The Bond Markets of Developing East Asia


Robert F Emery

First Edition • October 1, 1998 • 364 pages


Print ISBN: 9780813336336 • $43.00 USD$49.50 CAN

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Drawing on the most recent data available, this comprehensive book provides detailed descriptions and analysis of the bond markets in eight East Asian developing economies: Hong Kong, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand. Robert Emery devotes a full chapter to evaluating the strengths and weaknesses of each country’s bond market.For each country, Emery describes the history of the bond market and identifies its key participants, the different types of bonds, and the current terms for bond issues. He also discusses the size of the bond market, the bond issuing process, trading procedures and the structure of the market, the clearing and settlement system, and fees and taxes. Finally, he lists the regulators of the market, current regulations, and bond rating agencies; assesses the market’s past performance; and offers suggestions for improvement.

Each country chapter is organized into a standard format, making it easy for the reader to locate and compare specific information. Emery concludes the book with cross-country comparisons of the eight countries’ bond markets. It will be an invaluable reference for economists, policymakers, and all those interested in emerging capital markets.


Robert F. Emery served as a financial specialist on East Asia at the Board of Governors of the Federal Reserve System for 33 years until 1992. He is the author of three books: The Financial Institutions of Southeast Asia (1970), The Japanese Money Market (1983), and The Money Markets of Developing East Asia (1991).

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