Bond Market Development in Asia : Comparison of supervisory and regulatory reform on Credit Rating Agency

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국제대학원 국제학과
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서울대학교 대학원
Asian Bond Market DevelopmentCredit Rating Agencies (CRA) Asian Bond Market Initiative (ABMI)
학위논문 (석사)-- 서울대학교 대학원 : 국제학과, 2017. 2. 이영섭.
When Asian Bond Market Initiatives (ABMI) was launched, development of local and rating credit rating agencies (CRA) were assigned to one of the six working groups. In order to achieve regional cooperation on the development of Asian bond market, enhancing the rating system and the strengthening the role of CRA was recognized as major issue by ASEAN+3 in 2003.Although there had been continuous studies and suggestion for having harmonized CRA system in Asia, growing concerns over the overall progress in the ABMI was recognized. ASEAN+3 proposed for the further development of well functioning bond market to meet increased regional investment. After the ABMI introduced a new road map in 2010, existing working groups were re-organized to four different Task Force groups and ASEAN+3 Bond Market Forum (ABMF) was established under the task force 3 focusing on standardization of market practices and harmonization of regulations. Achieving harmonization on regulation not only requires cooperative effort by market participants and finance ministers, but also requires national authorities to carry out the measures. Unless national authorities actively participate into implementation of harmonized standard or regulation, issues addressed by AMBI cannot efficiently apply to domestic regulation.

This paper examines implementation of CRA regulation supervision in the EU and Asia. Most CRAs were not properly regulated until the recently and voluntary implementation of international standard was considered as enough measure. After the global financial crisis, issues related to CRA regulation received considerable attention by major countries. The most significant changes of institutional arrangement change after the global financial crisis was the elevation of the G20. Based on Transgovernmental network, G20 played an important role of providing the necessary political agreements to foster convergence and harmonization of rules and standards. Issues related to the CRA regulation was continuously addressed in G20 meetings and member countries revised their domestic regulations to follow the agreement. Including the US, the EU, Japan, and most of G-20 countries focused on strengthening CRA regulation after 2008. This paper aims to discuss global changes of CRA regulations and examines how Asian countries had reacted to such changes, and analyzes what led to implantation of international standard into domestic regulation in some countries, why the EU re-organized CESR to ESMA with more centralized supervision, and why there was lack of cooperative approach in Asia concerning CRA regulation supervision.
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Graduate School of International Studies (국제대학원)Dept. of International Studies (국제학과)Theses (Master's Degree_국제학과)
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