CEPS undertook a major research project for the Asian Development Bank in an assignment to apply lessons from the integration of European capital markets to the ongoing effort to further develop and integrate East Asian bond markets. Ever since the 1997 financial crisis, Asian governments have been keen to develop native sources of debt finance to rely less on foreign capital with attendant currency and refinancing risk.
The CEPS study offers a historical perspective on the development and integration of European bond markets, especially the attendant regulatory and institutional framework. It offers lessons to Asian policymakers in their regional capital markets integration exercise.
September 2005 - April 2006
Asian Development Bank