【正文】 le, the domain of the securities regulator, BAPEPAM, is limited to financial instruments with maturities exceeding one year, while the central bank is responsible for regulating money market instruments. In Singapore, regulation of financial instruments falls within the jurisdiction of the Moary Authority of Singapore. Hong Kong and the Philippines follow the more mon practice of placing private sector bond offerings under the charge of securities all these divergences in regulatory practices, a consensus is emerging, in all the countries, that the main regulatory powers need to be vested in securities missions. The futureThe ing decade promises to be the age of the Asian bonds。 There is no uniform practice among East Asian countries regarding the organization of primary markets, the range of issuers and investors, the instruments available, and bondissuance methods. Government bonds in primary markets are issued by petitive auction in Hong Kong and the contrast, in China, government bonds are placed through administrative allocation, which often leads to their prices being below the marketdetermined level. Issuance practices for government bonds in the rest of East Asia fall somewhere between these experience and expertise have been gained, the differences in practices among the East Asian countries have substantially narrowed, and the functioning of primary markets for government bonds has tended increasingly to approximate those in the industrial methods for private bonds vary widely across the region. In Thailand, for example, public issues of bonds are more cumbersome than private placements, since issuers must satisfy various stipulations of the Security Exchange Commission. In the Philippines, private bond issuance—which generally consists of mercial paper with a maturity of less than one year—is limited to a handful of bluechip corporations. Among the East Asian countries, Korea has the largest corporate bond market. As is true of the primary markets for East Asian countries’ government bonds, practices, and procedures for issuing corporate bonds in the region are beginning to converge to mon norms based on best practices prevailing in Japan and the United States. Secondary market. East Asian countries are gradually building an infrastructure for secondary markets for bonds, although trading has been modest so far. Hong Kong and Korea have the most active secondary markets, with a turnover rate averaging about 58 percent in 1993. In the East Asian bond market, trading in any particular issue is typically active shortly after the initial offering and tapers off immediately after. Thus, secondary market activity tends to rise and fall with primary market activity。在 1994 年年底，東亞證券交易的總市值占到東亞 GDP 的 71%，其中債券占 GDP 的 22%。 在東亞證券市場(chǎng)的早期發(fā)展中，私有企業(yè)并 不是很積極， 反映 出了 對(duì)金融體系普遍的控制 ,對(duì) 投資者保護(hù) 的 不足 和稅收歧視。 太多的長(zhǎng)期貸款導(dǎo)致資產(chǎn)和負(fù)債的失衡。 然而，由于當(dāng)局政策在這些平主要市場(chǎng)上的作用，外國(guó)債券進(jìn)入東亞國(guó)家國(guó)內(nèi)債券市場(chǎng)受到了限制。 例如在泰國(guó) ， 公 開(kāi)發(fā)行 債券是一件 比 私人配售 更 麻煩的事情 ,因?yàn)榘l(fā)行商必須滿(mǎn)足各種安全交易委員會(huì)的規(guī)定。 OTC 交易的顯著優(yōu)勢(shì)在于它們相對(duì)寬松的交易政策，因?yàn)樗鼪](méi)有最小交易額的限制，更少的交易時(shí)間的限 制和迅速有效的處理問(wèn)題。 因此，還有一些對(duì)次級(jí)市場(chǎng)中的債券交易的刺激。 除了在馬來(lái)西亞和泰國(guó) ， 沒(méi)有著名的 有威望的 評(píng)級(jí)機(jī)構(gòu)。直到 1991 年 ,中央銀行 是主要負(fù)責(zé)管理固定收益證券 。 2020年 ， 東亞債券市場(chǎng) (不包括香港和新加坡 )可能增長(zhǎng)到凈贖回超過(guò) 1萬(wàn)億美元 。 Development, March 1996 外文 譯文 東亞新興債券市場(chǎng) 摘要 ： 。 這個(gè)債券市場(chǎng) 的面貌 可能會(huì)發(fā)生戲劇性的變化 , 在大多數(shù)的國(guó)家 ， 企業(yè)部門(mén) 引導(dǎo)著發(fā)展的方向 ,除了中國(guó)和菲律賓 ,企業(yè)債券的發(fā)行人是超越政府的主要部分 。 然而在這一地區(qū)各個(gè)國(guó)家的監(jiān)管并不統(tǒng)一。 然而， 在過(guò)去的幾年 里許 多領(lǐng)域的基礎(chǔ)設(shè)施制度 有了很大的 進(jìn)步 。 另一個(gè)因素，市場(chǎng)的創(chuàng)造者得不到流動(dòng)性的支持也不利于債券市場(chǎng)的發(fā)展。有幾個(gè)障礙阻礙著充滿(mǎn)活力的東亞次級(jí)債