东亚新兴债券市场的发展及其启示

The Enlightenment of Emerging Bond Market Development in East Asia

东亚新兴市场国家的国内债券市场发展水平存在着很大差异,根据相关指标大体可以将其划分为四个层次:中国香港、新加坡为第一层次,韩国、马来西亚、中国台湾为第二个层次,中国、菲律宾和泰国为第三层次,印尼为第四层次。通过对其发展状况的考察,可以得出几点启示,即保持一个稳定的宏观经济环境、发展政府公债市场、完善银行部门的体制改造、扩大机构投资者基础、合理调整税率待遇和加强法制建设等,是发展债券市场所需要的基本条件。

There is a great diversity in terms of level of bond market development across East Asian countries. Judged by several indicators of bond market development, Hong Kong, China and Singapore are ahead of other countries, followed by a second tier consisting of Korea, Malaysia and Taiwan ,China and a third tier consisting of People's Republic of China, Philippines, and Thailand.Indonesia is the most nascent among East Asian bond market. Initiatives to develop bond markets in East Asia should focus on: (i)sustaining a stable macroeconomic environment;(ii)developing a healthy government bond market; (iii)completing the bank sector restructuring; (iv)broadening the investor base; (v)rationalizing tax treatment of bonds;and (vi)strengthening the regulatory framework for bond market.