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东亚金融危机之后,为防止危机的再次发生,东亚各经济体在不同层面积极地推进地区金融合作,其中一个重要方面就是大力发展东亚新兴债券市场,希望通过债券市场的发展达到三个目标:缓解货币错配的程度,改善东亚金融体系的脆弱性,促进金融一体化的发展。本文采用定量的方法对危机后东亚新兴债券市场的发展是否达到以上三个目标进行了评价,分析认为东亚新兴债券市场的发展取得了一定的成效,一定程度上实现了其预期的目标。
After the East Asian financial crisis, in order to prevent the recurrence of the crisis, East Asian economies are actively promoting regional financial cooperation at different levels. One of the important aspects is to vigorously develop the emerging bond market in East Asia. We hope that through the development of the bond market, we will achieve the following three objectives: easing The degree of currency mismatch, the fragility of the financial system in East Asia, and the development of financial integration. This paper uses quantitative methods to evaluate whether the emerging East Asian bond market has met the above three goals after the crisis. The analysis shows that the development of the emerging bond markets in East Asia has achieved some success and achieved its expected goal to some extent.