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Developing ASEAN-5 bond markets: what needs to be done?

Author

Listed:
  • Simon Gray
  • Joshua Felman
  • Ana Carvajal
  • Andreas A. Jobst

Abstract

type="main"> This paper examines development challenges facing bond markets in the ASEAN-5 (Indonesia, Malaysia, Philippines, Singapore, and Thailand). It first assesses their level of development, finding that bond market frameworks—that is, the quality of the physical infrastructure, monitoring, and regulation—compare favourably with those in other emerging markets. The paper then considers possible further enhancements, including changes in disclosure practices as well as reforms of ratings agencies, central bank liquidity management, and taxation. It also considers steps to develop derivatives markets, which in some countries remain quite small. Finally, the article draws lessons from the global financial crisis in developed markets for the future development of ASEAN-5 markets.

Suggested Citation

  • Simon Gray & Joshua Felman & Ana Carvajal & Andreas A. Jobst, 2014. "Developing ASEAN-5 bond markets: what needs to be done?," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 28(1), pages 76-95, May.
    • Handle: RePEc:bla:apacel:v:28:y:2014:i:1:p:76-95
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    File URL: http://hdl.handle.net/10.1111/apel.12069
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    References listed on IDEAS

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    1. Asian Development Bank (ADB), 2013. "Asian Economic Integration Monitor March 2013," ADB Reports RPS135470-3, Asian Development Bank (ADB), revised 05 Nov 2013.
    2. Asian Development Bank (ADB), 2014. "Asia Bond Monitor - March 2014," ADB Reports RPS146338-2, Asian Development Bank (ADB), revised 26 Jun 2014.
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    Cited by:

    1. Jamel Boukhatem, 2021. "What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter?," Future Business Journal, Springer, vol. 7(1), pages 1-18, December.

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