03414nam 2200613Ia 450 991081530400332120200520144314.01-4623-9116-81-4527-4509-91-283-51795-71-4519-0951-99786613830401(CKB)3360000000443965(EBL)3014387(SSID)ssj0000940074(PQKBManifestationID)11523034(PQKBTitleCode)TC0000940074(PQKBWorkID)10947348(PQKB)11724792(OCoLC)698585641(IMF)WPIEE2006238(NBER)w12408(MiAaPQ)EBC3014387(EXLCZ)99336000000044396520060807d2006 uf 0engurcn|||||||||txtccrBond markets as conduits for capital flows how does Asia compare? /prepared by Barry Eichengreen, Pipat Luengnaruemitchai1st ed.[Washington, D.C.] International Monetary Fundc20061 online resource (44 p.)IMF working paper ;WP/06/238"October 2006".1-4518-6498-1 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. REVIEW OF PREVIOUS STUDIES""; ""III. DATA AND SPECIFICATION""; ""IV. BASIC RESULTS""; ""V. SENSITIVITY CHECKS""; ""VI. CONNECTIONS WITH OTHER ASPECTS OF FINANCIAL DEVELOPMENT""; ""VII. THE COMPOSITION OF THE INVESTOR BASE""; ""VIII. CONCLUSIONS AND POLICY IMPLICATIONS""; ""References""We use data on the extent to which residents of one country hold the bonds of issuers resident in another as a measure of financial integration or interrelatedness, asking how Asia compares with Europe and Latin America and with the base case in which the purchaser and issuer of the bonds reside in different regions. Not surprisingly, we find that Europe is more financially integrated than other regions. Asia, more interestingly, already seems to have made more progress on this front than Latin America and other parts of the world. The contrast with Latin America is largely explained by stronger creditor and investor rights, better contract enforcement, and greater transparency, all of which are conducive to foreign participation in local markets and to intraregional cross holdings of Asian bonds generally. Further results based on a limited sample suggest that one factor holding back investment in foreign bonds in East Asia may be limited geographical diversification by mutual funds, in turn reflecting a dearth of appropriate assets. Asian Bond Fund 2, by creating a passively managed portfolio of local currency bonds potentially attractive to mutual fund managers and investors, may help to relax this constraint.IMF working paper ;WP/06/238.Investments, ForeignAsiaMathematical modelsCapital movementsAsiaInvestments, ForeignMathematical models.Capital movementsEichengreen Barry J318418Luengnaruemitchai Pipat1702906MiAaPQMiAaPQMiAaPQBOOK9910815304003321Bond Markets As Conduits for Capital Flows4087754UNINA