Download Asian Money Markets by David C. Cole PDF

By David C. Cole

The international locations of East and Southeast Asia have the world's so much dynamic funds markets. necessary to the Asian financial system, their functionality performs a vital position within the winning improvement of different monetary markets, equivalent to these for company and shopper loans. This unique research of the influence 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 single complete publication addressing this subject to be had this present day. person chapters have been written by way of specialists within the box, and have been guided through a standard examine method. This publication should be of significant worth to Pacific Basin experts, bankers, lecturers, and public coverage planners in finance.

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Foreign currency instruments, though less prominent, were important in several countries. Starting in 1967, Singapore's Asian currency deposits were the most striking example of the growing market for offshore deposits in the region. Also, the Monetary Authority of Singapore began to use foreign exchange swaps as its principal instrument of monetary policy. Indonesia's central bank introduced the foreign exchange swap in 1979; starting as a device to protect foreign investors, it subsequently became a tool of monetary and exchange rate policy, as described earlier.

But some countries that had no government debt saw the need to develop close substitute instruments as tools for monetary policy. This attempt was largely unsuccessful in promoting market-based money markets, because the markets were too small or the instruments were not priced at market prices. The case of Indonesia demonstrates a dilemma for developing countries trying to develop quasi-government money market instruments: Their development may be sacrificed to short-term macroeconomic concerns.

50%) ... 00) Hong Kong Japan prewara "Japan prewar is 1924 to 1930. ASIAN MONEY MARKETS: AN OVERVIEW 27 Government policy in many of the countries discouraged short-term government securities markets from serving the functions that they perform in developed countries. S. Treasury bills, for example, are key instruments for reference rates, monetary policy, and liquidity management, as well as tools of fiscal policy. Yet some governments in Asia could not use government securities for some of these purposes.

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