Elson, Anthony (2002), “Capital Markets in Asia: Financial Integration and Liberalization,” Working Paper (International Monetary Fund, Washington, D.C.) March.
Hakansson, Nils (1999), “The Role of a Corporate Bond Market in an Economy and in Avoiding Crises,” Working Paper (University of California, Berkley).
International Capital Markets (2003), “Global Financial Stability Report” (International Monetary Fund, Washington, D.C.), March.
Monetary Authority of Singapore (2003c), “Overview of Financial Services Working Group Recommendations and Status Update,” background paper.
Schinasi, Gary and Todd Smith (1998), “Fixed Income Markets in the United States, Europe, and Japan: Lessons for Emerging Markets,” Working Paper (International Monetary Fund, Washington, D.C.).
Prepared by Lars Pedersen (ext. 36774).
Classified loans (current loans that exhibit definable weaknesses in addition to nonperforming loans) fell from 8.5 percent of total loans in 1999 to 5.3 percent in September 2003 as banks absorbed these losses.
See Financial System Stability Assessment (FSSA) for a more detailed description.
See International Capital Markets (2003) for a general statement, Alan Greenspan’s (2004) speech for an application in the ability of mature markets to absorb a large loss in value, and Hakansson (1999) for an argument that corporate bonds increase the responsiveness, flexibility and safety of a financial system.
See Chapter V, Section B of FSSA for a more detailed description.
Singapore-linked international bond issues are those in which Singapore-registered underwriters participated or that are registered in Singapore. The international bonds involved are sold in foreign currency or otherwise designed for offshore investors.
Over three years starting in 1999.
See Chapter V, Section B of FSSA.