This softening can be amplified by securitisation activity and weak supervision of bank capital and is more pronounced if policy rates remain low for a prolonged period. See Maddaloni, A. and Peydró, J.-L., 2012, Bank risk-taking, securitization and low interest rates, ECB Working Paper No 1248.
The Asian Bond Markets Initiatives (ABMI) is another regional cooperation by ASEAN + 3 to foster local capital markets. Sharing the same objective with the ABMI, the Executives' Meetings of East Asia and Pacific Central Banks, or EMEAP, consisting of eleven  BIS Review 46/2007  1  central banks and monetary authorities in the region, started the Asian Bond Fund project.