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HKIMR, BIS, and CEPR

Bond Market Developments in a Comparative Perspective: Asia, Europe, Latin America

18 December 2006 (Monday) - 19 December 2006 (Tuesday)



18 December 2006, Monday
8:30 - 9:00 Registration and Coffee
9:00 - 9:15 Welcoming Remarks
Session 1. Overview
Session chair: Barry Eichengreen, University of California
09:15 - 10:15 Bond Market Development: How much Progress have Emerging Markets Made?
Author: Ricardo Leal and Andre Carvalhal-da-Silva, Coppead Business School
Discussants: Hans Genberg, Hong Kong Monetary Authority
Alicia Garcia-Herrero, Bank for International Settlements

10:15 - 10:45 Coffee Break
10:45 - 11:45 What Do We Know About Foreign Investment in Local Bond Markets?
Authors: Frank Warnock, University of Virginia and John Burger, Loyola College
Discussant: Michael Devereux, University of British Columbia
Matias Braun, Universidad Adolfo Ibanez (tbc)

11:45 - 12:45 Market Discipline, Financial Integration and Fiscal Rules: What Drives Spreads in the Euro Area Government Bond Market?
Author: Simone Manganelli, European Central Bank
Discussant: Frank Packer, Bank for International Settlements
Assaf Razin, Tel Aviv University

12:45 - 14:00 Lunch
Session 2. Making Markets Liquid
Session chair: Eli Remolona, Bank for International Settlements
14:00 - 15:00 Transparency and Liquidity in European Bond Markets
Author: Richard Portes, London Business School
Discussant: David Cook, Hong Kong University of Science & Technology

15:00 - 15:30 Coffee Break
15:30 - 16:30 Why are Latin American Bond Markets Not More Liquid?
Authors: Sara Castallenos, Bank of Mexico and Lorenza Martinez, ITAM
Discussant: Alejandra Marinovic, Central Bank of Chile

16:30 - 17:30 Liquidity Conditions in the Malaysian Corporate Bond Market
Authors: Mohd Fairuz Hj Ahmad, Bank Negara Malaysia and Philip Wooldridge, Bank for International Settlements
Discussant: Giorgio Valente, Chinese University of Hong Kong (tbc)

19 December 2006, Tuesday Session 3. Securitization/Derivatives Markets
Session chair: tbc
08:30 - 09:15 Morning coffee
09:15 - 10:15 Securitization in East Asia and Latin American Compared
Author: Jacob Gyntelberg, Eli Remolona and Camilo Tovar, Bank for International Settlements
Discussant: Joseph Fung, Hong Kong Baptist University (tbc)

10:15 - 10:45 Coffee Break
10:45 - 11:45 Korean Experience with the Futures Market
Author: Yeong-Ho Woo, Korea Exchange
Discussant: Simone Manganelli, European Central Bank (tbc)

11:45 - 12:45 Derivatives Markets in Asia
Author: Olivier Fratzscher, World Bank
Discussant: Cho-hoi Hui, Hong Kong Monetary Authority
Philip Wooldridge, Bank for International Settlements

12:45 - 14:00 Lunch
Session 4. Policy Initiatives
Session chair: Hans Genberg, Hong Kong Monetary Authority
14:00 - 16:30 Capital Market Development in Latin America: The Role of Policy
Authors: Matias Braun and Ignacio Briones, Universidad Adolfo Ibanez

Experience with Asian Bond Fund 2
Author: Carmen Chu, Hong Kong Monetary Authority

Bond Marked Developments in China
Author: Haizhou Huang, Barclays Capital

Discussants:
Barry Eichengreen, Univesrity of California
Guonan Ma, Bank for International Settlements
Richard Portes, London Business School

16:30 Conference Ends


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