mr. sumi? >> i used to work for the japanese fsa and i have my personal opinions but i reframe from it. talking about the aaib, answering your question. as we have explained that infrastructure investment need is huge. simply huge. and then, infrastructure investment is very productive investment and then it has the potential of crowding in private sector investment for -- so developing countries usually lacks that funding mechanism for that needed infrastructure investment. so in that sense, any help to increase that infrastructure financing would be a nice thing. except that if you -- if one borrower -- i mean one lender lends to the existing borrower, in a way that sort of not commiserate with other lending, other lenders standards in terms of the credit worthiness or the, say, the integrity of the project, then the entire -- existing borrower may become at risk. right? so in a sense that if you make an investment decision, that has to be made in a transparent way that reflects the sharehold

and as mr. sumi pointed out, if you have good bond markets in particular, they're not only very good in terms of intermediating domestic finance but also intermediating foreign finance towards longer-term, productive projects. if you take many countries in asia, again, india being a primary example, there's a crying need for finance in india. but what is crucial is that there be ways for foreign investors to participate in the india growth story but in a way that also serves india's long-term growth needs which can be done through bond market development. but you also need depth in these markets, because if you have shallow markets ultimately you get a fair bit of volatility and these markets don't work very well, so the amount of liquidity, the amount of turnover in these markets is important and here i think the path many of the countries of asia have taken towards opening up their capital accounts more does play a useful role. much has been said about how premature opening up of capital accounts c

numbers, for instance, which are now approaching 300% of gdp in china do sound very scary but as mr. sumiointed out, one has to look behind the debt. one needs to look at what the financial system is that is intermediating that debt. what the maturity structure of the debt is, who's taken the debt and what activities the debt is financing and i recommend a book to you to get a better sense of what is behind those numbers so i think the issue for many of these countries is not just the level of debt. in fact, having good, vibrant debt markets, bond markets in particular is potentially a good thing for the financial systems in this economy. it gives you the breadth that i spoke about as one of my top ten lists. but i think those are the key characteristics one should think about. so in the context of many of these economies in asia, again, the level of exposure to external debt, although there is some concentrated exposure, overall it's not a cause for panic as yet although it does constrain many corporations and the macroeconomic policies in some of these countries. although again not anyw

as mr. sumi pointed out, if you have good bond markets in particular, they're not only very good intensive intermediate finance, but also intermediate foreign finance towards longer term productive products. if you take asian countries, india for a prime example, there is a crying need for finance. what is crucial is that there be ways for foreign investors to participate in the india growth story but in a way that also serves india's long term growth needs which can be done through bond market development. but you also need depth in these markets. if you have shallow markets, arguably you get a fair bit of volatility and these markets don't work very well. so the amount of liquidity, the amount of turnover in these markets is important. and here i think the part many of the countries in asia have taken towards opening up the capital little bit more, does play a useful role. much has been said about how premature opening up of capital accounts can be a potential problem. and there is certainly tr

numbers, for instance, which are now approaching 300% of gdp in china do sound very scary but as mr. sumi pointed out, one has to look behind the debt. one needs to look at what the financial system is that is intermediate@ing that debt. what the maturity structure of the debt is, who's taken the debt and what activities the debt is financing and i recommend a book to you to get a better sense of what is behind those numbers so i think the issue for many of these countries is not just the level of debt. in fact, having good, vibrant debt markets, bond markets in particular is potentially a good thing for the financial systems in this economy. it gives you the breadth that i spoke about as one of my top ten lists. but i think those are the key characteristics one should think about. so in the context of many of these economies in asia, again, the level of exposure to external debt, although there isn't concentrated exploez your, overall it's not a cause for panic as yet although it does constrain many corporations and the macroeconomic policies in some of these countries. although again no