east asian finance-road to robust markets

East Asian Finance-Road to Robust MarketsAsset Securitisation in East Asia

Ismail Dalla

Hong KongJune 22-23, 06Views expressed in this presentation do not represent official views of the World Bank

Key Economic Indicators East Asia and Pacific (in %)

BIS

125.3166.7154.9

148.6184.3177.5

101.3146152.4

161.2199.1227.4

185.3207.8335.9

195.2220.5383.5

212.6248.5432

243310.7520.2

260.9365.8615.4

255491.3732.9

249.5582.4773.3

Source: BIS

Domestic Corporate Debt Securities

Domestic Financial Debt Securities

Domestic Government Debt Securities

(US$ bil)

OutDDS

Outstanding Domestic Debt Securities

(billions of US$)

1995199619971998199920002001200220032004Sept 2005

Corporate125.3148.6101.3161.2185.3195.2212.6243.0260.9255.0249.5

Financial Institution166.7184.3146.0199.1207.8220.5248.5310.7365.8491.3582.4

Government154.9177.5152.4227.4335.9383.5432.0520.2615.4732.9773.3

Total446.9510.4399.7587.7729.0799.2893.11,073.91,242.11,479.21,605.2

Source: BIS, Asian Bonds Online

BIS 89-05

Data IDCountry NameData NameData SeriesData TypeData SourceMemo198919901991199219931994199519961997199819992000200120022003200420052006

339ChinaDomestic Corporate Debt Securities1US$ bilbissep. 20053.13.76.15.85.73.94.14.36.38.29.410.412.212.212.212.212.5

340Hong KongDomestic Corporate Debt Securities1US$ bilBISSept. 20050.10.70.91.11.832.93.63.35.966.97.16.45.86

341IndonesiaDomestic Corporate Debt Securities1US$ bilBISSept 20050.10.61.11.31.82.41.911.41.51.31.53.44.33.9

343MalaysiaDomestic Corporate Debt Securities1US$ bilBISSept 20051.72.334.75.911.415.623.520.824.434.240.84238.744.945.445.6

344SingaporeDomestic Corporate Debt Securities1US$ bilBISSept 20051.41.61.71.81.92.22.52.52.73.14.14.96.34.25.15.85.6

345South KoreaDomestic Corporate Debt Securities1US$ bilBISSept 200527.336.645.349.654.466.285.39757109.6116.1117.5129164167.6159.2152.3

346ThailandDomestic Corporate Debt Securities1US$ bilBISSept 20055.25.96.57.2810.71316911.614.214.114.915.321.322.223.5

PhilippinesDomestic Corporate Debt Securities0.10.1

East AsiaDomestic Corporate Debt Securities38.750.263.470.678.197.5125.3148.6101.3161.2185.3195.2212.6243260.9255249.5

331Hong KongDomestic Financial Debt Securities1US$ bilBisSep 20050.10.20.41.12.98.113.218.924.423.923.622.82223.12324.925.9

334MalaysiaDomestic Financial Debt Securities1US$ bilbisSep. 20053.45.46.576.710.814.419.416.814.87.25.68.711.613.417.920.4

335SingaporeDomestic Financial Debt Securities1US$ bilbisSep. 200544.54.955.36.67.27.47.98.910.91214.416.316.116.215.7

336South KoreaDomestic Financial Debt Securities1US$ bilbisSept. 200537.342.246.659.273.588.6106.9104.751.786.987.689.397.9134164.1237.8270.2

337ThailandDomestic Financial Debt Securities1US$ bilbisSep. 20050.41.61.10.90.90.12.52.66.1814.5

348IndonesiaDomestic Financial Debt Securities1US$ bilBISSept 20050.10.40.80.91.31.81.40.80.80.90.80.92.22.62.3

330ChinaDomestic Financial Debt Securities1US$ bilBISSep. 200513.812.413.114.41616.123.330.542.762.976.889.7102.1122.1140.8183.7233.2

PhilippinesDomestic Financial Debt Securities0.10.10.10.10.20.2

East AsiaDomestic Financial Debt Securities58.664.771.687.1105.2131.1166.7184.3146199.1207.8220.5248.5310.7365.8491.3582.4

325MalaysiaDomestic Government Debt Securities1US$ bilBISSep 200523.524.925.927.629.931.432.430.219.422.724.728.3323440.447.349.6

326SingaporeDomestic Government Debt Securities1US$ bilBISSep 2005456.98.39.61113.114.713.117.221.4252933.437.144.248.3

327South KoreaDomestic Government Debt Securities1US$ bilBISSep 200518.417.222.726.428.230.435.137.321.643.561.862.265.882.8113.9171.6203.5

328ThailandDomestic Government Debt Securities1US$ bilBISSep. 20052.62.93.23.63.92.51.70.70.311.316.316.718.428.930.736.237.4

321ChinaDomestic Government Debt Securities1US$ bilBISSep. 200514.613.114.617.722.425.639.352.667.495.5128.8165.5201.3243287.4331.8339.4

322Hong KongDomestic Government Debt Securities1US$ bilBISSep. 2005111.82.63.66.87.611.913.112.713.113.914.615.115.515.816.2

323IndonesiaDomestic Government Debt Securities1US$ bilBISSep. 20052.50.94.64751.247.255.760.15141.2

PhilippinesDomestic Government Debt Securities12.210.51418.923.425.425.727.616.619.922.820.723.727.330.33537.7

East AsiaDomestic Government Debt Securities76.374.689.1105.1121133.1154.9177.5152.4227.4335.9383.5432520.2615.4732.9773.3

&A

Page &P

BondComp

East Asia: Bond Market Composition

(1995-Jun. 2005)

1995199619971998199920002001200220032004Sept. 2005

Corporate729.6740.9647854.7986.7928.8903.41014.91133.21168.11151.9


Government2634.525712436.63060.24000.34001.64062.65064.16446.67568.17575.9

Total4,973.25,046.34,607.75,503.86,797.16,558.36,429.67,522.79,162.010,469.610,749.7

Source: Asian Bonds Online

BondComp

000

000

000

000

000

000

000

000

000

000

000


Government

Financial Institution

Corporate

(US$ billions)

East Asia: Bond Market Composition (1995-Sept.2005)

FoBF

Key Features of FoBF Sub-funds

Initial Fund Size:Around US$1 billion to be allocated to the eight FoBF Sub-funds

Phase 2 Fund Structure:The country allocations and the constitutent bonds in the benchmark index change over time.

China Sub-fund: Listed open-ended fund (if appropriate)

Hong Kong Sub-fund: ETF (Exchange Traded Fund)

Indonesia Sub-fund: Listed open-ended fund (if appropriate)

Korea Sub-fund: Listed open-ended fund, possibly ETF

Malaysia Sub-fund: Listed open-ended fund, possibly ETF

Philippines Sub-fund: Listed open-ended fund

Singapore Sub-fund: ETF

Thailand Sub-fund: Listed open-ended fund, possibly ETF

Investors:Phase 1: EMEAP central banks only

Phase 2: EMEAP central banks and other public and private

Qualifying AssetsDomestic currency bonds issued by sovereign and quasi-sovereign issuers in the respective EMEAP markets

Currency Denomination:

Investment Style:Passively managed against the respective benchmark indices. The fund managers are required to conduct periodic rebalancing of the portfolios when the constitutent bonds in the benchmark indices change over time.

Benchmark Index:Respective market sub-Indices of the iBoxx Asian Bond Indices to be provided by International Index Company (formerly known as iBoxx).

Place of Domicile:Respective jurisdictions of fund investment

Place of Listing:Stock exchanges in the respective jurisdictions of fund investment, where appropriate

Sheet3

Demutualization of Exchanges in East Asia

Year mutualizedDate of Listing

ChinaNot mutualized

Hong Kong20002000

IndonesiaUnder Implementation

KoreaPlanned for 2007

Malaysia20042005

Philippines20012003

Singapore19992000

ThailandNot mutualized

Source: IOSCO, Exchange Demutualization in Emerging Markets, April 2005

MarkCap

The Size of Equity Market Capitalization in East Asia

(% of GDP)

19971998199920002001200220032004

Hong Kong238.0%207.9%379.2%377.0%344.0%289.4%460.7%528.5%

Singapore111.5%117.6%239.9%167.6%136.7%114.8%188.2%203.7%

Malaysia93.0%30.6%176.8%125.3%135.2%129.1%155.2%154.2%

Philippines51.4%51.2%56.2%37.6%29.2%24.9%30.6%34.0%

Indonesia36.4%51.9%70.0%54.2%50.2%48.4%44.6%36.8%

Thailand15.1%30.5%46.6%23.8%31.1%35.8%83.3%70.6%

Korea14.5%28.5%65.8%32.4%41.1%37.4%48.4%51.8%

China11.2%11.4%14.6%24.0%44.1%35.5%34.9%27.1%

US130.1%145.5%181.6%155.8%137.6%106.0%130.3%139.9%

UK150.4%166.7%195.3%181.5%151.3%118.7%137.1%133.8%

Japan (Tokyo Only)50.2%62.0%100.2%66.5%54.4%52.1%68.8%76.2%

Germany39.1%50.7%67.9%67.9%57.8%34.5%44.9%44.0%

Source: World Federation of Stock Exchanges, Market Data

PAIF

Key Features of Pan-Asian Bond Index Fund (PAIF)

Initial Fund Size:Around US$1 billion

Fund Structure:Phase 1: Unlisted open-ended fund

Phase 2: Listed open-ended fund



Qualifying Assets:Domestic currency bonds issued by sovereign and quasi-sovereign issuers in eight EMEAP economies (China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand)

Currency Denomination:US Dollar

Investment Style:Passively managed against a designated benchmark index. The fund manager is required to conduct periodic rebalancing of

Benchmark Index:Pan-Asia Index of the iBoxx Asian Bond Indices to be provided by International Index Company (formerly known as iBoxx)

Place of Domicile:Singapore

Place of Listing:Hong Kong Stock Exchange (additional listings on other stock exchanges will be considered at a later stage)

LCYBond

Local Currency Domestic Bond Market (As of Jun. 2005)

(In billions of US$)

GovernmentFinancial InstitutionCorporateTotal

China331.8206.812.2550.8

Hong Kong16.025.15.546.6

Indonesia48.52.93.855.2

Malaysia49.220.245.2114.6

Philippines35.80.20.136.1

Singapore45.015.05.765.7

South Korea183.5261.3154.3599.1

Thailand34.713.122.570.3

United States5,697.211,192.02,659.219,548.4

Source: BIS quarterly report

ABS Issuance

Chart: The Size of ABS Issuance by Assets in East Asia

AsiaBond

The Size of Domestic Bond Market in East Asia


19971998199920002001200220032004

GovCorpFin InstGovCorpFin InstGovCorpFin InstGovCorpFin InstGovCorpFin InstGovCorpFin InstGovCorpFin InstGovCorpFin Inst

China, People's Rep. of67.46.342.795.58.262.9128.89.476.8165.510.489.7201.312.2102.124312.2122.1287.412.2140.8287.412.2183.7

Hong Kong, China13.132.7n.a.12.638.9n.a.13.144n.a.13.946.6n.a.14.648.7n.a.15.153.3n.a.15.556.4n.a.15.861n.a.

Indonesian.a.n.a.n.a.n.a.n.a.n.a.471.3151.21.3147.21.10.955.71.41.160.13.12.5513.82.9

Korea, Rep. of25.453.251.751.2101.986.972.7105.187.673.3106.389.377.3117.597.995.7151.2134124.3157.3164.1171.6159.2237.5

Malaysia19.420.816.822.724.414.824.734.27.228.340.85.632428.73438.711.640.444.913.545.24516.4

Philippines18.40.1n.a.210.1n.a.22.40.1n.a.19.70.2n.a.20.50.2n.a.20.80.1n.a.240.1n.a.241n.a.

Singapore1310.7n.a.17.412.1n.a.21.116.2n.a.2519.7n.a.2925.8n.a.33.628n.a.37.130.1n.a.4434.6n.a.

Thailand0.390.211.311.60.816.314.22.616.714.11.818.414.94.328.915.34.430.719.38.436.219.98.8

East Asia157132.8111.40231.7197.2165.40346.1224.5175.20393.6239.4187.40440.3262.4213.90526.8300.2273.20619.5323.4329.3675.2336.7449.3

Source: ADB, Asia Bonds Online, BIS

AsiaBond

0

0

0

1997

The Size of Domestic Bond Market in East Asia (1997)

Cbond

0

0

0

2000


MKT CAP

0

0

0

2004


Gross Inv.

0

0

0

1997

The Profile of Domestic Bond Market in China (1997)

Equity Chart

0

0

0

2000


Equity Chart 03

0

0

0

2004


Outst Domestic Bonds

0

0

1997

The Profile of Domestic Bond Market in Hong Kong (1997)

Debt Securities

0

0

2000


Fin Sector Profile (2)

0

0

2004


World Econ Pros

0

0

0

1999

The Profile of Domestic Bond Market in Indonesia (1999)

Key Econ Indi

0

0

0

2001


GDP G.Rate

0

0

0

2004


R.GDP G.Rate

0

0

0

1997

The Profile of Domestic Bond Market in Korea (1997)

EA Savings

0

0

0

2000


GIR Dollar

0

0

0

2004

The Profile of Domestic Bond Market (2004)

Fin Sector Profile

0

0

0

1997

The Profile of Domestic Bond Market in Malaysia (1997)

Equities

0

0

0

2000


GIR

0

0

0

2004


0

0

1997

The Profile of Domestic Bond Market in Philippines (1997)

0

0

2000


0

0

2004


0

0

1997

The Profile of Domestic Bond Market in Singapore 1997

0

0

2000

The Profile of Domestic Bond Market in Singapore (2000)

0

0

2004


0

0

0

1997

The Profile of Domestic Bond Market in Thailand (1997)

0

0

0

2000


0

0

0

2004


The Size of Corporate Bond Market in East Asia


19971998199920002001200220032004

US$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of total

China, People's Rep. of6.34.7%8.24.2%9.44.2%10.44.3%12.24.6%12.24.1%12.23.8%12.23.6%

Hong Kong, China32.724.6%38.919.7%4419.6%46.619.5%48.718.6%53.317.8%56.417.4%6118.1%

Indonesian.a.n.a.n.a.n.a.1.30.6%1.30.5%1.10.4%1.40.5%3.11.0%3.81.1%

Korea, Rep. of53.240.1%101.951.7%105.146.8%106.344.4%117.544.8%151.250.4%157.348.6%159.247.3%

Malaysia20.815.7%24.412.4%34.215.2%40.817.0%4216.0%38.712.9%44.913.9%4513.4%

Philippines0.10.1%0.10.1%0.10.0%0.20.1%0.20.1%0.10.0%0.10.0%10.3%

Singapore 1)10.78.1%12.16.1%16.27.2%19.78.2%25.89.8%289.3%30.19.3%34.610.3%

Thailand96.8%11.65.9%14.26.3%14.15.9%14.95.7%15.35.1%19.36.0%19.95.9%

East Asia132.8100.0%197.2100.0%224.5100.0%239.4100.0%262.4100.0%300.2100.0%323.4100.0%336.7100.0%

Source: ADB, Asia Bond Indicators,

Note: The Singapore figure is as of December, 2004.



199719981999200020012002200320042005

US$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of total

China, People's Rep. of101.412.1%108.514.0%145.49.3%258.818.8%525.832.9%463.131.7%513.025.0%447.719.3%401.914.1%

Hong Kong, China413.349.3%343.644.3%609.139.0%623.445.2%560.135.1%463.131.7%714.634.8%861.537.2%1,055.036.9%

Indonesia29.13.5%22.12.8%64.04.1%26.81.9%23.01.4%30.12.1%54.72.7%73.33.2%81.42.8%

Korea, Rep. of41.95.0%114.614.8%306.119.6%148.410.7%194.512.2%215.714.8%293.914.3%389.516.8%718.025.1%

Malaysia93.211.1%22.12.8%139.99.0%113.28.2%119.07.5%122.98.4%161.07.8%181.67.8%180.56.3%

Philippines31.23.7%34.94.5%41.52.7%25.31.8%20.61.3%18.21.2%23.21.1%28.61.2%39.81.4%

Singapore 1)106.312.7%96.512.4%198.012.7%155.111.2%117.37.4%101.67.0%173.88.5%217.69.4%257.39.0%

Thailand22.82.7%34.14.4%57.23.7%29.22.1%36.02.3%45.43.1%119.05.8%115.45.0%123.94.3%

East Asia839.1100.0%776.4100.0%1,561.3100.0%1,380.2100.0%1,596.3100.0%1,459.9100.0%2,053.1100.0%2,315.1100.0%2,857.8100.0%

Source: World Federation of Exchanges

0

0

0

0

0

0

0

0

Market Capitalization (2005)

Singapore9.0%

Philippines1.4%

Malaysia6.3%

Gross Domestic Investment

( % of GDP )

20002001200220032004200520062007

China36.338.540.243.845.644.743.841

Hong Kong28.125.923.422.82323.523.322.6

Korea3129.329.13029.130.330.430.2

Indonesia21.323.520.417.321.322.324.226.1

Malaysia27.123.923.821.422.521.62121.5

Philippines18.41917.616.61718.51919.5

Singapore32.42622.814.818.321.72324.1

Thailand22.824.123.92527.1242627

Source: ADB, Asian Development Outlook 2005

20.8540914186

591.946990691

39.7792379091

89.6315896962

140.6386948748

39.2680473373

220.3258561644

69.0857988908


Composition of Asian Stock Market

The Size of Equities in East Asia (2004)

China, People's Republic of3%

360.106

714.597

54.659

298.248

160.97

23.19

148.502

119.017


Equity

The Size of Equities in East Asia(2003)

East Asian Bond Markets

Outstanding Domestic Bonds (in US$ billion)

1998199920002001200220032004Sept.2005

US$ billion%US$ billion%US$ billion%US$ billion%US$ billion%US$ billion%US$ billion%US$ billion%

China, People's Rep. of166.628.0215.029.0265.632.5315.634.6377.334.4440.440.1483.333.0586.335.3%

Hong Kong, China51.48.757.17.760.57.463.36.968.36.271.96.678.25.385.15.1%

Indonesian.a.n.a.45.16.149.46.145.14.955.25.064.45.957.73.947.52.9%

Korea, Rep. of240.040.4265.435.8268.932.9292.732.1380.934.7445.740.6568.538.8626.737.8%

Malaysia61.910.466.18.974.79.282.79.184.37.798.89.0106.77.3116.17.0%

Philippines21.13.622.53.019.92.420.72.320.91.924.12.2251.7382.3%

Singapore29.55.037.35.044.65.554.86.061.55.667.26.178.65.482.55.0%

Thailand23.74.033.14.532.64.037.64.148.64.458.45.366.54.577.34.7%

East Asia594.2100.0741.6100.0816.2100.0912.5100.01,097.0100.01,270.9100.01,464.5100.01,659.5100.0%

Source: ADB, Asia Bond Indicators, BIS

East Asian Domestic Bond Market (2003)



0

0

0

0

0

0

0

0

East Asian Domestic Bond Market (Jun. 2004)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Indonesia3.5%

Hong Kong5.2%

Malaysia7.2%

Philippines2.3%

The Size of Debt Securities

(Sept. 2005)

Sector/CountryDebt Securities

GovernmentFinancial Inst.CorporateTotal% of World Total

Euro area5,068.62,813.0984.08,865.620.1%

France1,096.6576.9243.41,916.94.4%

Germany1,083.4791.5122.31,997.24.5%

Italy1,392.3592.2223.62,208.15.0%

United Kingdom680.4317.824.21,022.42.3%

Canada579.8109.3102.7791.81.8%

United States5,787.411,356.22,695.719,839.345.1%

Japan6,761.21,114.2711.78,587.119.5%

Emerging market countries of which:

Asia1,007.9588.5253.91,850.34.2%

Latin America597.1119.136.8753.01.7%

Europe332.24.43.9340.50.8%

Africa70.911.613.495.90.2%

World21,704.017,219.55,092.944,016.4100.0%

Source: BIS

Notes: Asia includes China, Hong Kong, India, Indonesia, Malaysia, Singapore, South Korea, and Thailand.

Latin America includes Argentina, Brazil, and Mexico.

Europe includes Czech Republic, Poland, and Turkey.

Africa includes South Africa.

Financial Sector Profile

(As of Dec. 2005)

CountryNominal GDP of 2005*Nominal GDP of 2003Real GDP Growth of 2004Inflation change of 2004BondsEquitiesBanks 1)

US$ billionUS$ billion% GDPUS$ billion% GDPUS$ billion% GDP

China, People's Republic of 2)1,927.01,417.09.53.9552.028.6401.920.93,692.2191.6

Hong Kong, China178.2156.78.1(0.4)82.946.51,055.0591.9790.1*443.3

Indonesia204.7208.35.16.255.227.081.439.8140.068.4

Korea, Republic of801.1605.34.63.6599.874.9718.089.6736.191.9

Malaysia128.4103.77.11.4115.189.7180.5140.6208.5162.5

Philippines101.480.66.15.536.135.639.839.362.261.3

Singapore116.891.38.41.779.668.2257.3220.3216.4185.3

Thailand179.3143.06.12.772.140.2123.969.1183.0102.1

TOTAL3,636.82,805.91,592.843.82,857.878.65,238.4144.0

Germany3,093.32,403.21.71.71,977.863.91,221.139.55,847.9189.0

Japan 3)4,929.54,300.92.6(0.0)8,763.7177.84,572.992.87,076.4143.6

United Kingdom2,337.81,794.93.13.01,014.143.43,058.2130.87,614.5325.7

United States of America 4)12,479.510,948.54.42.71,946.815.617,000.9136.29,743.778.1

Data sources:

GDP = World Development Indicators. International Financial Statistics, Jun. 2005

Bonds = World Federation of Exchanges, Table 16 A, Table 16B; BIS; ADB, Asian Bond Indicators

Equities = World Federation of Exchanges, Table on Equity - 1.1.Domestic Market Capitalization

Banks = International Financial Statistics, Jun. 2005

Notes: 1) Deposit money banks only. The US banking data include commercial banks, credit unions, savings institutions,

and money market funds. The US data is as of 2004. The bank asset size in Hong Kong is an estimation of year 2005.

The bank assets of the Philippines, the US and Korea are as of 2004.

2) Shanghai SE, and Shenzhen SE

3) Tokyo SE, and Osaka SE

4) Includes AMEX, NASDAQ, and NYSE

* IMF Projection

World Economic Prospects

World Real GDP Growth (in %)

Current EstimateForecast

20022003200420052006f2007f

World1.72.53.83.23.23.3

High-Income Countries1.31.83.12.52.52.7

OECD Countries1.31.83.02.42.52.7

Euro Area0.90.71.71.11.42.0

Japan-0.31.42.62.31.81.7

United States1.92.74.23.53.53.6

Non-OECD countries2.23.76.34.34.24.0

Developing Countries3.45.56.85.95.75.5

East Asia and Pacific6.78.18.37.87.67.4

Europe and Central Asia4.66.17.25.35.25.0

Latin America and Caribbean-0.62.15.84.53.93.6

Middle East and North Africa3.25.14.94.85.45.2

South Asia4.67.96.86.96.46.3

Sub-Saharan Africa3.13.64.54.64.74.5

Source: The World Bank, Global Economic Prospects 2006

Key Economic Indicators: East Asia and Pacific

(1991-2005)

1991-2000199920002001200220032004 est.2005 est.

Real GDP growth7.75.67.25.66.98.08.37.4

Private consumption per capita5.54.95.43.64.44.96.06.3

GDP per capita6.44.45.94.66.07.07.46.5

population1.21.21.30.90.90.90.90.8

Gross domestic investment/GDP131.930.131.132.134.037.440.942.8

Inflation25.62.94.12.03.93.65.32.2

Central gvt. budget balance/GDP-1.2-2.7-3.1-3.1-3.3-2.8-2.4-2.4

Export market growth38.27.214.1-1.84.38.212.18.3

Export volume412.04.222.82.414.821.223.114.9

Terms of trade/GDP50.1-0.6-0.3-0.30.5-0.2-0.90.8

Current account/GDP0.44.13.42.43.43.73.12.5

GDP growth: East Asia excluding China4.63.25.92.44.65.46.05.4

Source: Global Development Finance 2005

Notes: 1. Fixed investment, measured in real terms; 2. Local currency GDP deflator, median; 3. Weighted average growth of import demand in export markets; 4. Goods and nonfactor services; 5. Change in terms of trade, measured as a proportion to GDP (percentage)

** East Asia and Pacific region includes the following countries: Cambodia, Dem. Rep. of Korea, Lao PDR, Mongolia Myanmar, Papua New Guinea, Solomon Islands, Timor-Leste, Vietnam, China, Fiji, Indonesia, Kiribati, Marshall Islands, Fed.Sts.of Micronesia,

East Asian Economies

Real GDP Growth Rate (% p.a.)

200020012002200320042005 Prj.2006 Prj.

China, People's Rep. of8.07.58.39.39.59.28.8

Hong Kong, China10.20.51.93.28.15.44.3

Korea, Rep.of8.53.87.03.14.63.64.6

Indonesia-3.84.44.95.15.75.9

Malaysia8.90.34.15.67.15.15.3

Philippines4.41.84.44.56.04.74.8

Singapore9.7-1.83.21.48.44.04.7

Thailand4.82.25.36.96.14.05.0

Source: ADB, Asian Development Outlook Update 2005



199719981999200020012002200320042005 Proj.

China, People's Rep. of8.87.87.18.07.38.09.18.88.0

Hong Kong, China5.1-5.03.410.20.52.33.37.56.0

Korea, Rep.of5.0-6.710.99.33.16.33.14.43.6

Indonesia4.7-13.10.84.93.43.74.14.85.2

Malaysia7.3-7.46.18.50.34.15.26.86.0

Philippines5.2-0.63.44.43.04.44.55.55.5

Singapore8.5-0.16.49.4-2.42.25.68.14.2

Thailand-1.4-10.54.44.61.95.36.76.46.6

Source: ADB, Asian Development Outlook 2005 Update

East Asian Savings

Gross Domestic Savings as % of GDP

19971998199920002001200220032004

China, People's Rep. of41.539.839.438.038.638.742.744.7

Hong Kong, China31.630.530.932.931.633.931.631.6

Korea, Rep. of33.734.432.932.430.229.232.835.0

Indonesia31.526.519.525.124.921.121.525.3

Malaysia43.948.747.447.142.241.842.943.8

Philippines18.721.626.524.817.017.318.920.9

Singapore50.551.748.847.943.644.246.748.0

Thailand33.636.132.831.030.030.532.833.4

Source: ADB. Key Indicators 2005

East Asian International Reserves

Gross International Reserves minus gold reserve (in billions of US Dollar)

199719981999200020012002200320042005


Hong Kong, China92.889.696.2107.5111.2111.9118.4123.5124.2

Korea, Rep. of20.452.074.096.1102.8121.3155.3199.0210.3

Indonesia16.622.726.428.527.231.035.035.033.0

Malaysia20.825.630.629.530.534.244.566.4n.a.

Philippines7.39.213.213.013.413.113.512.915.9

Singapore71.374.976.880.175.482.095.7112.2115.8

Thailand26.228.834.132.032.438.041.148.750.7

Total (excludes Japan)398.1452.1509.1555.2608.4722.8911.61,212.21,371.4

Japan219.7215.5286.9354.9395.1461.2663.3833.9834.3

Total834.1935.11,093.21,187.31,261.91,606.71,574.92,046.12,205.7

Source: International Financial Statistics

Financial Sector Profile 2003

CountryGDP in US$ billionBonds (End 2003)Equities (End 2003)Banks (End 2003)

US$ billion% GDPUS$ billion% GDPUS$ billion% GDP

China, People's Republic of1,409.85491.0034.83360.1125.542,861.46203.0

Hong Kong, China158.5944.9028.31714.60450.59710.73448.2

Indonesia208.310.054.6626.24129.3262.1

Korea, Republic of605.33444.4073.41298.2549.27664.53109.8

Malaysia103.1698.7095.68160.97156.04133.69129.6

Philippines80.5725.0031.0323.1928.7853.4766.4

Singapore91.3457.5062.95148.50162.58188.21206.1

Thailand143.1656.8039.68119.0283.13166.11116.0

TOTAL2,800.321,218.3043.511,879.2967.114,907.52175.2

Germany2,400.652,091.0087.101,079.0244.955,758.40239.9

Japan4,326.448,145.00188.262,953.0968.266,528.69150.9

United Kingdom1,794.851,274.6071.012,460.06137.065,966.07332.4

United States of America10,881.6117,930.70164.7811,328.95104.116,880.6063.2

Data sources:

GDP = World Development Indicators database, World Bank, July 2004.

Bonds = World Federation of Exchanges, Table 16 A, Table 16B


Banks = International Financial Statistics, July 2004

Equities

US$ billion

China, People's Rep. of360.11

Hong Kong, China714.60

Indonesia54.66

Korea, Rep. of298.25

Malaysia160.97

Philippines23.19

Singapore148.50

Thailand119.02

Total1879.3

0

0

0

0

0

0

0

0


Gross International Reserves minus gold reserve (in billions of SDR)

1997199819992000200120022003As of April 2004

1/2/


Hong Kong, China68.863.770.182.588.482.379.779.5

Korea, Rep. of15.136.953.973.881.889.3104.5128.1

Indonesia12.316.119.321.921.722.823.522.5

Malaysia15.418.222.322.724.225.230.042.7

Philippines5.46.69.610.010.79.79.18.3

Singapore52.853.256.061.560.060.364.472.3

Thailand19.420.524.824.625.728.027.631.3

Total (excludes Japan)295.0321.1370.9426.1484.1531.6613.4780.5

Japan2162.8153.0209.0272.4314.4339.2446.4537.0

Total618.2664.1796.5911.31,004.21,181.81,059.81,317.5

US Dollar/SDR FX Rate1.34931.40801.37251.30291.25671.35951.48601.5530

Sources: Dalla, Ismail. 2003. Harmonization of Bond Market Rules and Regulations in Selected APEC Economies. Asian Development Bank; 1 Source: ADB. Asian Development Outlook 2004. 2 Source: IMF. July 2004. Intenational Financial Statistics.

MBD00C0B630.xls

data (2)

YearNameCountry of OriginatorAssetAsset CategoryCurrencyAmount (Mil)US$ FXIn millions of US$Moody's RatingsTotal

KoreaAirline Passenger TicketsAirline Passenger TicketsYen10,000.0115.93386.386.3

KoreaAuto Loan ReceivablesAuto LoanUSD187.5187.5

2002KoreaAuto Loan ReceivablesAuto LoanUSD160.1160.1


2003KoreaAuto LoansAuto LoanUSD228.0228.0


Auto LoanUSD150.0150.01,171.6

KoreaCBO/CLOCBO/CDO/CLOUSD367.0367.0

AsianCBO/CLOCBO/CDO/CLOUSD23.423.4

CBO/CDO/CLOUSD9.99.9

KoreaCBOCBO/CDO/CLOUSD250.0250.0


Asia & Latin AmericaCBOCBO/CDO/CLOUSD28.028.0

CBO/CDO/CLO24.024.0

CBO/CDO/CLO12.012.0

CBO/CDO/CLO4.04.0

PhilippinesBonds Issued by the PSALMCBO/CDO/CLOYen61,750.0125.388492.5

Hong KongTaxi and Public Light Bus LoansCBO/CDO/CLOHKD120.07.78715.4

CBO/CDO/CLOHKD90.07.78711.6


KoreaBonds issued by Korean SMEsCBO/CDO/CLOYen7,700.0108.19371.21,601.6

Hong KongCMBSCMBSHKD492.07.79163.1

CMBSHKD215.07.79127.6

CMBSHKD159.07.79120.4

CMBSHKD186.07.79123.9

CMBSHKD195.07.79125.0

2004SingaporeMortgage on Commercial PropertiesCMBSEuro67.50.80583.9

CMBSEuro13.50.80516.8

CMBSSGD33.01.6919.5

SingaporeMortgage on Commercial PropertiesCMBSUSD90.090.0

CMBSUSD147.0147.0

CMBSUSD47.047.0

CMBSUSD56.056.0


CMBSSGD20.01.6911.8

SingaporeMortgage on Commercial PropertiesCMBSEuro144.00.805178.91,006.4

AsiaCorporate LoansCorporate LoansUSD29.629.6

Corporate LoansSGD30.01.79216.7

Corporate LoansUSD12.212.2



Corporate LoansSGD42.01.79223.4124.3

KoreaCredit Card ReceivablesCredit CardUSD500.0500.0







KoreaCredit CardsCredit CardEuro300.00.886338.63,486.7

KoreaCredit DerivativeCredit DerivativeUSD240.0240.0240.0

2000KoreaEquipment LeasesEquipment LeasesUSD61.061.0

KoreaEquipment LeasesEquipment LeasesUSD101.0101.0

KoreaLeases and LoansEquipment LeasesUSD278.0278.0

KoreaShipping LeasesEquipment LeasesUSD110.0110.0

SingaporeLease AgreementsEquipment LeasesSGD45.01.74225.8575.8

GlobalBonds or LoansGlobal CBO/CLOUSD33.333.3

Global CBO/CLOUSD22.522.5




GlobalABS/ Corporate & Sovereign Bonds or LoansGlobal CBO/CLOUSD127.0127.0




GlobalBonds and LoansGlobal CBO/CLOUSD20.020.0

Global CBO/CLO10.010.0






GlobalBonds and LoansGlobal CBO/CLOUSD42.042.0515.8

2001KoreaLine of Credit ReceivablesLine of CreditUSD302.8302.8302.8

KoreaRevolving Personal LoansPersonal LoansUSD207.2207.2207.2

SingaporeProgressive Payment in Residential PropertiesReal EstateUSD144.0144.0

Real EstateSGD30.01.79116.8



Real Estate10.010.0

Real Estate10.010.0

MalaysiaFour Parcels of LandReal EstateUSD600.0600.0

SingaporeCommercial PropertiesReal EstateUSD72.172.1


SingaporeProgressive/ Deferred Payment in Residential PropertiesReal EstateUSD126.0126.0

Real EstateUSD17.817.8

Real EstateUSD11.811.81,147.7

Hong KongRMBSRMBSHKD987.07.791126.7

RMBSHKD48.07.7916.2

RMBSHKD39.07.7915.0

RMBSHKD16.67.7912.1

KoreaResidential MortgagesRMBSUSD299.6299.6

Hong KongResidential MortgagesRMBSHKD1,000.07.787128.4

RMBSHKD1,000.07.787128.4

RMBSHKD1,000.07.787128.4


KoreaResidential MortgagesRMBSEuro550.00.805683.22,007.5

Hong KongFuture Cash flow from Certain Tolled FacilitiesTalled FacilityHKD450.07.78857.8

Talled FacilityHKD3,080.07.788395.5

Talled FacilityHKD880.07.788113.0566.3

SingaporeTrade ReceivablesTrade ReceivablesUSD125.0125.0125.0

MalaysiaWhole BusinessWhole BusinessUSD250.0250.0250.0

data

YearNameCountry of OriginatorAssetAsset CategoryCurrencyAmount (Mil)US$ FXIn millions of US$Moody's Ratings




KoreaCredit DerivativeCredit DerivativeUSD240.0240.0


CMBSHKD215.07.79127.6

CMBSHKD159.07.79120.4

CMBSHKD186.07.79123.9

CMBSHKD195.07.79125.0


RMBSHKD48.07.7916.2

RMBSHKD39.07.7915.0

RMBSHKD16.67.7912.1

SingaporeTrade ReceivablesTrade ReceivablesUSD125.0125.0



2001KoreaLine of Credit ReceivablesLine of CreditUSD302.8302.8







MalaysiaWhole BusinessWhole BusinessUSD250.0250.0


CBO/CDO/CLO24.024.0

CBO/CDO/CLO12.012.0

CBO/CDO/CLO4.04.0













Real Estate10.010.0

Real Estate10.010.0







KoreaRevolving Personal LoansPersonal LoansUSD207.2207.2















RMBSHKD1,000.07.787128.4

RMBSHKD1,000.07.787128.4

SingaporeLease AgreementsEquipment LeasesSGD45.01.74225.8

TaiwanCash CardsCash CardsNT, Local1,190.0

TaiwanCash CardsCash CardsUSD230.0












KoreaCredit CardsCredit CardsEuro300.00.886338.6



KoreaAirline Passenger TicketsAirline Passenger TicketsYen10,000.0115.93386.3


CMBSEuro13.50.80516.8

CMBSSGD33.01.6919.5


CMBSUSD147.0147.0

CMBSUSD47.047.0

CMBSUSD56.056.0


CMBSSGD20.01.6911.8

SingaporeMortgage on Commercial PropertiesCMBSEuro144.00.805178.9




TaiwanCommercial PropertyReal EstateNT, Local1,630.0

Real EstateNT, Local500.0

TaiwanResidential MortgagesRMBSNT, Local2,365.0

RMBSNT, Local2,365.0

RMBSNT, Local135.0

RMBSNT, Local135.0

TaiwanAuto Loan ReceivablesAuto LoanUSD119.0


KoreaResidential MortgagesRMBSEuro550.00.805683.2


Auto LoanUSD150.0150.0

KoreaBonds issued by Korean SMEsCBO/CDO/CLOYen7,700.0108.19371.2



Talled FacilityHKD880.07.788113.0

countries

Securitization Transaction by Location of Assets in East Asia

(2000 - 2004)

20002001200220032004

US$ Mil%US$ Mil%US$ Mil%US$ Mil%US$ Mil%

Hong Kong300.025.1%0.00.0%0.00.0%419.935.0%566.318.1%

Korea769.064.4%2,301.490.2%3,222.978.4%652.954.4%1,553.849.8%

Singapore125.010.5%0.00.0%290.17.1%127.810.6%1,002.032.1%

Malaysia0.00.0%250.09.8%600.014.6%0.00.0%0.00.0%

Cross-Nation33.32.8%192.37.5%141.33.4%374.531.2%0.00.0%

Total1,194.0100.0%2,551.4100.0%4,113.0100.0%1,200.6100.0%3,122.0100.0%

_______________________________

Source: Moody's Investors Service, IFS

Asset

The Size of ABS Issuance by Assets

(2000 - 2004)

20002001200220032004Total

Auto Loan187.5456.1228.0300.01,171.6

CBO/CDO/CLO400.3603.0492.534.771.21,601.6

CMBS160.1846.41,006.4

Credit Cards998.12,150.0338.63,486.7

Equipment Leases162.0278.0110.025.8575.8

Global CBO/CLO141.3374.5515.8

Real Estate890.1102.0155.61,147.7

RMBS140.0299.6385.31,182.62,007.5

Talled Facility566.3566.3

Line of Credit302.8302.8

Whole Business250.0250.0

Crdit Derivatives240.0240.0

Personal Loans207.2207.2

Trade Receivables125.0125.0

Corporate Loans124.3124.3

Airline Passenger Tickets86.386.3

Cash Cards0.0

Others365.0677.1207.286.3566.31,901.8

1,592.33,233.34,497.81,433.33,388.314,145.0

Source: Moody's Investors Services

2,0002,0012,0022,0032,004Total

Credit Card998.12,150.0338.63,486.7

RMBS140.0299.6385.31,182.62,007.5

Others365.0677.1207.286.3566.31,901.8

CBO/CDO/CLO400.3603.0492.534.771.21,601.6

Auto Loan187.5456.1228.0300.01,171.6

Real Estate890.1102.0155.61,147.7

CMBS160.1846.41,006.4




Korea

Korea

ABS Issuance: 2004

(In KRW, trillions)

Originator2001200220032004%change

2003-4

Credit-specialized finance companies21.528.119.28.5-55.7%

(Credit card companies)19.420.710.93.5-67.9%

Banks12.01.86.36.41.6%

Securities companies8.42.07.03.0-57.1%

Korea Housing Finance Corporation3.0

Others9.07.97.46.1-17.6%

Total amount50.939.839.927.0-32.3%

Exchange rate1,3141,1861,1931,035

Total amount (US$ billion))38.833.633.526.1

Total number of ABS issues194181191170-11.0%

_____________________________

Source: FSS

Size of ABS Issuance by Asset

3652000139.9833140803400.320002000160.05647542041622000

677.1092857143998.0882001603187.516200120012782001

207.1616072150299.6492.471368871456.112890.12562814072002110141.25

86.2567172419338.6004514673385.257480416134.6731732374228101.9507462687200325.8323765786374.5

566.255778120220041182.629813664671.1691144529300155.600888846.364052335620042004

Source: Moody's Investors Service

Others

Credit Card

RMBS

CBO/CDO/CLO

Auto Loan

Real Estate

CMBS

Equipment Leases

Global CBO/CLO

(millions of US$)

East Asian Savings(% of GDP)

FoBF




















PAIF













LCYBond




China331.8206.812.2550.8

Hong Kong16.025.15.546.6

Indonesia48.52.93.855.2

Malaysia49.220.245.2114.6


Singapore45.015.05.765.7

South Korea183.5261.3154.3599.1

Thailand34.713.122.570.3

United States5,697.211,192.02,659.219,548.4


ABS Issuance


AsiaBond



19971998199920002001200220032004





Korea, Rep. of25.453.251.751.2101.986.972.7105.187.673.3106.389.377.3117.597.995.7151.2134124.3157.3164.1171.6159.2237.5

Malaysia19.420.816.822.724.414.824.734.27.228.340.85.632428.73438.711.640.444.913.545.24516.4



Thailand0.390.211.311.60.816.314.22.616.714.11.818.414.94.328.915.34.430.719.38.436.219.98.8

East Asia157132.8111.40231.7197.2165.40346.1224.5175.20393.6239.4187.40440.3262.4213.90526.8300.2273.20619.5323.4329.3675.2336.7449.3


AsiaBond

0

0

0

1997


Cbond

0

0

0

2000


MKT CAP

0

0

0

2004


Gross Inv.

0

0

0

1997


Equity Chart

0

0

0

2000


Equity Chart 03

0

0

0

2004


Outst Domestic Bonds

0

0

1997


Debt Securities

0

0

2000


Fin Sector Profile (2)

0

0

2004


World Econ Pros

0

0

0

1999


Key Econ Indi

0

0

0

2001


GDP G.Rate

0

0

0

2004


R.GDP G.Rate

0

0

0

1997


EA Savings

0

0

0

2000


GIR Dollar

0

0

0

2004

The Profile of Domestic Bond Market (2004)

Fin Sector Profile

0

0

0

1997


Equities

0

0

0

2000


GIR

0

0

0

2004


0

0

1997


0

0

2000


0

0

2004


0

0

1997

The Profile of Domestic Bond Market in Singapore 1997

0

0

2000


0

0

2004


0

0

0

1997


0

0

0

2000


0

0

0

2004


The Size of Corporate Bond Market in East Asia


19971998199920002001200220032004

US$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of total

China, People's Rep. of6.34.7%8.24.2%9.44.2%10.44.3%12.24.6%12.24.1%12.23.8%12.23.6%

Hong Kong, China32.724.6%38.919.7%4419.6%46.619.5%48.718.6%53.317.8%56.417.4%6118.1%

Indonesian.a.n.a.n.a.n.a.1.30.6%1.30.5%1.10.4%1.40.5%3.11.0%3.81.1%

Korea, Rep. of53.240.1%101.951.7%105.146.8%106.344.4%117.544.8%151.250.4%157.348.6%159.247.3%

Malaysia20.815.7%24.412.4%34.215.2%40.817.0%4216.0%38.712.9%44.913.9%4513.4%

Philippines0.10.1%0.10.1%0.10.0%0.20.1%0.20.1%0.10.0%0.10.0%10.3%

Singapore 1)10.78.1%12.16.1%16.27.2%19.78.2%25.89.8%289.3%30.19.3%34.610.3%

Thailand96.8%11.65.9%14.26.3%14.15.9%14.95.7%15.35.1%19.36.0%19.95.9%

East Asia132.8100.0%197.2100.0%224.5100.0%239.4100.0%262.4100.0%300.2100.0%323.4100.0%336.7100.0%

Source: ADB, Asia Bond Indicators,

Note: The Singapore figure is as of December, 2004.



199719981999200020012002200320042005

US$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of totalUS$ bil% of total

China, People's Rep. of101.412.1%108.514.0%145.49.3%258.818.8%525.832.9%463.131.7%513.025.0%447.719.3%401.914.1%

Hong Kong, China413.349.3%343.644.3%609.139.0%623.445.2%560.135.1%463.131.7%714.634.8%861.537.2%1,055.036.9%

Indonesia29.13.5%22.12.8%64.04.1%26.81.9%23.01.4%30.12.1%54.72.7%73.33.2%81.42.8%

Korea, Rep. of41.95.0%114.614.8%306.119.6%148.410.7%194.512.2%215.714.8%293.914.3%389.516.8%718.025.1%

Malaysia93.211.1%22.12.8%139.99.0%113.28.2%119.07.5%122.98.4%161.07.8%181.67.8%180.56.3%

Philippines31.23.7%34.94.5%41.52.7%25.31.8%20.61.3%18.21.2%23.21.1%28.61.2%39.81.4%

Singapore 1)106.312.7%96.512.4%198.012.7%155.111.2%117.37.4%101.67.0%173.88.5%217.69.4%257.39.0%

Thailand22.82.7%34.14.4%57.23.7%29.22.1%36.02.3%45.43.1%119.05.8%115.45.0%123.94.3%

East Asia839.1100.0%776.4100.0%1,561.3100.0%1,380.2100.0%1,596.3100.0%1,459.9100.0%2,053.1100.0%2,315.1100.0%2,857.8100.0%


0

0

0

0

0

0

0

0

Market Capitalization (2005)

Singapore9.0%

Philippines1.4%

Malaysia6.3%

Gross Domestic Investment

( % of GDP )

20002001200220032004200520062007

China36.338.540.243.845.644.743.841

Hong Kong28.125.923.422.82323.523.322.6

Korea3129.329.13029.130.330.430.2

Indonesia21.323.520.417.321.322.324.226.1

Malaysia27.123.923.821.422.521.62121.5

Philippines18.41917.616.61718.51919.5

Singapore32.42622.814.818.321.72324.1

Thailand22.824.123.92527.1242627

Source: ADB, Asian Development Outlook 2005

20.8540914186

591.946990691

39.7792379091

89.6315896962

140.6386948748

39.2680473373

220.3258561644

69.0857988908


Composition of Asian Stock Market

The Size of Equities in East Asia (2004)

China, People's Republic of3%

360.106

714.597

54.659

298.248

160.97

23.19

148.502

119.017


Equity

The Size of Equities in East Asia(2003)

East Asian Bond Markets

Outstanding Domestic Bonds (in US$ billion)

1998199920002001200220032004June 2005

US$ billion%US$ billion%US$ billion%US$ billion%US$ billion%US$ billion%US$ billion%US$ billion%

China, People's Rep. of166.628.0215.029.0265.632.5315.634.6377.334.4440.440.1483.333.055234.7%

Hong Kong, China51.48.757.17.760.57.463.36.968.36.271.96.678.25.382.95.2%

Indonesian.a.n.a.45.16.149.46.145.14.955.25.064.45.957.73.955.23.5%

Korea, Rep. of240.040.4265.435.8268.932.9292.732.1380.934.7445.740.6568.538.8599.837.7%

Malaysia61.910.466.18.974.79.282.79.184.37.798.89.0106.77.3115.17.2%

Philippines21.13.622.53.019.92.420.72.320.91.924.12.2251.736.12.3%

Singapore29.55.037.35.044.65.554.86.061.55.667.26.178.65.479.65.0%

Thailand23.74.033.14.532.64.037.64.148.64.458.45.366.54.572.14.5%

East Asia594.2100.0741.6100.0816.2100.0912.5100.01,097.0100.01,270.9100.01,464.5100.01,592.8100.0%

Source: ADB, Asia Bond Indicators, BIS




0

0

0

0

0

0

0

0

East Asian Domestic Bond Market (Jun. 2004)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Indonesia3.5%

Hong Kong5.2%

Malaysia7.2%

Philippines2.3%

The Size of Debt Securities

(Sept. 2005)

Sector/CountryDebt Securities

GovernmentFinancial Inst.CorporateTotal% of World Total

Euro area5,068.62,813.0984.08,865.620.1%

France1,096.6576.9243.41,916.94.4%

Germany1,083.4791.5122.31,997.24.5%

Italy1,392.3592.2223.62,208.15.0%

United Kingdom680.4317.824.21,022.42.3%

Canada579.8109.3102.7791.81.8%

United States5,787.411,356.22,695.719,839.345.1%

Japan6,761.21,114.2711.78,587.119.5%

Emerging market countries of which:

Asia1,007.9588.5253.91,850.34.2%

Latin America597.1119.136.8753.01.7%

Europe332.24.43.9340.50.8%

Africa70.911.613.495.90.2%

World21,704.017,219.55,092.944,016.4100.0%

Source: BIS

Notes: Asia includes China, Hong Kong, India, Indonesia, Malaysia, Singapore, South Korea, and Thailand.

Latin America includes Argentina, Brazil, and Mexico.

Europe includes Czech Republic, Poland, and Turkey.

Africa includes South Africa.

Financial Sector Profile

(As of Dec. 2005)

CountryNominal GDP of 2005*Nominal GDP of 2003Real GDP Growth of 2004Inflation change of 2004BondsEquitiesBanks 1)

US$ billionUS$ billion% GDPUS$ billion% GDPUS$ billion% GDP

China, People's Republic of 2)1,927.01,417.09.53.9552.028.6401.920.93,692.2191.6

Hong Kong, China178.2156.78.1(0.4)82.946.51,055.0591.9790.1*443.3

Indonesia204.7208.35.16.255.227.081.439.8140.068.4

Korea, Republic of801.1605.34.63.6599.874.9718.089.6736.191.9

Malaysia128.4103.77.11.4115.189.7180.5140.6208.5162.5

Philippines101.480.66.15.536.135.639.839.362.261.3

Singapore116.891.38.41.779.668.2257.3220.3216.4185.3

Thailand179.3143.06.12.772.140.2123.969.1183.0102.1

TOTAL3,636.82,805.91,592.843.82,857.878.65,238.4144.0

Germany3,093.32,403.21.71.71,977.863.91,221.139.55,847.9189.0

Japan 3)4,929.54,300.92.6(0.0)8,763.7177.84,572.992.87,076.4143.6

United Kingdom2,337.81,794.93.13.01,014.143.43,058.2130.87,614.5325.7

United States of America 4)12,479.510,948.54.42.71,946.815.617,000.9136.29,743.778.1

Data sources:

GDP = World Development Indicators. International Financial Statistics, Jun. 2005

Bonds = World Federation of Exchanges, Table 16 A, Table 16B; BIS; ADB, Asian Bond Indicators


Banks = International Financial Statistics, Jun. 2005

Notes: 1) Deposit money banks only. The US banking data include commercial banks, credit unions, savings institutions,

and money market funds. The US data is as of 2004. The bank asset size in Hong Kong is an estimation of year 2005.

The bank assets of the Philippines, the US and Korea are as of 2004.

2) Shanghai SE, and Shenzhen SE

3) Tokyo SE, and Osaka SE

4) Includes AMEX, NASDAQ, and NYSE

* IMF Projection

World Economic Prospects

World Real GDP Growth (in %)

Current EstimateForecast

20022003200420052006f2007f

World1.72.53.83.23.23.3

High-Income Countries1.31.83.12.52.52.7

OECD Countries1.31.83.02.42.52.7

Euro Area0.90.71.71.11.42.0

Japan-0.31.42.62.31.81.7

United States1.92.74.23.53.53.6

Non-OECD countries2.23.76.34.34.24.0

Developing Countries3.45.56.85.95.75.5

East Asia and Pacific6.78.18.37.87.67.4

Europe and Central Asia4.66.17.25.35.25.0

Latin America and Caribbean-0.62.15.84.53.93.6

Middle East and North Africa3.25.14.94.85.45.2

South Asia4.67.96.86.96.46.3

Sub-Saharan Africa3.13.64.54.64.74.5

Source: The World Bank, Global Economic Prospects 2006

Key Economic Indicators: East Asia and Pacific

(1991-2005)

1991-2000199920002001200220032004 est.2005 est.

Real GDP growth7.75.67.25.66.98.08.37.4

Private consumption per capita5.54.95.43.64.44.96.06.3

GDP per capita6.44.45.94.66.07.07.46.5

population1.21.21.30.90.90.90.90.8

Gross domestic investment/GDP131.930.131.132.134.037.440.942.8

Inflation25.62.94.12.03.93.65.32.2

Central gvt. budget balance/GDP-1.2-2.7-3.1-3.1-3.3-2.8-2.4-2.4

Export market growth38.27.214.1-1.84.38.212.18.3

Export volume412.04.222.82.414.821.223.114.9

Terms of trade/GDP50.1-0.6-0.3-0.30.5-0.2-0.90.8

Current account/GDP0.44.13.42.43.43.73.12.5

GDP growth: East Asia excluding China4.63.25.92.44.65.46.05.4

Source: Global Development Finance 2005

Notes: 1. Fixed investment, measured in real terms; 2. Local currency GDP deflator, median; 3. Weighted average growth of import demand in export markets; 4. Goods and nonfactor services; 5. Change in terms of trade, measured as a proportion to GDP (per

** East Asia and Pacific region includes the following countries: Cambodia, Dem. Rep. of Korea, Lao PDR, Mongolia Myanmar, Papua New Guinea, Solomon Islands, Timor-Leste, Vietnam, China, Fiji, Indonesia, Kiribati, Marshall Islands, Fed.Sts.of Micronesia,



200020012002200320042005 Prj.2006 Prj.

China, People's Rep. of8.07.58.39.39.59.28.8

Hong Kong, China10.20.51.93.28.15.44.3

Korea, Rep.of8.53.87.03.14.63.64.6

Indonesia-3.84.44.95.15.75.9

Malaysia8.90.34.15.67.15.15.3

Philippines4.41.84.44.56.04.74.8

Singapore9.7-1.83.21.48.44.04.7

Thailand4.82.25.36.96.14.05.0

Source: ADB, Asian Development Outlook Update 2005



199719981999200020012002200320042005 Proj.


Hong Kong, China5.1-5.03.410.20.52.33.37.56.0

Korea, Rep.of5.0-6.710.99.33.16.33.14.43.6

Indonesia4.7-13.10.84.93.43.74.14.85.2

Malaysia7.3-7.46.18.50.34.15.26.86.0

Philippines5.2-0.63.44.43.04.44.55.55.5

Singapore8.5-0.16.49.4-2.42.25.68.14.2

Thailand-1.4-10.54.44.61.95.36.76.46.6

Source: ADB, Asian Development Outlook 2005 Update

East Asian Savings

Gross Domestic Savings as % of GDP

19971998199920002001200220032004


Hong Kong, China31.630.530.932.931.633.931.631.6

Korea, Rep. of33.734.432.932.430.229.232.835.0

Indonesia31.526.519.525.124.921.121.525.3

Malaysia43.948.747.447.142.241.842.943.8

Philippines18.721.626.524.817.017.318.920.9

Singapore50.551.748.847.943.644.246.748.0

Thailand33.636.132.831.030.030.532.833.4

Source: ADB. Key Indicators 2005


Gross International Reserves minus gold reserve (in billions of US Dollar)

199719981999200020012002200320042005


Hong Kong, China92.889.696.2107.5111.2111.9118.4123.5124.2

Korea, Rep. of20.452.074.096.1102.8121.3155.3199.0210.3

Indonesia16.622.726.428.527.231.035.035.033.0

Malaysia20.825.630.629.530.534.244.566.4n.a.

Philippines7.39.213.213.013.413.113.512.915.9

Singapore71.374.976.880.175.482.095.7112.2115.8

Thailand26.228.834.132.032.438.041.148.750.7

Total (excludes Japan)398.1452.1509.1555.2608.4722.8911.61,212.21,371.4

Japan219.7215.5286.9354.9395.1461.2663.3833.9834.3

Total834.1935.11,093.21,187.31,261.91,606.71,574.92,046.12,205.7

Source: International Financial Statistics

Financial Sector Profile 2003

CountryGDP in US$ billionBonds (End 2003)Equities (End 2003)Banks (End 2003)

US$ billion% GDPUS$ billion% GDPUS$ billion% GDP

China, People's Republic of1,409.85491.0034.83360.1125.542,861.46203.0

Hong Kong, China158.5944.9028.31714.60450.59710.73448.2

Indonesia208.310.054.6626.24129.3262.1

Korea, Republic of605.33444.4073.41298.2549.27664.53109.8

Malaysia103.1698.7095.68160.97156.04133.69129.6

Philippines80.5725.0031.0323.1928.7853.4766.4

Singapore91.3457.5062.95148.50162.58188.21206.1

Thailand143.1656.8039.68119.0283.13166.11116.0

TOTAL2,800.321,218.3043.511,879.2967.114,907.52175.2

Germany2,400.652,091.0087.101,079.0244.955,758.40239.9

Japan4,326.448,145.00188.262,953.0968.266,528.69150.9

United Kingdom1,794.851,274.6071.012,460.06137.065,966.07332.4

United States of America10,881.6117,930.70164.7811,328.95104.116,880.6063.2

Data sources:

GDP = World Development Indicators database, World Bank, July 2004.

Bonds = World Federation of Exchanges, Table 16 A, Table 16B


Banks = International Financial Statistics, July 2004

Equities

US$ billion

China, People's Rep. of360.11

Hong Kong, China714.60

Indonesia54.66

Korea, Rep. of298.25

Malaysia160.97

Philippines23.19

Singapore148.50

Thailand119.02

Total1879.3

0

0

0

0

0

0

0

0


Gross International Reserves minus gold reserve (in billions of SDR)

1997199819992000200120022003As of April 2004

1/2/


Hong Kong, China68.863.770.182.588.482.379.779.5

Korea, Rep. of15.136.953.973.881.889.3104.5128.1

Indonesia12.316.119.321.921.722.823.522.5

Malaysia15.418.222.322.724.225.230.042.7

Philippines5.46.69.610.010.79.79.18.3

Singapore52.853.256.061.560.060.364.472.3

Thailand19.420.524.824.625.728.027.631.3

Total (excludes Japan)295.0321.1370.9426.1484.1531.6613.4780.5

Japan2162.8153.0209.0272.4314.4339.2446.4537.0

Total618.2664.1796.5911.31,004.21,181.81,059.81,317.5

US Dollar/SDR FX Rate1.34931.40801.37251.30291.25671.35951.48601.5530

Sources: Dalla, Ismail. 2003. Harmonization of Bond Market Rules and Regulations in Selected APEC Economies. Asian Development Bank; 1 Source: ADB. Asian Development Outlook 2004. 2 Source: IMF. July 2004. Intenational Financial Statistics.

MBD00C0B630.xls

data (2)

YearNameCountry of OriginatorAssetAsset CategoryCurrencyAmount (Mil)US$ FXIn millions of US$Moody's RatingsTotal

KoreaAirline Passenger TicketsAirline Passenger TicketsYen10,000.0115.93386.386.3






Auto LoanUSD150.0150.01,171.6







CBO/CDO/CLO24.024.0

CBO/CDO/CLO12.012.0

CBO/CDO/CLO4.04.0





KoreaBonds issued by Korean SMEsCBO/CDO/CLOYen7,700.0108.19371.21,601.6


CMBSHKD215.07.79127.6

CMBSHKD159.07.79120.4

CMBSHKD186.07.79123.9

CMBSHKD195.07.79125.0


CMBSEuro13.50.80516.8

CMBSSGD33.01.6919.5


CMBSUSD147.0147.0

CMBSUSD47.047.0

CMBSUSD56.056.0


CMBSSGD20.01.6911.8

SingaporeMortgage on Commercial PropertiesCMBSEuro144.00.805178.91,006.4






Corporate LoansSGD42.01.79223.4124.3








KoreaCredit CardsCredit CardEuro300.00.886338.63,486.7

KoreaCredit DerivativeCredit DerivativeUSD240.0240.0240.0





SingaporeLease AgreementsEquipment LeasesSGD45.01.74225.8575.8

















GlobalBonds and LoansGlobal CBO/CLOUSD42.042.0515.8

2001KoreaLine of Credit ReceivablesLine of CreditUSD302.8302.8302.8

KoreaRevolving Personal LoansPersonal LoansUSD207.2207.2207.2





Real Estate10.010.0

Real Estate10.010.0






Real EstateUSD11.811.81,147.7


RMBSHKD48.07.7916.2

RMBSHKD39.07.7915.0

RMBSHKD16.67.7912.1



RMBSHKD1,000.07.787128.4

RMBSHKD1,000.07.787128.4


KoreaResidential MortgagesRMBSEuro550.00.805683.22,007.5



Talled FacilityHKD880.07.788113.0566.3

SingaporeTrade ReceivablesTrade ReceivablesUSD125.0125.0125.0

MalaysiaWhole BusinessWhole BusinessUSD250.0250.0250.0

data

YearNameCountry of OriginatorAssetAsset CategoryCurrencyAmount (Mil)US$ FXIn millions of US$Moody's Ratings




KoreaCredit DerivativeCredit DerivativeUSD240.0240.0


CMBSHKD215.07.79127.6

CMBSHKD159.07.79120.4

CMBSHKD186.07.79123.9

CMBSHKD195.07.79125.0


RMBSHKD48.07.7916.2

RMBSHKD39.07.7915.0

RMBSHKD16.67.7912.1

SingaporeTrade ReceivablesTrade ReceivablesUSD125.0125.0



2001KoreaLine of Credit ReceivablesLine of CreditUSD302.8302.8







MalaysiaWhole BusinessWhole BusinessUSD250.0250.0


CBO/CDO/CLO24.024.0

CBO/CDO/CLO12.012.0

CBO/CDO/CLO4.04.0













Real Estate10.010.0

Real Estate10.010.0







KoreaRevolving Personal LoansPersonal LoansUSD207.2207.2















RMBSHKD1,000.07.787128.4

RMBSHKD1,000.07.787128.4

SingaporeLease AgreementsEquipment LeasesSGD45.01.74225.8

TaiwanCash CardsCash CardsNT, Local1,190.0

TaiwanCash CardsCash CardsUSD230.0












KoreaCredit CardsCredit CardsEuro300.00.886338.6



KoreaAirline Passenger TicketsAirline Passenger TicketsYen10,000.0115.93386.3


CMBSEuro13.50.80516.8

CMBSSGD33.01.6919.5


CMBSUSD147.0147.0

CMBSUSD47.047.0

CMBSUSD56.056.0


CMBSSGD20.01.6911.8

SingaporeMortgage on Commercial PropertiesCMBSEuro144.00.805178.9




TaiwanCommercial PropertyReal EstateNT, Local1,630.0

Real EstateNT, Local500.0

TaiwanResidential MortgagesRMBSNT, Local2,365.0

RMBSNT, Local2,365.0

RMBSNT, Local135.0

RMBSNT, Local135.0

TaiwanAuto Loan ReceivablesAuto LoanUSD119.0


KoreaResidential MortgagesRMBSEuro550.00.805683.2


Auto LoanUSD150.0150.0

KoreaBonds issued by Korean SMEsCBO/CDO/CLOYen7,700.0108.19371.2



Talled FacilityHKD880.07.788113.0

countries

Securitization Transaction by Location of Assets in East Asia

(2000 - 2004)

20002001200220032004

US$ Mil%US$ Mil%US$ Mil%US$ Mil%US$ Mil%

Hong Kong300.025.1%0.00.0%0.00.0%419.935.0%566.318.1%

Korea769.064.4%2,301.490.2%3,222.978.4%652.954.4%1,553.849.8%

Singapore125.010.5%0.00.0%290.17.1%127.810.6%1,002.032.1%

Malaysia0.00.0%250.09.8%600.014.6%0.00.0%0.00.0%

Cross-Nation33.32.8%192.37.5%141.33.4%374.531.2%0.00.0%

Total1,194.0100.0%2,551.4100.0%4,113.0100.0%1,200.6100.0%3,122.0100.0%

_______________________________

Source: Moody's Investors Service, IFS

Asset

The Size of ABS Issuance by Assets

(2000 - 2004)

20002001200220032004Total

Auto Loan187.5456.1228.0300.01,171.6

CBO/CDO/CLO400.3603.0492.534.771.21,601.6

CMBS160.1846.41,006.4

Credit Cards998.12,150.0338.63,486.7



Real Estate890.1102.0155.61,147.7

RMBS140.0299.6385.31,182.62,007.5

Talled Facility566.3566.3

Line of Credit302.8302.8

Whole Business250.0250.0

Crdit Derivatives240.0240.0

Personal Loans207.2207.2

Trade Receivables125.0125.0

Corporate Loans124.3124.3

Airline Passenger Tickets86.386.3

Cash Cards0.0

Others365.0677.1207.286.3566.31,901.8

1,592.33,233.34,497.81,433.33,388.314,145.0


2,0002,0012,0022,0032,004Total

Credit Card998.12,150.0338.63,486.7

RMBS140.0299.6385.31,182.62,007.5

Others365.0677.1207.286.3566.31,901.8

CBO/CDO/CLO400.3603.0492.534.771.21,601.6

Auto Loan187.5456.1228.0300.01,171.6

Real Estate890.1102.0155.61,147.7

CMBS160.1846.41,006.4




Korea

Korea

ABS Issuance: 2004

(In KRW, trillions)

Originator2001200220032004%change

2003-4

Credit-specialized finance companies21.528.119.28.5-55.7%

(Credit card companies)19.420.710.93.5-67.9%

Banks12.01.86.36.41.6%

Securities companies8.42.07.03.0-57.1%

Korea Housing Finance Corporation3.0

Others9.07.97.46.1-17.6%

Total amount50.939.839.927.0-32.3%

Exchange rate1,3141,1861,1931,035

Total amount (US$ billion))38.833.633.526.1

Total number of ABS issues194181191170-11.0%

_____________________________

Source: FSS

Size of ABS Issuance by Asset

3652000139.9833140803400.320002000160.05647542041622000

677.1092857143998.0882001603187.516200120012782001

207.1616072150299.6492.471368871456.112890.12562814072002110141.25

86.2567172419338.6004514673385.257480416134.6731732374228101.9507462687200325.8323765786374.5

566.255778120220041182.629813664671.1691144529300155.600888846.364052335620042004

Source: Moody's Investors Service

Others

Credit Card

RMBS

CBO/CDO/CLO

Auto Loan

Real Estate

CMBS

Equipment Leases

Global CBO/CLO

(millions of US$)

Gross Domestic Investment(% of GDP)

BIS

125.3166.7154.9

148.6184.3177.5

101.3146152.4

161.2199.1227.4

185.3207.8335.9

195.2220.5383.5

212.6248.5432

243310.7520.2

260.9365.8615.4

255491.3732.9

249.5582.4773.3

Source: BIS

Domestic Corporate Debt Securities

Domestic Financial Debt Securities

Domestic Government Debt Securities

(US$ bil)

OutDDS

Outstanding Domestic Debt Securities

(billions of US$)

1995199619971998199920002001200220032004Sept 2005

Corporate125.3148.6101.3161.2185.3195.2212.6243.0260.9255.0249.5


Government154.9177.5152.4227.4335.9383.5432.0520.2615.4732.9773.3

Total446.9510.4399.7587.7729.0799.2893.11,073.91,242.11,479.21,605.2

Source: BIS, Asian Bonds Online

BIS 89-05

Data IDCountry NameData NameData SeriesData TypeData SourceMemo198919901991199219931994199519961997199819992000200120022003200420052006

339ChinaDomestic Corporate Debt Securities1US$ bilbissep. 20053.13.76.15.85.73.94.14.36.38.29.410.412.212.212.212.212.5

340Hong KongDomestic Corporate Debt Securities1US$ bilBISSept. 20050.10.70.91.11.832.93.63.35.966.97.16.45.86

341IndonesiaDomestic Corporate Debt Securities1US$ bilBISSept 20050.10.61.11.31.82.41.911.41.51.31.53.44.33.9

343MalaysiaDomestic Corporate Debt Securities1US$ bilBISSept 20051.72.334.75.911.415.623.520.824.434.240.84238.744.945.445.6

344SingaporeDomestic Corporate Debt Securities1US$ bilBISSept 20051.41.61.71.81.92.22.52.52.73.14.14.96.34.25.15.85.6

345South KoreaDomestic Corporate Debt Securities1US$ bilBISSept 200527.336.645.349.654.466.285.39757109.6116.1117.5129164167.6159.2152.3

346ThailandDomestic Corporate Debt Securities1US$ bilBISSept 20055.25.96.57.2810.71316911.614.214.114.915.321.322.223.5

PhilippinesDomestic Corporate Debt Securities0.10.1

East AsiaDomestic Corporate Debt Securities38.750.263.470.678.197.5125.3148.6101.3161.2185.3195.2212.6243260.9255249.5

331Hong KongDomestic Financial Debt Securities1US$ bilBisSep 20050.10.20.41.12.98.113.218.924.423.923.622.82223.12324.925.9

334MalaysiaDomestic Financial Debt Securities1US$ bilbisSep. 20053.45.46.576.710.814.419.416.814.87.25.68.711.613.417.920.4

335SingaporeDomestic Financial Debt Securities1US$ bilbisSep. 200544.54.955.36.67.27.47.98.910.91214.416.316.116.215.7

336South KoreaDomestic Financial Debt Securities1US$ bilbisSept. 200537.342.246.659.273.588.6106.9104.751.786.987.689.397.9134164.1237.8270.2

337ThailandDomestic Financial Debt Securities1US$ bilbisSep. 20050.41.61.10.90.90.12.52.66.1814.5

348IndonesiaDomestic Financial Debt Securities1US$ bilBISSept 20050.10.40.80.91.31.81.40.80.80.90.80.92.22.62.3

330ChinaDomestic Financial Debt Securities1US$ bilBISSep. 200513.812.413.114.41616.123.330.542.762.976.889.7102.1122.1140.8183.7233.2

PhilippinesDomestic Financial Debt Securities0.10.10.10.10.20.2

East AsiaDomestic Financial Debt Securities58.664.771.687.1105.2131.1166.7184.3146199.1207.8220.5248.5310.7365.8491.3582.4

325MalaysiaDomestic Government Debt Securities1US$ bilBISSep 200523.524.925.927.629.931.432.430.219.422.724.728.3323440.447.349.6

326SingaporeDomestic Government Debt Securities1US$ bilBISSep 2005456.98.39.61113.114.713.117.221.4252933.437.144.248.3

327South KoreaDomestic Government Debt Securities1US$ bilBISSep 200518.417.222.726.428.230.435.137.321.643.561.862.265.882.8113.9171.6203.5

328ThailandDomestic Government Debt Securities1US$ bilBISSep. 20052.62.93.23.63.92.51.70.70.311.316.316.718.428.930.736.237.4

321ChinaDomestic Government Debt Securities1US$ bilBISSep. 200514.613.114.617.722.425.639.352.667.495.5128.8165.5201.3243287.4331.8339.4

322Hong KongDomestic Government Debt Securities1US$ bilBISSep. 2005111.82.63.66.87.611.913.112.713.113.914.615.115.515.816.2

323IndonesiaDomestic Government Debt Securities1US$ bilBISSep. 20052.50.94.64751.247.255.760.15141.2

PhilippinesDomestic Government Debt Securities12.210.51418.923.425.425.727.616.619.922.820.723.727.330.33537.7

East AsiaDomestic Government Debt Securities76.374.689.1105.1121133.1154.9177.5152.4227.4335.9383.5432520.2615.4732.9773.3

&A

Page &P

BondComp

East Asia: Bond Market Composition

(1995-Jun. 2005)

1995199619971998199920002001200220032004Sept. 2005

Corporate729.6740.9647854.7986.7928.8903.41014.91133.21168.11151.9


Government2634.525712436.63060.24000.34001.64062.65064.16446.67568.17575.9

Total4,973.25,046.34,607.75,503.86,797.16,558.36,429.67,522.79,162.010,469.610,749.7


BondComp


Government

Financial Institution

Corporate

(US$ billions)

East Asia: Bond Market Composition (1995-Sept.2005)

FoBF




















Sheet3

Demutualization of Exchanges in East Asia

Year mutualizedDate of Listing

ChinaNot mutualized

Hong Kong20002000

IndonesiaUnder Implementation

KoreaPlanned for 2007

Malaysia20042005

Philippines20012003

Singapore19992000

ThailandNot mutualized

Source: IOSCO, Exchange Demutualization in Emerging Markets, April 2005

MarkCap


(% of GDP)

19971998199920002001200220032004

Hong Kong238.0%207.9%379.2%377.0%344.0%289.4%460.7%528.5%

Singapore111.5%117.6%239.9%167.6%136.7%114.8%188.2%203.7%

Malaysia93.0%30.6%176.8%125.3%135.2%129.1%155.2%154.2%

Philippines51.4%51.2%56.2%37.6%29.2%24.9%30.6%34.0%

Indonesia36.4%51.9%70.0%54.2%50.2%48.4%44.6%36.8%

Thailand15.1%30.5%46.6%23.8%31.1%35.8%83.3%70.6%

Korea14.5%28.5%65.8%32.4%41.1%37.4%48.4%51.8%

China11.2%11.4%14.6%24.0%44.1%35.5%34.9%27.1%

US130.1%145.5%181.6%155.8%137.6%106.0%130.3%139.9%

UK150.4%166.7%195.3%181.5%151.3%118.7%137.1%133.8%

Japan (Tokyo Only)50.2%62.0%100.2%66.5%54.4%52.1%68.8%76.2%

Germany39.1%50.7%67.9%67.9%57.8%34.5%44.9%44.0%

Source: World Federation of Stock Exchanges, Market Data

PAIF













LCYBond




China331.8206.812.2550.8

Hong Kong16.025.15.546.6

Indonesia48.52.93.855.2

Malaysia49.220.245.2114.6


Singapore45.015.05.765.7

South Korea183.5261.3154.3599.1

Thailand34.713.122.570.3

United States5,697.211,192.02,659.219,548.4


ABS Issuance


AsiaBond



19971998199920002001200220032004





Korea, Rep. of25.453.251.751.2101.986.972.7105.187.673.3106.389.377.3117.597.995.7151.2134124.3157.3164.1171.6159.2237.5

Malaysia19.420.816.822.724.414.824.734.27.228.340.85.632428.73438.711.640.444.913.545.24516.4



Thailand0.390.211.311.60.816.314.22.616.714.11.818.414.94.328.915.34.430.719.38.436.219.98.8

East Asia157132.8111.40231.7197.2165.40346.1224.5175.20393.6239.4187.40440.3262.4213.90526.8300.2273.20619.5323.4329.3675.2336.7449.3


AsiaBond

0

0

0

1997


Cbond

0

0

0

2000


MKT CAP

east asian finance-road to robust markets

Documents

government debt securities1us

financial debt securities0

east asian financeroad

official views

asian bonds onlinebis