外文翻譯---新興的東亞債券市場

外文翻譯---新興的東亞債券市場

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時間:2017-11-15

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1、外文原文TheEmergingEastAsianBondMarketAbstract:TherapidgrowthofEastAsia’sbondmarketsmirrorstheregion’sspectaculareconomicdevelopment.EastAsianbondmarketsareprojectedtothriveoverthenextdecade,reflectingcontinuedstrongprivatesectorgrowthanddeepeningfinancialreforms.Introductio

2、nEASTASIA’Sfinancialmarketshavecaughtup,thoughsomewhatbelatedly,withtherapiddevelopmentoftheregion’srealeconomy.Theregion’sfinancialmarkets,whichweredominatedbycommercialbanks,havebeentransformedbytheemergenceofawidearrayoffinancialinstruments,includingequitiesandbonds.A

3、ttheendof1994,totalmarketcapitalizationoftheEastAsiaStockExchangesamountedto71percentofEastAsianGDP,whilebondsrepresented22percentofGDP(Table1).(表2)ThedevelopmentofthesecuritiesmarketswasaidedbyincreasedforeignportfolioinvestmentinEastAsia’sboomingeconomies,whichwasattra

4、ctedbyopencapitalaccounts,stableexchangerates,andsustainedmacroeconomicstability.Theemergenceofbondmarketsislinkedtofinancialliberalization.Untilearly1980,EastAsianbankingsystemswererepressedbyextensivecontrolsoninterestratesandcreditallocation.Inrecentyears,reformshaved

5、ramaticallytransformedthefinancialenvironmentintheregion,givingaboosttothedevelopmentofbondmarkets.Sizeandstructure規(guī)模和結(jié)構(gòu)Althoughsmallcomparedwithbondmarketsinindustrialcountries,theEastAsianbondmarketisasubstantialpresenceinthebondmarketsofemergingmarketeconomies,represe

6、ntingabout40percentoftheircombinedmarketvalue.During1989–94,theEastAsianbondmarketgrewbyalmost10percentannually(seechart)—twicethegrowthrateofbondmarketsinGermany,Japan,theUnitedKingdom,andtheUnitedStates.Nationalgovernmentshavebeenbyfarthelargestissuersofsecuritiesinthe

7、EastAsianbondmarkets(Table2).Stateenterprisesandcentralbankswerealsosignificantissuersofbonds,particularlyintheRepublicofKorea.PrivatecorporationswerenotveryactiveintheearlystageofbondmarketdevelopmentinEastAsia,reflectingpervasivecontrolsonfinancialsystems,inadequateinv

8、estorprotection,andtaxdiscrimination.Thesituationhaschangedinrecentyears,withfinancialandotherreforms;C

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