| Abstract | To address the problem of generally low credit ratings of Asian debt issuers granted by international rating agencies, it is useful to consider introducing market-based mechanisms for credit enhancement or guarantees. Such arrangements should give a much-needed boost to the development of the regional bond market, thus enhancing the financial markets' efficiency in performing financial intermediation. The article is the text of the speech delivered by Joseph Yam, Chief Executive of the Hong Kong Monetary Authority (HKMA), at the thirty-third Asian Development Bank Annual Meeting in Chiang Mai on 7 May 2000. |
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