Portfolio Investment in Asian and Pacific Economies: Trends and Prospects

John G. Greenwood

Asian Development Review (ADR), 1993, vol. 11, issue 01, 120-150

Abstract: Historically, portfolio investment in Asia dates back to the purchase of Japanese or Chinese bonds—mainly by European investors—in the late nineteenth century and in the early years of the twentieth century. Like similar fixed interest obligations issued in North America or South America at the time, the Japanese and Chinese instruments offered attractive yields above the going rate on British gilt-edged securities or above bank rate in London. Not surprisingly, the higher perceived risks in East Asia commanded higher returns, and also not surprisingly there were occasional defaults—notably the Chinese gold and railway bonds of 1905, 1912 and 1913…

Date: 1993
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DOI: 10.1142/S0116110593000053

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