Creating Long-Term Mortgage-Backed Bond Markets in Asian Developing Economies: A Postcrisis Reform Agenda
Kim, Yun-Hwan | October 1999
Abstract
Among the many important policy lessons learned from the Asian financial crisis is the need to develop long-term domestic bond markets in developing member countries (DMCs). Despite high rates of national savings, long-term savings have not been efficiently mobilized in most DMCs. Private sector investments in Asian emerging economies have largely been financed by short-term and medium-term foreign borrowing involv¬ing debt servicing burdens and exchange rate risks. It is therefore crucial for the DMCs to diversify the sources of investment funds, particularly by developing long-term domestic bond markets. To this end, several instruments are available, including pension funds, mutual funds or unit trusts, and mortgage-backed securities (MBSs) (Rhee 1999). MBSs are considered to be an increasingly important tool for mobilizing long-term savings, while at the same time stimu¬lating domestic housing markets. This paper, based on an Asian Development Bank (ADB) study (1999), discusses the feasibility of creating MBS markets in eight DMCs.
Citation
Kim, Yun-Hwan. 1999. Creating Long-Term Mortgage-Backed Bond Markets in Asian Developing Economies: A Postcrisis Reform Agenda. © Asian Development Bank. http://hdl.handle.net/11540/2404. License: CC BY 3.0 IGO.Keywords
Development
Finance
Development Challenges
Development Issues
Development Problems
Microenterprises Finance
Commercial Finance Companies
Enterprise Financing
ADB
Project finance
Development plans
Strategic planning
Business Financing
Investment Requirements
Insurance Companies
Insurers
Insurance stocks
Insurance holding companies
Insurance carriers
Insurance agencies
Business subsidies
Investment companies
Show allCollapse
Citable URI
http://hdl.handle.net/11540/2404Metadata
Show full item recordUsers also downloaded
-
Accountability Mechanism: Listening to Communities Affected by ADB-Assisted Projects and Enhancing Development Effectiveness
Asian Development Bank (Asian Development Bank, 2009-03-15)In May 2003, ADB approved a new accountability mechanism to replace the previous Inspection Function. The mechanism was established to provide better access for people adversely affected by ADBassisted projects to voice and seek solutions to their problems and also report alleged violations of ADB’s operational policies and procedures. Establishment of the mechanism is also an effort to enhance ADB’s ...In May 2003, ADB approved a new accountability mechanism to replace the previous Inspection Function. The mechanism was established to provide better access for people adversely affected by ADBassisted projects to voice and seek solutions to their ... -
Managing Reforms for Development: Political Economy of Reforms and Policy-Based Lending Case Studies
Abonyi, George; Bernardo, Romeo; Bolt, Richard; Duncan, Ronald; Tang, Christine (Asian Development Bank, 2013-01-01)The book’s intended readers are development practitioners involved in the policy reform process. It aims to help them understand political economy factors that shape actual outcomes, and to simplify the complexities of policy reform. Successful reform has to resolve two separate and conflicting dimensions: people and time. Reforms, by their very nature, challenge the status quo, often threatening ...The book’s intended readers are development practitioners involved in the policy reform process. It aims to help them understand political economy factors that shape actual outcomes, and to simplify the complexities of policy reform. Successful reform ... -
Multilateralizing Asian Regionalism
Baldwin, Richard; Kawai, Masahiro (Asian Development Bank Institute, 2013-08-15)Motivated by the proliferation of free trade agreements (FTAs) in Asia over the last decade, this paper studies the challenges faced by the Asian “noodle bowl”—overlapping, multiple trade rules, regulations, and standards in Asia—in the process of regional and global trade integration. The paper first highlights the importance of trade and investment linkages among Asian economies that have formed ...Motivated by the proliferation of free trade agreements (FTAs) in Asia over the last decade, this paper studies the challenges faced by the Asian “noodle bowl”—overlapping, multiple trade rules, regulations, and standards in Asia—in the process of ...