneth H. “Trading Location and Liquidity: An Analysis of U.S. Dealer and Agency Markets for Common Stocks.” In Financial Markets Institutions and Instruments, 5/4, 1996, pp. 1-51Search in Google Scholar

Barth, James R., Donald McCarthy, Triphon Phumiwasana, and Glenn Yago. “Opportunities and Challenges in Asian Bond Markets.” In Asia’s Debt Capital Markets: Prospects and Strategies for Development, edited by Douglas Arner, Jae-Ha Park, Paul Lejot, and Qiao Liu. New York: Springer, 2006Search in Google Scholar

Beck, Nathaniel, and Jonathan N. Katz. “What to Do (and Not to Do) with Time-Series Cross- Section Data.” In The American Political Science Review, 89/3, 1995, pp. 634-64710.2307/2082979Search in Google Scholar

Beck, Thorsten, Asli Demirgüç-Kunt, and Ross Levine. “Financial Institutions and Markets across Countries and over Time: The Updated Financial Development and Structure Database.” In The World Bank Economic Review, 24/1, 2010, pp. 77-9210.1093/wber/lhp016Search in Google Scholar

Bhattacharyay, Biswa Nath. “Bond Market Development in Asia: An Empirical Analysis of Major Determinants.” ADBI Working Paper Series, no. 300, 201110.2139/ssrn.1898047Search in Google Scholar

Black, Susan, and Anella Munro. “Why Issue Bonds Offshore?” BIS Papers No 52. Bank for International Settlements, 201010.2139/ssrn.1725989Search in Google Scholar

Bolton, Patrick, and Xavier Freixas. “Equity, Bonds, and Bank Debt: Capital Structure and Financial Market Equilibrium under Asymmetric Information.” In Journal of Political Economy, 108/2, 200010.1086/262121Search in Google Scholar

Borensztein, Eduardo, and Prakash Loungani. “Asian Financial Integration: Trends and Interruptions.” In Costs and Benefits of Economic Integration in Asia, edited by Robert J. Barro. Oxford: Oxford University Press, 201110.1093/acprof:oso/9780199753987.003.0003Search in Google Scholar

Brunner, Karl, and Allan H. Meltzer. “Friedmans Monetary Theory.” In Journal of Political Economy, 80/2, 1972, pp. 837-85110.1086/259940Search in Google Scholar

Burger, John D., and Francis E. Warnock. “Local Currency Bond Markets.” IMF Staff Papers 53, 2006, pp. 133-14610.3386/w12552Search in Google Scholar

Byun, Hae-Young. “The Cost of Debt Capital and Corporate Governance Practices.” In Asia-Pacific Journal of Financial Studies, 36/5, 2007, pp. 765-806Search in Google Scholar

Calvi, Rossella. “Assessing Financial Integration: A Comparison between Europe and East Asia.” European Commission Economic Papers, no. 423, 2010Search in Google Scholar

Chan, Eric, Michael Chui, Frank Packer, and Eli Remolona. “Local Currency Bond Markets and the Asian Bond Fund 2 Initiative.” In “Weathering Financial Crises: Bond Markets in Asia and the Pacific.” BIS Papers No 63. Bank for International Settlements and Bank of Japan, 2012Search in Google Scholar

De Hoyos, Rafael E., and Vasilis Sarafidis. “Testing for Cross-Sectional Dependence in Panel- Data Models.” In The Stata Journal, 6/4, 2006, pp. 482-49610.1177/1536867X0600600403Search in Google Scholar

Dickie, Paul, and Emma Xiaoqin Fan. “Banks and Corporate Debt Market Development.” ERD Working Papers No 67, 2005Search in Google Scholar

Drukker, David M. “Testing for Serial Correlation in Linear Panel-data Models.” In The Stata Journal, 3/2, 2003, pp. 168-17710.1177/1536867X0300300206Search in Google Scholar

ECB. “Yield Curve - Technical Notes.” 2012, http://www.ecb.int/stats/money/yc/html/technical_notes.pdf, accessed Febuary 2012Search in Google Scholar

Eichengreen, Barry, and Pipat Luengnaruemitchai. “Why Doesn’t Asia have Bigger Bond Markets?” In “Asian Bond Markets: Issues and Prospects.” BIS Papers No 30. Bank for International Settlements, 200610.2139/ssrn.1009056Search in Google Scholar

Emmers, Ralf, and John Ravenhill. “The Asian and Global Financial Crises: Consequences for East Asian Regionalism.” RSIS Working Paper No. 208, 2010Search in Google Scholar

Estrada, Gemma, Donghyun Park, and Arief Ramayandi. “Financial Development and Economic Growth in Developing Asia.” ADB Economics Working Paper Series No. 233, 201010.2139/ssrn.1751833Search in Google Scholar

Fase, Martin M. G., and R. C. N. Abma. “Financial Environment and Economic Growth in Selected Asian Countries.” In Journal of Asian Economics, 14, 2003, pp. 11-2110.1016/S1049-0078(02)00237-3Search in Google Scholar

Felman, Joshua, Simon Gray, Mangal Goswami, Andreas Jobst, Mahmood Pradhan, Shanaka Peiris, and Dulani Seneviratne. “ASEAN-5 Bond Market Development: Where Does It Stand? Where is It Going?” IMF Working Paper WP/11/137, 201110.2139/ssrn.1869546Search in Google Scholar

Fink, Gerhard, Peter Haiss, and Sirma Hristoforova. “Bond Markets and Economic Growth.” IEF Working Paper No. 49, 200310.2139/ssrn.1003763Search in Google Scholar

Fink, Gerhard, Peter Haiss, and Goran Vuksić. “Contribution of Financial Market Segments at Different Stages of Development: Transition, Cohesion and Mature Economies Compared.” In Journal of Financial Stability 5, 2009, pp. 431-45510.1016/j.jfs.2008.05.002Search in Google Scholar

Fry, Maxwell J. Emancipating the Banking System and Developing Markets for Government Debt. London: Routledge, 199710.4324/9780203299036Search in Google Scholar

Fung, Michael K. “Financial Development and Economic Growth: Convergence or Divergence?” In Journal of International Money and Finance, 28, 2009, pp. 56-6710.1016/j.jimonfin.2008.08.001Search in Google Scholar

Greenspan, Alan. “Do Efficient Financial Markets Mitigate Financial Crises?” October 19, 1999, Speech before the 1999 Financial Markets Conference of the Federal Reserve Bank of Atlanta, Atlanta, http://www.federalreserve.gov/boarddocs/speeches/1999/19991019.htm, accessed February 2012Search in Google Scholar

Greenwood, John. “The Costs and Implications of PBC Sterilization.” In Cato Journal, 28/2, 2008Search in Google Scholar

Habibullah, Muzafar Shah, and Yoke-Kee Eng. “Does Financial Development Cause Economic Growth? A Panel Data Dynamic Analysis for the Asian Developing Countries.” In Journal of the Asia Pacific Economy, 11/4, 2006, pp. 377-39310.1080/13547860600923585Search in Google Scholar

IMF. International Financial Statistics (IFS) Database, accessed June 2012Search in Google Scholar

Ismail, Izlin, and G. Sivalingam. “The Asian Bond Fund: A Case Study of Successful Economic and Financial Cooperation in Asia.” In Investment Management and Financial Innovations, 3, 2006, pp. 23-34Search in Google Scholar

Johansson, Anders C. “Interdependencies among Asian Bond Markets.” In Journal of Asian Economics, 19/19, 2008, pp. 101-11610.1016/j.asieco.2007.12.015Search in Google Scholar

Kaufmann, Daniel, Aart Kraay, and Massimo Mastruzzi. “The Worldwide Governance Indicators: A Summary of Methodology, Data and Analytical Issues.” World Bank Policy Research Working Paper No. 5430, 2010; 2011 Update of Indicators. http://info.worldbank.org/governance/wgi/pdf/wgidataset.xlsx accessed June 2012.Search in Google Scholar

Keele, Luke J., and Nathan J. Kelly. “Dynamic Models for Dynamic Theories: The Ins and Outs of Lagged Dependent Variables.” In Political Analysis, 14, 2006, pp. 186-20510.1093/pan/mpj006Search in Google Scholar

Khalid, Ahmed M., and Gulasekaran Rajaguru. “Market Development for Fixed Income Securities: The Role of Socio-Economic and Institutional Factors.” Bond University Working Paper No. 42, 2010Search in Google Scholar

La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny. “Law and Finance.” In Journal of Political Economy, 106/6, 1998, pp. 1113-115510.1086/250042Search in Google Scholar

Levine, Ross. “Financial Development and Economic Growth: Views and Agenda.” In Journal of Economic Literature, 35/2, 1997, pp. 699-726Search in Google Scholar

Lin, Chen, Yue Ma, Paul Malatesta, and Yuhai Xuan. “Corporate Ownership Structure and the Choice between Bank Debt and Public Debt.” SSRN Working Paper Series, 201210.2139/ssrn.2024308Search in Google Scholar

Löffler, Axel, Gunther Schnabl, and Franziska Schobert. “Limits of Monetary Policy Autonomy by East Asian Debtor Central Banks.” CESifo Working Paper No. 3742, 201210.2139/ssrn.2012274Search in Google Scholar

Lucas, Robert E. “On the Mechanics of Economic Development.” In Journal of Monetary Economics, 22, 1988, pp. 3-4210.1016/0304-3932(88)90168-7Search in Google Scholar

McCauley, Robert, and Eli Remolona. “Size and Liquidity of Government Bond Markets.” In BIS Quarterly Review, November 2000, pp. 52-60Search in Google Scholar

Mehl, Arnaud. “The Yield-Curve as a Predictor and Emerging Economies.” ECB Working Paper Series No. 691, 200610.2139/ssrn.940644Search in Google Scholar

Mohanty, Madhusudan, and Philip Turner. “Foreign Exchange Reserve Accumulation in Emerging Markets: What are the Domestic Implications.” In BIS Quarterly Review, September 2006Search in Google Scholar

Nyawata, Obert. “Treasury Bills and/or Central Bank Bills for Absorbing Surplus Liquidity: The Main Considerations.” IMF Working Paper WP/12/40, 201210.5089/9781463933838.001Search in Google Scholar

OECD. “Pensions at a Glance Asia/Pacific 2011.” OECD Publishing, 2012, http://dx.doi.org/10.1787/9789264107007-en, accessed May 2012.10.1787/9789264107007-en2012Open DOISearch in Google Scholar

Park, Yung-Chul, and Charels Wyplosz. Monetary and Financial Integration in East Asia: The Relevance of the European Experience. Oxford: Oxford University Press, 201010.1093/acprof:oso/9780199587124.001.0001Search in Google Scholar

Peiris, Shanaka. J. “Foreign Participation in Emerging Markets’ Local Currency Bond Markets.” IMF Working Paper WP/10/88, 201010.5089/9781451982602.001Search in Google Scholar

Rajan, Raghuram G., and Luigi Zingales. “The Great Reversals: The Politics of Financial Development in the Twentieth Century.” In Journal of Financial Economics, 69, 2003, pp. 5-5010.1016/S0304-405X(03)00125-9Search in Google Scholar

Sarr, Abdourahmane, and Tonny Lybek. “Measuring Liquidity in Financial Markets.” IMF Working Paper WP/02/232, 200210.5089/9781451875577.001Search in Google Scholar

Schumpeter, Joseph Alois. Theorie der wirtschaftlichen Entwicklung. Duncker & Humbolt, 1993 [1911]Search in Google Scholar

Shim, Illhyock. “Development of Asia-Pacific Corporate Bond and Securitisation Markets.” In “Weathering Financial Crises: Bond Markets in Asia and the Pacific.” BIS Papers No 63. Bank for International Settlements and Bank of Japan, 2012Search in Google Scholar

Spratt, Stephen. Development Finance: Debates, Dogmas and New Directions. Abingdon, Oxon: Routledge, 2009Search in Google Scholar

Turner, Philip. “Weathering Financial Crises: Domestic Bond Markets in EMEs.” In “Weathering Financial Crises: Bond Markets in Asia and the Pacific.” BIS Papers No 63. Bank for International Settlements and Bank of Japan, 2012Search in Google Scholar

Wiggins, Vince, and Brian Poi. “Testing for Panel-level Heteroskedasticity and Autocorrelation.” 2003, http://www.stata.com/support/faqs/stat/panel.html, 2003, accessed June 2012Search in Google Scholar

Wooldridge, Jeffrey. M. Econometric Analysis of Cross Section and Panel Data. Cambridge MA; London: The MIT Press, 2002Search in Google Scholar

World Bank. Developing Government Bond Markets: A Handbook. Washington DC: The International Bank for Reconstruction, 200110.1596/0-8213-4955-4Search in Google Scholar

World Bank. “World Development Indicators (WDI) and Global Development Finance (GDF) Database.” 2012, http://databank.worldbank.org/databank/download/WDIandGDF_excel.zip, accessed June 2012Search in Google Scholar

Yu, Ip-Wing, Laurence Fung, and Chi-Sang. Tam. “Assessing Bond Market Integration in Asia.” Hong Kong Monetary Authority Working Paper, no.10, 2007a10.2139/ssrn.1330709Search in Google Scholar

Yu, Ip-Wing, Laurence Fung, and Chi-Sang Tam. “Assessing Financial Market Integration in Asia: Equity Markets.” Hong Kong Monetary Authority Working Paper, no.04, 2007b.10.2139/ssrn.1330708Search in Google Scholar