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WeekEightReadingAssignments - the Hong Kong foreign...

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SCHOOL OF ECONOMICS AND FINANCE UNIVERSITY OF HONG KONG FINA0501 Asian Financial Institutions First Semester 2010-2011 Dr. Patrick Leung EIGHTH WEEK READING ASSIGNMENTS Hong Kong Financial Systems: A New Age (2004), Chapter 9, pp.205-220 (ON RESERVE) - the Hong Kong debt market Hong Kong Bond Market: World Bank Study (HKMA Quarterly Bulletin, 8/1995) (in HKBondMarket file) Size of Different Financing Channels of Selected Asian Economies in 2001 (in HKBondMarket file) Hong Kong Dollar Debt Market Development in 2009 (HKMA Quarterly Bulletin, 3/2010): http://www.info.gov.hk/hkma/eng/public/qb201003/fa1_print.pdf Hong Kong Financial System in Motion, Section III, pp.110-122 (ON RESERVE) - Mortgage Corporation Proposal Euroconvertibles Database (in HKBondMarket file) Hong Kong Banking: System and Practice, Chapter 13, pp.175-185 (ON RESERVE)
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Unformatted text preview: - the Hong Kong foreign exchange market Turnover of the Foreign Exchange and Derivatives Market in Hong Kong (HKMA Quarterly Bulletin, 9/2010): http://www.info.gov.hk/hkma/eng/public/qb201009/fa1.pdf REASONS FOR UNDERDEVELOPMENT OF HK BOND MARKET (1) Lack of a benchmark in the form of risk-free government securities. (2) Preference of retail investors for risk and rewards of equity markets. (3) Commercial bank dominance of financial sector relative to securities firms. (4) Absence of bond rating. (5) Lack of a government mandated employee retirement or provident fund. (6) Unfavorable tax treatment for corporate bonds. (7) Non-EF papers no longer eligible for discounting at Discount Window. (8) Low secondary market liquidity....
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