新兴的东亚债券市场外文及翻译.docVIP

外文原文 The Emerging East Asian Bond Market Abstract：The rapid growth of East Asia’s bond markets mirrors the region’s spectacular economic development. East Asian bond markets are projected to thrive over the next decade, reflecting continued strong private sector growth and deepening financial reforms. Introduction EAST ASIA’S financial markets have caught up, though somewhat belatedly, with the rapid development of the region’s real economy. The region’s financial markets, which were dominated by commercial banks, have been transformed by the emergence of a wide array of financial instruments, including equities and bonds.At the end of 1994, total market capitalization of the East Asia Stock Exchanges amounted to 71 percent of East Asian GDP, while bonds represented 22 percent of GDP (Table 1).（表2）The development of the securities markets was aided by increased foreign portfolio investment in East Asia’s booming economies, which was attracted by open capital accounts, stable exchange rates, and sustained macroeconomic stability. The emergence of bond markets is linked to financial liberalization.Until early 1980, East Asian banking systems were repressed by extensive controls on interest rates and credit allocation. In recent years, reforms have dramatically transformed the financial environment in the region, giving a boost to the development of bond markets.Size and structure规模和结构 Although small compared with bond markets in industrial countries, the East Asian bond market is a substantial presence in the bond markets of emerging market economies, representing about 40 percent of their combined market value. During 1989–94, the East Asian bond market grew by almost 10 percent annually (see chart)—twice the growth rate of bond markets in Germany, Japan, the United Kingdom, and the United States. National governments have been by far the largest issuers of securities in the East Asian bond markets (Table 2). State enterprises and central banks were also significan