资源描述：
《外文翻译---新兴的东亚债券市场》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、外文原文TheEmergingEastAsianBondMarketAbstract：TherapidgrowthofEastAsia’sbondmarketsmirrorstheregion’sspectaculareconomicdevelopment.EastAsianbondmarketsareprojectedtothriveoverthenextdecade,reflectingcontinuedstrongprivatesectorgrowthanddeepeningfinancialreforms.Introductio
2、nEASTASIA’Sfinancialmarketshavecaughtup,thoughsomewhatbelatedly,withtherapiddevelopmentoftheregion’srealeconomy.Theregion’sfinancialmarkets,whichweredominatedbycommercialbanks,havebeentransformedbytheemergenceofawidearrayoffinancialinstruments,includingequitiesandbonds.A
3、ttheendof1994,totalmarketcapitalizationoftheEastAsiaStockExchangesamountedto71percentofEastAsianGDP,whilebondsrepresented22percentofGDP(Table1).（表2）ThedevelopmentofthesecuritiesmarketswasaidedbyincreasedforeignportfolioinvestmentinEastAsia’sboomingeconomies,whichwasattra
4、ctedbyopencapitalaccounts,stableexchangerates,andsustainedmacroeconomicstability.Theemergenceofbondmarketsislinkedtofinancialliberalization.Untilearly1980,EastAsianbankingsystemswererepressedbyextensivecontrolsoninterestratesandcreditallocation.Inrecentyears,reformshaved
5、ramaticallytransformedthefinancialenvironmentintheregion,givingaboosttothedevelopmentofbondmarkets.Sizeandstructure规模和结构Althoughsmallcomparedwithbondmarketsinindustrialcountries,theEastAsianbondmarketisasubstantialpresenceinthebondmarketsofemergingmarketeconomies,represe
6、ntingabout40percentoftheircombinedmarketvalue.During1989–94,theEastAsianbondmarketgrewbyalmost10percentannually(seechart)—twicethegrowthrateofbondmarketsinGermany,Japan,theUnitedKingdom,andtheUnitedStates.Nationalgovernmentshavebeenbyfarthelargestissuersofsecuritiesinthe
7、EastAsianbondmarkets(Table2).Stateenterprisesandcentralbankswerealsosignificantissuersofbonds,particularlyintheRepublicofKorea.PrivatecorporationswerenotveryactiveintheearlystageofbondmarketdevelopmentinEastAsia,reflectingpervasivecontrolsonfinancialsystems,inadequateinv
8、estorprotection,andtaxdiscrimination.Thesituationhaschangedinrecentyears,withfinancialandotherreforms;C
