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For the past few years, Asian governments have undertaken a range of measures to develop domestic bondmarkets, including issuing government securities, encouraging financial institutions to invest in marketable debt securities, implementing legal reforms for debt securities issuances, building infrastructure for bond trading and clearing, and establishing credit guarantee mechanisms. These measures are aimed at achieving financial disintermediation in national economies and diversifying the sources of public and private sector funding. While many arguments have been made as to the causes of the East Asian financial crisis, it is generally agreed that one fundamental cause was the global banks' collective withdrawal of their lending activities from the region. This caused some Asian financial and non-financial institutions to become insolvent, jeopardising the regional banking and economic systems. With the aim of making the financial systems of Asian developing economies less vulnerable, the International Monetary Fund, World Bank and Asian Development Bank have since actively promoted the establishment of domestic bondmarkets.1 A domestic bondmarket can increase the efficiency of surplus funds allocation, retain domestic capitals, diversify funding sources for corporations and increase the number of channels through which governments can stabilise their financial markets. The efforts that Asian-especially East Asian-governments have made to develop bondmarkets are evidenced by the growing size of their debt securities' issuances. China, Hong Kong SAR, Korea, Singapore and Chinese Taipei have made remarkable increases in bond issuance, with the total amount of their bond issuances in 2001 nearly double that of bond issuances in 1998 (Table 4.1). Due to global concerns about terrorism and economic downturns, bond issuance decreased in 2001. International and domestic capitals shifted

Institutional foundations: credit insurers, asset-backed securitisation corporations and Asian bond funds