China's Bond Market and Global Financial Markets

A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successful liberalization of the Chinese bond market would encompass not only loosening bond ma...

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Bibliographic Details
Main Author: Cerutti, Eugenio
Other Authors: Obstfeld, Maurice
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2018
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Finance 
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653 |a Financial Aspects of Economic Integration 
653 |a General Financial Markets: General (includes Measurement and Data) 
653 |a Investments: Bonds 
653 |a International Business Cycles 
653 |a International Financial Markets 
653 |a Currency markets 
653 |a Financial markets 
653 |a Emerging and frontier financial markets 
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653 |a Stock markets 
653 |a Financial services industry 
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520 |a A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successful liberalization of the Chinese bond market would encompass not only loosening bond market regulations, but also further developing of other markets, notably the foreign exchange market. Even though the increased integration of China into international capital markets would increase its exposure to the global financial cycle, the costs in terms of monetary autonomy would not be large given China’s size and especially under a well-articulated macroeconomic framework