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亚洲债券市场倡议的背景、范畴与实践进展亚洲金融危机使亚洲各国意识到,在金融全球化过程中,独善其身是困难的,区域金融合作是保证亚洲各国(地区)金融安全与金融利益的必然选择。为了加强亚洲金融系统的稳定性,同时使亚洲资本在亚洲得到有效配置,亚洲各国(地区)相继提出了发展亚洲债券市场的建议。亚洲债券市场倡议的背景亚洲金融危机并没有表现出传统金融危机的征兆,它既非财政赤字引起,也非宏观经济诱因造成。理论界普遍认为,金融结构不合理是亚洲金融危机爆发的根本原因。危机国家金融体系的普遍特征是银行占据融资主导地位,并且政府为与其有裙带关系的银行提供各种隐性担保。这种担保使它们可以很容易地以较低的利率从国际市场上借入外币资
The Background, Categories and Practices of the Asian Bond Market Initiative The Asian financial crisis has made Asian countries aware that it is difficult to excel in financial globalization and that regional financial cooperation is the inevitable choice to ensure the financial security and financial interests of all Asian countries (regions) . In order to strengthen the stability of the Asian financial system and to allow Asian capital to be effectively deployed in Asia, various countries in Asia have put forward suggestions on the development of the Asian bond market one after another. The Background of the Asian Bond Market Initiative The Asian financial crisis did not show any signs of a traditional financial crisis, neither due to fiscal deficits nor macroeconomic incentives. Theorists generally agree that the irrational financial structure is the root cause of the Asian financial crisis. Crisis A common feature of the national financial system is that banks hold the dominant position in financing, and the government provides implicit guarantees for banks that have nepotral ties with them. This guarantee allows them to easily borrow foreign currency from the international market at a lower interest rate