Asia's Debt Capital Markets: Prospects and Strategies for Development
Jul 01, 2006

Douglas Arner, Jae-Ha Park, Paul Lejot and Qiao Liu, eds.

"Asia's Debt Capital Markets: Prospects and Strategies for Development" compiles studies by leading research scholars in the United States and Asia. They assess the risks and opportunities, and strategies for developing these markets. The authors adopt a multidisciplinary approach, encompassing economics, finance and law, in the context of market practices for promoting well-functioning securities markets.

The motivation for the articles is the fact that eight years of post-crisis discussion has not yet resulted in sufficient actions to broaden and deepen debt capital markets. Yet the role and value of such markets for economic growth and development is undisputed. The articles in this book make an important contribution in identifying obstacles to reform as well as in proposing ways to develop debt capital markets.

"Asia's Debt Capital Markets" provides a comprehensive and detailed analysis of the importance of these markets to all countries, regardless of geographic location. It includes an up-to-date analysis of the underlying financial infrastructure contributing to the Asian crisis and an assessment of current economic conditions. Most importantly, the role of bond markets in promoting growth and stability in Asia are emphasized. Comprehensive information is utilized throughout the book to provide a blueprint for bond-market development.

"Asia's Debt Capital Markets" stems from discussions co-hosted by the Milken Institute and the University of Hong Kong at the first Asian Bond Market Forum in 2003 in Hong Kong.

The book is the sixth in the Milken Institute Series on Financial Innovation and Economic Growth, organized by Glenn Yago and James Barth. It is available at Springer online.