Description of Graphs for Speech by Ric Battellino, Assistant Governor (Financial Markets)

Graph 1: Non-intermediated Debt

This column graph plots the share of total private and government debt that is accounted for by long and short-term debt securities (non-intermediated debt) for a range of countries and regions in December 1995. The countries and regions are ordered based on the relative importance of non-intermediated debt. For the United States, non-intermediated debt accounts for almost 60 per cent of total debt. For other developed countries, such as Japan, Australia and the United Kingdom, non-intermediated debt accounts for 30–45 per cent of total debt. For Emerging Asia and Emerging Europe, non-intermediated debt accounts for about 25 per cent of total debt.

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Graph 2: Non-intermediated Debt

This column graph plots the share of total private and government debt that is accounted for by long and short-term debt securities (non-intermediated debt) for the individual countries in Emerging Asia in December 1995. The countries and regions are ordered based on the relative importance of non-intermediated debt. There is considerable variation across countries; in South Korea, non-intermediated debt accounts for 45 per cent of total debt, but in Hong Kong, China and Thailand non-intermediated debt accounts for only 5–10 per cent of total debt.

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Graph 3: Credit Growth

This graph shows five lines, plotting year-ended credit growth for Hong Kong, Malaysia, the Philippines, Singapore and Thailand from 1994 to mid 2004. High growth rates of between 7 per cent and 55 per cent are evident prior to a sharp slowdown in 1997. By 2004, credit growth in all five countries remains below pre-crisis rates.

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Graph 4: International Bank Lending to Non-Japan Asia

This column graph plots annual net lending flows to non-Japan Asia, excluding China and Hong Kong, from 1990 to 2003. Net lending inflows to Asia peak prior to the Asian crisis at US$32 billion. In 1997 net lending flows reverse sharply and net outflows are recorded for several years, peaking at US$50 billion in 1999.

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Graph 5: Non-Japan Asia Debt Securities Outstanding

This graph shows two lines, for the US dollar value of private debt securities and total debt securities outstanding in non-Japan Asia from 1998 to mid 2004. The stock of private debt outstanding has increased steadily since 1998. The increase in total debt outstanding has been relatively more pronounced, indicating that growth in government debt securities has been faster over this period.

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Graph 6: Debt Securities Outstanding

This column chart shows total outstanding domestic debt securities (government, corporate and non-financial) as a percentage of GDP for a variety of Asian countries in 1995 and 2004. For all but one country, there has been a notable increase in this percentage between 1995 and 2004. The exception is the Philippines, where debt securities outstanding as a percentage of GDP was 33.7 per cent in 1995 and is 31.5 per cent in 2004.

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Graph 7: Share of Global Debt Market

This column chart shows the total domestic debt markets of non-Japan Asia, Latin America and emerging Europe, each as a share of such markets worldwide. Non- Japan Asia has the largest share of the three regions (2.98 per cent), followed by Latin America (1.33 per cent) and emerging Europe (0.46 per cent).

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Graph 8: Turnover of Government Bonds

This column chart plots the latest yearly turnover ratios of government bonds in a variety of Asian markets and several mature markets. Turnover in Hong Kong, Singapore and South Korea is comparable to that of Australia and the UK. Turnover is much lower in China, Indonesia, Malaysia, the Philippines and Thailand. The US market experiences far greater turnover than any other market presented.

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