新兴东亚债券市场.docVIP

外文原文 The Emerging East Asian Bond Market 新兴的东亚债券市场 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. 快速增长的亚洲债券市场反映了区域经济的迅速发展。东亚债券市场预计在未来十年会蓬勃发展，这反映出私营部门持续强劲的增长与金融改革的深化。 Introduction EAST ASIA’S financial markets have caught up, though somewhat belatedly, with the rapid development of the region’s real economy. 虽然有些迟缓，但是东亚金融市场还是赶上了区域实体经济快速的发展。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. 被商业银行控制的区域金融市场已经被包括股票和债券在内的大量的金融工具所改变。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). 在1994年年底，东亚证券交易的总市值占到东亚GDP的71%，其中债券占GDP的22%。（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. 被繁荣的东亚经济开放的资本项目、稳定的汇率和持久的宏观经济的稳定所吸引，外国间接投资不断增长，促进了东亚证券市场的发展。 The emergence of bond markets is linked to financial liberalization.债券市场的出现联系到金融的自由化。 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.直到1980年年初，东亚的银行系统被对利率和信贷分配的广泛控制所约束，近年来，改革已经显著改变了该地区的金融环境，这推动了债券市场的发展。 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. 尽管无法与工业国的债券市场相比，但是