By David C. Cole

The international locations of East and Southeast Asia have the world's such a lot dynamic funds markets. necessary to the Asian economic climate, their functionality performs an important position within the winning improvement of alternative monetary markets, comparable to these for enterprise and shopper loans. This unique learn of the impact of presidency coverage at the functionality of cash markets within the economies of this sector (Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, and South Korea) is the single accomplished ebook addressing this subject on hand at the present time. person chapters have been written by way of specialists within the box, and have been guided via a standard learn method. This publication may be of serious worth to Pacific Basin experts, bankers, teachers, and public coverage planners in finance.

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All countries started in the first stage with limited, heavily controlled money markets. The initial steps toward liberalization were to relax controls on interest rates or barriers to the entry of new participants into financial markets. Most of the countries took this step in the early 1980s: Hong Kong, Japan, Indonesia, the Philippines, and Korea. Singapore and Malaysia were the exceptions, starting earlier, in the 1970s. This earlier beginning helped their money markets become relatively more developed by the end of this period.

But as we explain further later, rate movements in other domestic money markets did not correlate with the reference rate. In Singapore, SIBOR was a significant determinant of three domestic rates: the one-month interbank rate, the one-month fixed deposit rate, and the prime lending rate. All three domestic rates moved together and responded quickly, despite the high volatility in SIBOR. The interbank rate was a very good predictor of domestic interest rates in Singapore. Finally, in Malaysia, Ouliaris's comparative analysis found a fairly close relationship between the ex-post return on the potential foreign reference rate (SIBOR adjusted for exchange rate changes) and Malaysia's interbank rate, but not on the deposit rate or the average lending rate.

No case reported money markets that had fully realized their potential; the transition is continuing in all the countries. POLICIES AFFECTING MONEY MARKETS As we have seen, despite experiencing broadly similar phases of development, the money markets in these countries grew at very different rates. 5). 93, up 116% from a lower base. What explains these differences? Macroeconomic variables alone do not explain money market growth. Most notably, money market growth does not simply escalate with a growing economy.

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