新兴市场必须努力培育层次丰富、流动性强的债券市场,拉美的教训便是一个例子。建立一年期以上、固定利率国债市场,可以提高防御外部危机冲击的能力,这在一个国家抵御外来风险的政策措施中,应该是比较重要的组成部分。不幸的是,还没有一个拉美国家发行一年期以上的固定利率国库券。如果政府不率先行动,那么企业长期债券市场便不可能形成。其结果是,当外部动荡冲击该地区时,政府和其他借款人的筹资成本大幅度上升。 Emerging markets must work hard to cultivate a rich and liquid bond market. The lesson from Latin America is an example. The establishment of a one-year or more fixed-rate bond market can enhance the ability to defend against the impact of external crises. This should be a relatively important part of a country’s policy measures to resist external risks. Unfortunately, none of Latin American countries has ever issued a fixed-rate Treasury note of more than one year. If the government does not take the lead, then the long-term corporate bond market will not be formed. As a result, the funding costs of government and other borrowers have risen sharply as external turmoil has hit the region.