Since the 1997 Asian financial crisis, bond market development has been one of the central pillars of financial cooperation in East Asia, with concerted efforts made by the East Asian economies to integrate regional bond markets. As a result, aggregate intra‐regional bond investment expanded from US$49.56 billion in 2003 to US$352.18 billion in 2017. This paper examines the pattern and determinants of intra‐regional bond investment in East Asia. We analyse regional foreign holdings of long‐term and short‐term bonds in eight East Asian economies. Bond market size turns out to be the main concern of regional foreign investors participating in East Asian long‐term bond markets. This analysis also highlights the importance of bond issuance and bond yield volatility in attracting regional foreign short‐term bond investment. Therefore, initiatives to improve regional bond market development may be crucial to stimulating intra‐regional bond investment and in turn enhance East Asian financial stability.

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区域内债券投资的实证研究：在东亚的应用

自从1997年亚洲金融危机以来，债券市场的发展一直是东亚金融合作的主要支柱之一，在东亚经济体的共同努力下，它们整合了区域债券市场。结果，区域内债券投资总额从2003年的495.6亿美元增加到2017年的3521.8亿美元。本文研究了东亚区域内债券投资的模式和决定因素。我们分析了八个东亚经济体在外国持有的长期和短期债券的区域。债券市场规模最终成为参与东亚长期债券市场的区域外国投资者的主要关注点。该分析还强调了债券发行和债券收益率波动对吸引区域外国短期债券投资的重要性。因此，