Professor Eichengreen has published widely on the international monetary and financial system. His books include Capital Flows and Crises, and Financial Crises and What to Do About Them. Data shows that Emerging Asia relies less on bonds and more on banks than developed countries. What costs, if any, do Asian countries incur as a result of their heavy dependence on bank finance and the underdevelopment of their bond market? Barry Eichengreen addresses the questions: what benefits will flow from better bond markets and will initiatives now being taken be adequate for achieving this end.