LEADER 05238oam 22011774 450 001 9910815304003321 005 20240410162459.0 010 $a1-4623-9116-8 010 $a1-4527-4509-9 010 $a1-283-51795-7 010 $a1-4519-0951-9 010 $a9786613830401 035 $a(CKB)3360000000443965 035 $a(EBL)3014387 035 $a(SSID)ssj0000940074 035 $a(PQKBManifestationID)11523034 035 $a(PQKBTitleCode)TC0000940074 035 $a(PQKBWorkID)10947348 035 $a(PQKB)11724792 035 $a(OCoLC)698585641 035 $a(NBER)w12408 035 $a(MiAaPQ)EBC3014387 035 $a(IMF)WPIEE2006238 035 $a(EXLCZ)993360000000443965 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBond Markets As Conduits for Capital Flows $eHow Does Asia Compare? /$fPipat Luengnaruemitchai, Barry Eichengreen 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (44 p.) 225 1 $aIMF Working Papers 300 $a"October 2006". 311 $a1-4518-6498-1 320 $aIncludes bibliographical references. 327 $a""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"" 330 3 $aWe use data on the extent to which residents of one country hold the bonds of issuers resident in another as a measure of financial integration or interrelatedness, asking how Asia compares with Europe and Latin America and with the base case in which the purchaser and issuer of the bonds reside in different regions. Not surprisingly, we find that Europe is more financially integrated than other regions. Asia, more interestingly, already seems to have made more progress on this front than Latin America and other parts of the world. The contrast with Latin America is largely explained by stronger creditor and investor rights, better contract enforcement, and greater transparency, all of which are conducive to foreign participation in local markets and to intraregional cross holdings of Asian bonds generally. Further results based on a limited sample suggest that one factor holding back investment in foreign bonds in East Asia may be limited geographical diversification by mutual funds, in turn reflecting a dearth of appropriate assets. Asian Bond Fund 2, by creating a passively managed portfolio of local currency bonds potentially attractive to mutual fund managers and investors, may help to relax this constraint. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/238 606 $aInvestments, Foreign$zAsia$xMathematical models 606 $aCapital movements$zAsia 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aInvestments: General$2imf 606 $aInvestments: Bonds$2imf 606 $aIndustries: Financial Services$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aInvestment & securities$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aBonds$2imf 606 $aSecurities markets$2imf 606 $aSecurities$2imf 606 $aMutual funds$2imf 606 $aCapital market$2imf 606 $aBanks and banking$2imf 606 $aFinancial instruments$2imf 607 $aUnited States$2imf 615 0$aInvestments, Foreign$xMathematical models. 615 0$aCapital movements 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aInvestments: General 615 7$aInvestments: Bonds 615 7$aIndustries: Financial Services 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aInvestment & securities 615 7$aFinance 615 7$aBanking 615 7$aBonds 615 7$aSecurities markets 615 7$aSecurities 615 7$aMutual funds 615 7$aCapital market 615 7$aBanks and banking 615 7$aFinancial instruments 700 $aLuengnaruemitchai$b Pipat$01702906 701 $aEichengreen$b Barry J$0318418 801 0$bDcWaIMF 906 $aBOOK 912 $a9910815304003321 996 $aBond Markets As Conduits for Capital Flows$94087754 997 $aUNINA