The Money Markets of Developing East Asia

(Hardback)

Publishing Details

Classifications

Physical Properties

Description

Written for international finance executives, economists, and policymakers, this book describes in detail the money markets of the eight major developing countries of East Asia: Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, Thailand, and Taiwan. Robert F.Emery makes use of the most recent and complete data available to analyze the strengths and weaknesses of each individual market and identify the main participants, the nature of the instruments used, the size of the market, and any official influences on the market. He also assesses each market in terms of its past performance, suggests possible measures to improve the market, and describes the basic ingredients for establishing a viable and growing market. Following an introductory chapter that explains Asian money markets, the volume contains chapters on each of the eight countries that analyze their respective markets in detail. Each chapter is organized into a standard format, making it easy for the reader to locate specific information. The introductory section contains information on the country's general economy, its financial system, the structure of the money market, and significant money market developments. Subsequent sections examine individual components of the money market, such as the interbank or commercial paper market. An analytical section discusses how large a role the money market plays in the country's economy, evaluates past financial policies, and proposes future policy initiatives. The final chapter makes cross-country comparisons of the various countries' markets and indicates what lessons can be derived from the preceding analyses. Numerous explanatory tables and figures amplify points made in the text.

Reviews

In view of rapidly developing money markets in several newly industrializing countries in East Asia in recent years, the publication of this volume should be welcomed by many specialists, especially government officials and investors interested in financial markets of East Asian countries. Each chapter is devoted to an in-depth study of the money market of the following eight economies: Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Hong Kong. The money market of each country consists of various submarkets which are common to most of these countries. They include the interbank market, commercial paper market, treasury bill market, negotiable certificate of deposit market, and repurchase agreement market. Some sub-money markets discussed are rather unique to particular countries. For each of these components of the money market, the author describes the size of the market, active participants, and the role of the monetary authority. At the end of each chapter Emery evaluates the role of the money market in the economy and the effectiveness of past financial policies. A great deal of factual information is provided on monetary instruments that are traded in the money market. The author also offers various suggestions for improving the working of the money market in each country. For professional and university collections.-Choice
Robert Emery has again made an important contribution to knowledge about development and performance of money markets in eight major economies in East Asia.-ASIAN-PACIFIC ECONOMIC LITERATURE
"Robert Emery has again made an important contribution to knowledge about development and performance of money markets in eight major economies in East Asia."-ASIAN-PACIFIC ECONOMIC LITERATURE
"In view of rapidly developing money markets in several newly industrializing countries in East Asia in recent years, the publication of this volume should be welcomed by many specialists, especially government officials and investors interested in financial markets of East Asian countries. Each chapter is devoted to an in-depth study of the money market of the following eight economies: Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Hong Kong. The money market of each country consists of various submarkets which are common to most of these countries. They include the interbank market, commercial paper market, treasury bill market, negotiable certificate of deposit market, and repurchase agreement market. Some sub-money markets discussed are rather unique to particular countries. For each of these components of the money market, the author describes the size of the market, active participants, and the role of the monetary authority. At the end of each chapter Emery evaluates the role of the money market in the economy and the effectiveness of past financial policies. A great deal of factual information is provided on monetary instruments that are traded in the money market. The author also offers various suggestions for improving the working of the money market in each country. For professional and university collections."-Choice

Author Bio

ROBERT F. EMERY is an East Asian Specialist in the Division of Finance of the Federal Reserve Board.