By Bank for International Settlements Monetary and Economic Department
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Extra resources for Asian bond markets: Issues and prospects (BIS Papers, Number 30)
To take another example, the Korean Air Lines deal described above used a Korean Development Bank credit enhancement to access the regional market in Tokyo. To take still another example, the Hong Kong Mortgage Corporation (a wholly owned subsidiary of the Hong Kong Monetary Authority), promotes mortgage securitisation in the territory with guarantees. Substitute a regional credit rating agency for the World Bank, the official Korean guarantor or the Hong Kong Mortgage Corporation, and it is apparent that a regional credit guarantee agency could serve any of the three images of bond market development.
Since banks denominated many of their loans in foreign currency, exchange rate depreciation resulted in serious balance sheet damage and thrust highly leveraged corporations into bankruptcy. Analysts argued further that Asia’s heavy dependence on banks increased the weight of political and economic connections in resource allocation. Banks and the companies to which they lent were linked by family control. Banks were used by the authorities to extend preferential credit to firms favoured on political or developmental grounds.
Fernandez, David G and S Klassen (2006): “Choice of currency by Asian issuers”, this volume. kr). Hohensee, M and K Lee (2006): “A survey of hedging markets in Asia”, this volume. Jiang, Guorong (2006): “Comments on Professor Oh and Mr Park’s paper ‘ASEAN+3 Regional Guarantee Mechanism’”, this volume. Jiang, Guorong and Robert N McCauley (2004): “Asian Local Currency Bond Markets”, BIS Quarterly Review, June, pp 67-79. Kisselev, Kate and Frank Packer (2006): “Minding the gap in Asia: foreign and local-currency ratings”, this volume.