By David C. Cole
The nations of East and Southeast Asia have the world's such a lot dynamic cash markets. necessary to the Asian financial system, their functionality performs a very important position within the profitable improvement of alternative monetary markets, reminiscent of these for enterprise and purchaser loans. This unique examine of the impression of presidency coverage at the functionality of cash markets within the economies of this quarter (Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, and South Korea) is the one accomplished booklet addressing this subject to be had this present day. person chapters have been written via specialists within the box, and have been guided via a typical study method. This e-book should be of significant price to Pacific Basin experts, bankers, lecturers, and public coverage planners in finance.
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Extra resources for Asian Money Markets
The government also promoted the necessary institutional infrastructure for this money market. Institution building by the Malaysian government took place over many years. For treasury bills, the government devised a system of weekly tenders as early as 1973 and set up a system of principal dealers as underwriters and market makers in 1989, thus promoting liquidity in the secondary markets. The dealers were rewarded with the exclusive power to implement open market operations and to tap the central bank's rediscount window.
On the other hand, the ratio of DMM/GDP indicates that Japan's domestic money markets were relatively underdeveloped. 93). How can this be explained? Part of the answer lies in the importance of the Japanese banking sector. As both the Japanese studies point out, the banks were the key players in the Japanese financial system, so people and firms looked to banks for both short-term liquidity and long-term financing and as a place to put excess funds. Japan did not need to develop active money markets.
Hong Kong and Korea did not, and Indonesia and prewar Japan had stop/go policies. The Philippine government had no clear policy at all during this period. For government instruments, countries without the need for central government borrowing (Hong Kong, Indonesia, prewar Japan, Singapore), naturally did less than those with significant government debt (Malaysia and the Philippines) did to develop these markets. But some countries that had no government debt saw the need to develop close substitute instruments as tools for monetary policy.