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Bond market development and integration in ASEAN

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  • Michael G. Plummer

    (Johns Hopkins University, SAIS Bologna Center, Italy)

  • Reid W. Click

    (George Washington University, USA)

Abstract

The Association of Southeast Asian Nations (ASEAN) has focused increasingly on financial integration as part of its economic-deepening agenda. This paper considers the challenges and opportunities associated with the creation of an ASEAN bond market. In addition to surveying the status quo of fixed-income markets in the context of capital market development and integration in the region, the paper gauges the benefits that might be generated through, inter alia, financial market diversification and interest rate convergence. It also addresses approaches to the inevitable liquidity problem, such as via the creation of an ASEAN currency basket. Copyright © 2005 John Wiley & Sons, Ltd.

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics.

Volume (Year): 10 (2005)
Issue (Month): 2 ()
Pages: 133-142

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Handle: RePEc:ijf:ijfiec:v:10:y:2005:i:2:p:133-142

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Web page: http://www.interscience.wiley.com/jpages/1076-9307/

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Cited by:
  1. Ojah, Kalu & Pillay, Kishan, 2009. "Debt markets and corporate debt structure in an emerging market: The South African example," Economic Modelling, Elsevier, vol. 26(6), pages 1215-1227, November.
  2. Qin, Duo & Cagas, Marie Anne & Ducanes, Geoffrey & Magtibay-Ramos, Nedelyn & Quising, Pilipinas F., 2007. "Measuring Regional Market Integration in Developing Asia: a Dynamic Factor Error Correction Model (DF-ECM) Approach," Working Papers on Regional Economic Integration 8, Asian Development Bank.
  3. Plummer, Michael G., 2006. "ASEAN-EU economic relationship: Integration and lessons for the ASEAN economic community," Journal of Asian Economics, Elsevier, vol. 17(3), pages 427-447, June.
  4. Abdul Karim, Bakri & Abdul Majid, M. Shabri & Abdul Karim, Samsul Ariffin, 2009. "Financial Integration between Indonesia and Its Major Trading Partners," MPRA Paper 17277, University Library of Munich, Germany.
  5. Duo Qin & Marie Anne Cagas & Geoffrey Ducanes & Nedelyn Magtibay-Ramos & Pilipinas F. Quising, 2006. "Measuring Regional Market Integration by Dynamic Factor Error Correction Model (DF-ECM) Approach - The Case of Developing Asia," Working Papers 565, Queen Mary, University of London, School of Economics and Finance.
  6. Clifford R Dammers & Robert N McCauley, 2006. "Basket weaving: the euromarket experience with basket currency bonds," BIS Quarterly Review, Bank for International Settlements, March.
  7. Watanabe, Shingo & Ogura, Masanobu, 2010. "How far apart are the two ACUs from each other? Asian currency unit and Asian currency union," Emerging Markets Review, Elsevier, vol. 11(2), pages 152-172, June.
  8. Johansson, Anders C., 2008. "Interdependencies among Asian bond markets," Journal of Asian Economics, Elsevier, vol. 19(2), pages 101-116, April.
  9. Plummer, Michael G. & Click, Reid W., 2006. "The ASEAN Economic Community and the European experience," HWWI Research Papers 2-4, Hamburg Institute of International Economics (HWWI).
  10. Sánchez, Marcelo, 2005. "Is time ripe for a currency union in emerging East Asia? The role of monetary stabilisation," Working Paper Series 0567, European Central Bank.
  11. Peter B. Kenen & Ellen E. Meade, 2006. "Monetary integration in East Asia," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.

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