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1 ABMI Asian Bond Markets InitiativeABF Asia Bond Fund ABMI ABF RIM 2007 Vol.7 No
2 ABMI ABF ABMI Asian Bond Markets Initiative ABF Asia Bond Fund 104 RIM 2007 Vol.7 No.24
3 ABMI ABF RIM 2007 Vol.7 No
4 Harwood ed RIM 2007 Vol.7 No.24
5 Harwood ed RIM 2007 Vol.7 No
6 108 RIM 2007 Vol.7 No.24
7 trading platforms RTGS Real-Time Gross Settlement T+1 DVP Delivery Vs. Payment RIM 2007 Vol.7 No
8 Harwood ed BIS RIM 2007 Vol.7 No.24
9 RIM 2007 Vol.7 No ABMI ABMI ABMI
10 112 RIM 2007 Vol.7 No.24 ABMI JBIC ASEAN ASEAN ASEAN
11 ADB IFC ADB MTN ADB JBIC ADB ADB ADB IFC ADB ADB TIS 35 JBIC 10 TIS NEXI Nippon Export and Investment Insurance 2004 ISUZU Thailand 10 NEXI RIM 2007 Vol.7 No
12 CBO77 CBO IBK The Industrial Bank of Korea 11JBIC SBC Small Business Corporation Pan-Asia Bond 12 ABF CBO 114 RIM 2007 Vol.7 No.24
13 2006 ADB 2005b NAFTA EU15 NAFTA , , EU , , , , , , , NAFTA EU15 NAFTA , EU15 1, , , , , , , ADB 2005b RIM 2007 Vol.7 No
14 116 RIM 2007 Vol.7 No CPIS 92.5
15 15 16 EMEAP Executives Meeting of Asia-Pacific Central Banks ABF ABF ABF 11ABF ABF1 ABF International Index Company iboxx ABF 1 BIS EMEAP 1 EMEAP PAIF Pan-Asia Bond Index Fund 10 FoBF Fund of Bond Funds 10 ABF 2006 PAIF ABF EMEAPABF ABF ABF 17 ABF HSBC DBS Development Bank of Singapore RIM 2007 Vol.7 No
16 RIM 2007 Vol.7 No.24
17 ADB 2005b Asian bid ABMI ABF ABMI ABF pp ADB 2005a ABMI JBIC JBIC CBO AAAJBIC 10JBIC TODAY IMF CPIS Coordinated Portfolio Investment Survey Parrenas RIM 2007 Vol.7 No
18 16 McCauley and Jiang PAIF Pan-Asia Index 18 ADB EuroWeek FinanceAsia 14 treasury bond Monetary Stabilization Bonds BIS MSB Korea BondWeb 120 RIM 2007 Vol.7 No.24
19 99 IDBs 99 KOFEX Korea Futures Exchange ABS ABS2000 ABS ,823 23,598 2,208 10,335 8,541 61, ,206 29,904 2,668 14,922 9,079 76, ,246 34,322 2,887 20,221 8,438 90, ,097 56,000 2,911 23,425 6, , ,671 3,306 33,692 4, , ,663 2,601 44,676 2, , ,245 87,195 1,153 66,443 2, , ,580 77,522 1,078 51,874 3, , ,697 61,758 1,076 54,450 3, , ,501 50,379 1,648 84,452 3, , ,451 48,103 1,564 58,837 3, ,550 Monthly Financial Statistics RIM 2007 Vol.7 No
20 10 ABS ,919 20, ,658 2,823 23, ,183 26,524 1,023 3,381 3,206 29, ,753 32, ,974 2,246 34, , ,097 56, , , , , , , , , , ,619 1,245 87, , , ,026 1,580 77, , ,674 1,697 61, , ,190 1,501 50, , ,823 1,451 48,103 Monthly Financial Statistics A 46BBB35BB ABS Korea Investors Service KIS 87 National Information and Credit Evaluation NICEKDB Korea Development Bank Korea Management and Credit Rating CorporationKorea Ratings 92 Seoul Credit Rating & Information Inc. SCI 2000 FSC Financial Supervisory Committee CP ABS FSC 122 RIM 2007 Vol.7 No.24
21 ,005 3,197 1, , , ,424 3,744 1, , ,863 3,612 3, , ,001 3,910 8,550 1,517 2, , ,469 2,193 5,018 1,696 1,385 4,247 1,703 30, n.a. n.a. n.a. n.a. n.a. n.a. n.a. 59, ,745 2,095 4,407 1,156 2,601 37,800 2,240 72, n.a. n.a. n.a. n.a. n.a. n.a. n.a ,965 1,001 2, ,530 43,664 1,605 60, ,399 3,026 2,105 2,520 3,260 25,432 2,462 50, ,348 2,672 1,159 1,700 2,020 27,688 1,485 48, Shirai 2001Monthly Financial Statistics ( , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,103 Monthly Financial Statistics RIM 2007 Vol.7 No
22 ABS 25 ABMI ABS ABS Mortgage-Backed Residential Mortgage-Backed Securities RMBS Securities MBS Commersial Mortgage-Backed Securities CMBS Collateralized Debt Collateralized Loan Obligations CLO Obligations CDO Collateralized Bond Obligations CBO Credit-Card Receivables Leasing Receivables ABS Trade Receivables Consumer Loans Ghosh ed CBO Collateralized Bond Obligation 27 ABS98 ABS Asset Securitization Act 2000ABS RIM 2007 Vol.7 No.24
23 KAMCO 2000 ABCP Asset-Backed Commercial Paper CLO Collateralized Loan Obligation 2001 CBO CLO 2002 ABS ABS ABS CBO ABS ABS ABS Financial Supervisory Service. Weekly Newsletter March 12, Korea Housing Finance Corporation RMBS Residential Mortgage -Backed Securities CDO 10 ABS ABS 2005 ABS 29 ABS RMBS CMBS Commercial Mortgage-Backed Securities 20051,200 ITC Investment Trust Companies RIM 2007 Vol.7 No
24 60 ITC National Pension Corporation , Asian Bonds Online KRX Korea Exchange KSDA Korea Securities Dealers Association ITC 22 BBB n.a. n.a. n.a n.a. n.a. n.a Asian Bonds Online 126 RIM 2007 Vol.7 No.24
25 BIS 2006 Korea Securities Depository ITC ITC MOFE Ministry of Finance and Economy ITC 99 ITC ITC ITC ITC SK ITC MMF Money Market Funds RIM 2007 Vol.7 No
26 128 RIM 2007 Vol.7 No.24 KAMCO ITC BB CBO CLO
27 MOFE Ministry of Finance and Economy FSC FSC FSS Financial Supervisory Service Bank of Korea KRXKSDA SRO Self- Regulatory Organizations 98 ABS 2005KRX 2005FSC ABS CDO 2005 RIM 2007 Vol.7 No
28 98 12 ACGA Asian Corporate Governance AssociationCorporate Governance Watch Corporate Restructuring Promotion Act 2006 Unified Insolvency Law bankruptcy rehabilitation ABS 130 RIM 2007 Vol.7 No.24
29 KISKR Kang 2004 ABMI 19 Progress Report of the ABMI May 2006Self Assessment Report on Local Bond Market Development Korea ADB 2005a 23 World Bank 2004 ITC Fannie Mae Freddie Mac MBS Mortgage-Backed Securities Kosdaq KSEKOFEX KOSDAQ 31 BIS P CBO Primary Collateralized Bond Obligations Korea Credit Guarantee Fund 10Bond Fund P CBO KDB Bank of Korea. Financial Stability Report BBB Batten and Szilagyi BIS RIM 2007 Vol.7 No
30 37 39 Batten and Szilagyi ADB 2006b Kang 2004 Malaysian Government Securities GII Government Investment Issues Savings Bonds ,262 75,012 78,336 89, , , , , ,050 Government Investment Issues 2,750 2,000 2,000 4,000 4,000 5,000 7,000 9,100 10,100 1,000 4,850 8,980 10,000 10,000 10,000 11,000 10,000 11,000 Malaysia Savings Bonds Merdeka Savings Bonds 1,929 3,444 2,601 10,344 11,140 11,140 11,140 8, ,000 11,000 11,000 11,000 11,000 16,756 15,064 13,019 17,312 18,427 22,595 25,628 26,752 24,107 46,594 46,737 79, , , , , , , , , , , , , , , , RIM 2007 Vol.7 No.24
31 FAST Fully Automated System for Issuing/Tendering 99 BIDS Bond Information and Dissemination System 97 RENTAS Real-time Electronic Transfer of Funds and Securities System 99 PDS Private Debt Securities Bank Negara Malaysia 4392 BBB P3 99 BB Rating Agency Malaysia Berhad RAM Malaysian Rating Corporation Berhad MARC RIM 2007 Vol.7 No
32 2000SC Securities Commission shelf registration ,413 23,087 16,266 41,262 43,173 28,276 5,286 7,100 8,900 18,600 18,200 15,800 30,953 37,932 36,195 50,975 36,340 38,196 12,940 14,360 7,763 27,983 4,313 3, ,944 1,493 2,852 3,177 4,301 3,745 7,666 13,501 13,829 8,143 9,104 9,537 ABS 0 1,235 1,916 3,487 2,958 6,210 MTN 7,315 12,296 8,403 6,430 9,535 8,185 8,290 2,540 10,459 20,355 34,137 33,123 26,814 18, RIM 2007 Vol.7 No.24
33 M&AABS SPV A 28 ABBB BBB , , , , , , , , , , Monthly Statistical Bulletin RIM 2007 Vol.7 No
34 2001 ABS 2003 ABS ABS CBO CLO Cagamas MBS Berhad RMBS 20RMBS ABS 2005 RMBS ABS oil-palm 2005 ABS 30 ABS ABS 136 RIM 2007 Vol.7 No.24
35 RMBS ABS REIT ABS 52 ABS ABS ABS ICM Islamic Capital Market 96 SAC Shariah Advisory Council 53 conventional RIM 2007 Vol.7 No
36 , MTN ABS 2004 IFC 2005 Cagamas MBS Berhad RMBS 55 Shariah BBA Murabahah Istisna Mudharabah Musyarakah Ijarah Capital Market Masterplan , RIM 2007 Vol.7 No.24
37 GDP EPF Employees Provident Fund ,638 provident funds EPF , EPF EPF RIM 2007 Vol.7 No
38 A EPF EPF 140 RIM 2007 Vol.7 No.24
39 EPF 99 National Bond Market Committee investment management industry market institutions 24 Strategic Initiatives ABS RIM 2007 Vol.7 No
40 2000 Finance Committee Malaysian Code on Corporate Governance KLSE Kuala Lumpur Stock Exchange MASB The Company Act 1965 RAM MARC RAM 4.9 MARC 2006 recognition 142 RIM 2007 Vol.7 No.24
41 IOSCO , Bank Negara Malaysia ADB 12IFC 2005 ADB6.5 IFC Dalla IFSB 54 BIS EPF KLSE 2004Bursa Malaysia ADB 2006b Menon FIDF Financial Institutions Development RIM 2007 Vol.7 No
42 Fundfiscalize Securities and Exchange Act public limited companies SEC Securities and Exchange Commission , , , , BOT FIDF PLMO , , , , , , ,366.8 FIDF Financial Institutions Development Fund PLMO Property Loan Management Organization haibma PDMOSEC 144 RIM 2007 Vol.7 No.24
43 BBB GDP BOT FIDF PLMO , , , saving bonds3,050 haibma PDMO SEC RIM 2007 Vol.7 No
44 SEC, Capital Market Report, First Quarter RIM 2007 Vol.7 No.24
45 TRIS Thai Rating and Information Services Fitch Ratings Thailand Ltd. TRIS 2002TRIS Rating Co., Ltd. 97 SPV Act ABS ABS ABS 2004ABS AAA ABS 64 bankruptcy remoteness ABS RIM 2007 Vol.7 No
46 mutual funds provident funds , GPF Government Pension Fund 20003, , GDP FIDF Asian Bonds Online 148 RIM 2007 Vol.7 No.24
47 94 11 ASCO Association of the Securities Companies Bond Dealers Club BDC 98BDC Thai Bond Dealing Centre TBDC TBDC 2005 TBDC Thai Bond Market Association ThaiBMA 2004 SET Stock Exchange of ThailandBond Electronic Exchange BEX 2005 BEX ThaiBMA BEX ThaiBMA haibma RIM 2007 Vol.7 No
48 MOF BOT Bank of Thailand 150 RIM 2007 Vol.7 No.24
49 TSD Thailand Security Depository Co., Ltd. TSD ThaiBMA Public Debt Management Office NCGC National Corporate Governance Committee TRIS 2005 Federation of Accounting Professions RIM 2007 Vol.7 No
50 40 Bankruptcy Act rehabilitation 99 Bankruptcy Court CDRAC Corporate Debt Restructuring Advisory Committee Thai Asset Management Corporation CDRAC 71 TRIS93 ABMI 2001 Fitch Ratings Thailand TRIS RIM 2007 Vol.7 No.24
51 62 JBIC Research Paper No Dalla SPV 65 Asian Bonds Online BIS World Bank CDRAC CP RIM 2007 Vol.7 No
52 CP 20, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , CP 4, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Flow of Funds GDP GDP RIM 2007 Vol.7 No.24
53 ,558 84,382 12,140 30,767 12,446 6, ,619 13,255 7,867 17,071 15,787 16, ,924 18,358 1,788 6,096 6,013 6, , ,995 2,485 7,600 34,246 29, ,676 10,837 23,588 27, ,110 15,698 8,402 22, ,291 7,772 6,475 6, ,858 34,306 38,465 55, GDP RIM 2007 Vol.7 No
54 NESDB GDP The Bank of Korea, Quarterly Bulletin, Jun IMF RIM 2007 Vol.7 No.24
55 RIM 2007 Vol.7 No ABMI ABF
56 SPV true sale Ghosh ed. 2006pp Ghosh ed RIM 2007 Vol.7 No.24
57 Mismatch79 AECM= AECM AECM 77 ADB IMF 2005a 79 AECMAsian Bonds Online 78 Goldstein and Turner 2004 AECM Aggregate Effective Currency RIM 2007 Vol.7 No
58 160 RIM 2007 Vol.7 No a b a 82principal agent ROA
59 2005 SUMMER RIM Vol.3 No Business & Economic Review a b ADB Asia Bond Monitor, Nov. 22. ADB 2005a. Asia Bond Monitor, Apr. 23. ADB 2005b. Asia Bond Monitor, Nov. 24. ADB 2006a. Asia Bond Monitor, Mar. 25. ADB 2006b. The Asia-Pacific Restructuring and Insolvency Guide Bank Negara Malaysia The Central Bank and the Financial System in Malaysia. 27. Bank Negara Malaysia Annual Report, various issues 28. Bank of Korea. Financial Stability Report, various issues 29. Batten, Jonathan A. and Peter G. Szilagyi Developing Foreign Bond Markets The Arirang Bond Experience in Korea, IIIS Discussion Paper No.138, May 30. BIS The Development of Bond Markets in Emerging Economies, BIS Papers No.11, Jun. 31. BIS Developing corporate bond markets in Asia, BIS Papers No.26, Feb. 32. Dalla, Ismail. 2006Asset Securitization Markets in Selected East Asian Countries, in Ghosh, Swati R. ed. East Asian Finance The Road to Robust Markets, World Bank. 33. Eichengreen, Barry and Pipat Luengnaruemitchai Why doesn t Asia have bigger bond markets? Mar. 34. EMEAP Review of the Asian Bond Fund Initiative, Jun. 35. Endo, Tadashi Corporate Bond Markets Development, in Bond Market Development in Asia, OECD Proceedings. 36. Financial Supervisory Service. Weekly Newsletter, various issues 37. Ghosh, Swati R. ed East Asian Finance The Road to Robust Markets, World Bank. 38. Goldstein, Morris and Philip Turner Controlling Currency Mismatches in Emerging Markets, Institute for International Economics, Apr. 39. Gyntelberg, Jacob, Guonan Ma and Eli M. Remolona Corporate bond markets in Asia, BIS Quarterly Review, Dec. 40. Gyntelberg, Jacob and Eli M. Remolona Securitization in Asia and the Pasific implications for liquidity and credit risks, BIS Quarterly Review, Jun. RIM 2007 Vol.7 No
60 41. Harada, Yasuhiro The Role of Credit Rating Agencies in Asia s Emerging Bond Markets-The Japanese and Korean Experience, material for the seminar in 2005 ADB Annual Meeting. 42. Harwood, Alison ed Building Local Bond Markets An Asian Perspective, IFC. 43. IMF 2005a. Corporate Finance in Emerging Markets, Global Financial Stability Report, Apr. 44. IMF 2005b. Development of Corporate Bond Markets in Emerging Market Countries, Global Financial Stability Report, Sep. 45. Kang, Suk-In The Growth of the Korean Credit Rating Industry and ABS Market, and Tasks for the Asian Bond Market, paper for the seminar in 2004 ADB Annual Meeting. 46. Korea Securities Dealers Association Securities Market in Korea, Ma, Guonan and Eli M. Remolona Opening markets through a regional bond fund lessons from ABF2, BIS Quarterly Review, Jun. 48. Menon, Suresh Development of Regional Standards for Asian Credit Rating Agencies Progress and Changes, material for the seminar in 2004 ADB Annual Meeting. 49. Quah, Renee ABS Round-up 2005, RAM Structured Finance Ratings, Apr Schmidt, Florian H.A Asia s Credit Markets, John Wiley & Sons Asia Pte Ltd. 51. Securities Commission Malaysia. Annual Report, various issues 52. Shirai, Sayuri Overview of Financial Market Structures in Asia, ADBI Working Paper No.25, Sep. 53. Takagi, Shnji Developing a Viable Corporate Bond Market under a Bank-Dominated System Analytical Issues and Policy Implications, in Bond Market Development in Asia, OECD Proceedings. 54. The Thai Bond Market Association Thai BMA Monthly Summary, Jan. 55. World Bank Report on the Observance of Standards and Codes Corporate Governance Country Assessment Thailand, Jun. 56. Yoshitomi, Masaru and Shirai, Sayuri Designing a Financial Market Structure in Post-Crisis Asia, ADBI Working Paper No.15, Mar. 162 RIM 2007 Vol.7 No.24
マレーシアの債券市場と拡大するイスラム債発行 2001 Capital Market Masterplan 2002 図表 3 マレーシア企業の資金調達方法 金融機関融資 19, , , ,790 10,011
アジアの視点 マレーシアの債券市場と拡大するイスラム債発行 調査部環太平洋戦略研究センター 主任研究員 清水聡 1. はじめに : マレーシアの債券市場と資金調達の概要 10 97 5,706 2007 3.6 2.2 6.8 2003 ABMI Asian Bond Markets Initiative 図表 1 10 1,600 1,400 1,200 1,000 800 600 400 200
野村資本市場研究所｜ASEAN投資信託市場の現状と課題（PDF）
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アジアにおける証券化取引の現状と期待される役割 要 旨 調査部 主任研究員 清水聡 1997 ASEAN 2008 70 RIM 2014 Vol.14 No.53 アジアにおける証券化取引の現状と期待される役割 目次はじめに 1. 証券化のメリットとリスク 2. アジアの証券化取引の現状 1 2 3 4 5 3. 証券化取引を拡大するための課題 1 2 4. アジアにおける証券化促進の必要性と方策
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