发展亚洲债券市场对防范金融危机的深远意义

Developing hie Asian bond markets： Far-reaching significance for mitigating financial crises

亚洲金融危机后，亚洲各国日益意识到对金融危机的防范和救助需要一种地区性的公共产品。作为东亚货币与金融合作的一种中长期方案，发展亚洲债券市场有助于完善本区域金融结构，减轻实体经济对银行部门的过分依赖，削弱举借外债后货币和期限的双重不匹配问题。从规模看亚洲债券市场具有广阔的发展前景．

In the wake of the Asian financial crisis, Asian countries have realized the need for a regional public product to guard against financial crisis. As a mid-and long-term scheme for monetary and financial cooperation in Eastern Asia developing Asian bond markets helps to perfect regional financial structures, reduce over-reliance of the real economy on the banking sector and relieves double mismatch of both currency and maturity incurred by foreign debts. In respect of the scale, the prospect of developing Asian bond markets is very positive and encouraging.