The development of liquid, sound and deep bond markets has become one of the most important policy issues in the financial sector in Asian countries. In fact, though this issue has been discussed for a while now, the Asian financial crisis re-emphasised its importance, and it is worth discussing this issue in the framework of the post-crisis landscape.

The second "Round Table on Capital Market Reforms in Asia" held in Tokyo in April 2000, which was organised by the OECD and the Asian Development Bank Institute (ADBI), focused on bond market development in Asia. Bond market development involves a number of inter-related issues and it is not an easy task, especially for emerging economies. Though there have been a number of positive developments in Asia in this field, it is also true that it takes time for a bond market to become well-developed in Asia. This publication is based on a summary of the proceedings of the second Round Table, together with papers on the experience of both Asian and OECD countries presented at the meeting and on the discussions by the participants. This volume will surely serve as an indispensable source of information on capital market reform, and in particular on bond market development in Asia; it will constitute a reference book on those topics for policy-makers and experts in both the public and private sectors.